At Concierge Auctions, we know luxury real estate. Our principals have touched every aspect of the business. In fact, we were born out of the brokerage community. As a result, our combined efforts have produced over $1B in sales — spanning 32 U.S. states and 14 countries — and our global Rolodex includes over 370,000 contacts.
We maintain a pulse on the top luxury markets worldwide.
Our expertise has earned us the “Best Overall Marketing” award from Who’s Who in Luxury Real Estate, named one of America’s fastest-growing companies by Inc. Magazine for the past three consecutive years, and Inman News’ selection of our President, Laura Brady, as one of the 100 Most Influential Real Estate Leaders.
This seven-part blog series details how to develop a successful strategy for winning at a luxury real estate auction. We hope you find it useful.
7 Steps to Winning at Auction
Part One of Seven: Narrow Your Search Area
Many luxury home hunters know what they want — a scenic view highlighting the peaks and valleys of a mountain range, or the idyllic calm that comes from lakefront living, or oceanfront views just steps from the beach. But the detail often stops there, as property buyers often place a higher intrinsic value on the luxury property lifestyle over the actual location of the property. Many buyers tell us they want the vacation property they can get at a good deal. But the deal sometimes can overshadow the true value of a property to its new owners.
Potential buyers should ask themselves this: Is it worth it to get a great deal on a luxury home at a place you may have never been, or that you aren’t sure how often you’ll break away to?
The majority of buyers who purchase second properties spend three to five years vacationing in the market they are considering. They become familiar with not only the niche areas within the city, but the vibrancy of the community itself. Their neighbors, whether next door or passing by at local establishments, and the access to culture, arts and activities help create a sense of heart for the home. A second home can be a utopia; while what you pay is important, you want to make sure that your head and heart are there long term.
The utopia doesn’t have to be a flight or train ride away. The majority of second home buyers purchase property within two hours of their primary residence — close enough to get away from their everyday life and have an escape that they can use often. Consider the countryside estate, stretch of private beach, or cabin tucked into the mountains just outside your comfort zone, but close enough to use at your whim.
Think about how you will use the luxury home on an ongoing basis. Where have you been? What feelings did those stays evoke? How long have you stayed there? Could you see yourself staying there for 30 days a year, 60 days, or forever?
Once you have narrowed your search to an area where you know you want to purchase, your next step is to research that market. We’ll discuss that in detail next week in part two of this seven-part series.