It is in this landscape that the global luxury real estate market faces a unique moment in time, as the post-recession frenzy has begun to settle or correct.
In fact, in most global real estate markets today, we see a very healthy environment, with solid levels of inventory and a return to realistic absorption rates – or the amount of time it should take to sell a property based on the price and the amount of inventory in that market.
As global wealth has continued to increase over time, so too has the demand for luxury properties. ( see Luxury Featured Properties in Dominican Republic here )
Honest conversation is critical
Top luxury real estate agents understand the more measured pace of a healthy market, and the best ones will ensure that their clients get it, too.
For home owners wondering why their home is not home selling, it is critical to have an in-depth conversation with the agent about what the likely market for the property may be.
The best agents consider many factors when creating a customized marketing plan and recommending how to price it appropriately – including the interests and lifestyle of a potential buyer, where they may be coming from and how to reach them and the absorption rate for a significant property in the market.
Often, depending on the price and inventory, a realistic sales period could be one, two or three years for properties in the top 10 percent of the market.
NAVIGATING THE SALE of a luxury property is a sophisticated process.
Working with a highly qualified agent to better understand affluent consumers and the potential pool of buyers, locally and globally, and partnering to create a well-developed marketing plan and direct course of action is the best bet to successfully market and sell a significant property in the current complicated luxury real estate world.
Cesar J Herrera G, exclusive affiliate of Christie’s International Real Estate is the only Luxury Real Estate Specialist certified by Christie’s in the Dominican Republic.
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Extract from an article by Paul Boomsma, president of Luxury Portfolio International, Chicago.
