2015 UH Summer Lifestyles Alexander Romanenko_MINI_MAG_SUMMER_2015 : Page 7

time to Get real with value. “A hot market doesn’t suddenly drastically lower the IQ of wealthy buyers,” quips Bob Hurwitz, president of Hurwitz James Company. “Sellers of quality luxury homes are in a strong position now, but that can be a double-edged sword unless greed can be tempered with common sense. Although some ultra-affluent buyers who are not super discriminatory in terms of valuation will occasionally alight and create a stir, most people with money will not stupidly overpay. A hot market does provide a stage for achieving record-setting sales if all aspects of marketing and negotiation are handled with savvy and professionalism.” “Sellers need to be realistic, and let’s be honest, in luxury they need to try as best they can to keep the emotion out of their sale. Some do this very well. Others need to get real with value,” says Ann Miller, brand manager for The Re/Max Collection. Often, Masha Halpern, a broker with Keller Williams Luxury Homes Interna-tional in Chapel Hill, North Carolina, will show prospective clients homes that would compete with theirs, even taking a premar-keting tour to help clients gain perspective on the market. luxury value influences everything from how quickly deals are done to the design of residences. “People want to save time. Everything is about faster, more efficient,” says Anne Riley, a broker with Alain Pinel Realtors, who believes time has a greater value today than money. “High-net-worth individuals are busy people. Time is an essential factor in their day-to-day living. They love conveniences, quality services and goods,” explains Carol Ann Hewitt, owner of Oxford Realty International in Orlando. GettinG on your Game. When demand heats up a market, everything speeds up, which means buyers have to be on their game from the start. Being pre-qualified just doesn’t cut it today. “Buyers really need to be prepared when they start the buying process. It’s crucial to have your financial situation known and secured. If you are a cash buyer, make sure you can show documentation at contract execution that you have liquid or available cash,” says Masha Halpern, a broker with Keller Williams Luxury Homes International in Chapel Hill, North Carolina. “Sometimes having your financing done and very short due diligence and closing periods can really sway a homeowner to select your offer over another.” One thing Ann Miller, brand manager for The Re/Max Collection, hears from both agents and lenders is that buyers need to come fully prepared to close, even prior to going on an appointment, which means that all their documentation is in and if necessary, they could go and sign on that dotted line and close a loan that day. affluent consumers are savvy buyers. “The big box is going away,” says Casey Margenau, owner of Casey Margenau Fine Homes and Estates in Virginia. It’s not just about square footage anymore. Instead, most affluent buyers expect a residence to be a catalyst for lifestyle, and they have a good vision of what that entails. “The seller should understand that these clients, certainly on the luxury end, are very knowledgeable. Very well versed,” says Marisela Cotilla, a broker with Douglas Elliman Real Estate in Boca Raton, Florida, who often finds “buyers come with their designers, their architects in tow.” Rather than comparing homes in one location, affluent buyers, especially looking for second or third

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