It is a common notion that high-end real estate or luxury real estate is going to be expensive. In reality, it is also about being unique, exclusive, and being perceived as superior to the rest. We can take guidance on what should be looked into and considered while dealing in the high-end real estate market from Sam Mizrahi, president and founder of Mizrahi Developments, a Toronto-based real estate development company that specializes in catering to the luxury market. Mizrahi is currently working on building The One, a supertall residential and commercial skyscraper in the heart of Toronto.
When we walk into a property, we should look for luxury in the details; the architecture, high-end features, amenities, etc. Most importantly, making sure it exceeds our expectations and gives us a sense of happiness that can’t be matched. Luxury is something we should feel when we walk in. Whatever the product, it should embody happiness and enjoyment.
In the high-end real estate market, buyers often come looking for access to activities like shopping, dining, and the arts. When it comes to investing in real estate business, it has always been considered as one of the most profitable options to invest money. It provides us with a prospect of a steady income and long term financial security, and in terms of appreciation nothing can beat real estate. Whether it is owning, flipping or renting a property, real estate holds immense potential for growth and when we are trying to explore and expand our portfolio in real estate, entering the high-end market can be an idea worth exploring.
Here are some things we should remember before entering the luxury real estate market.
Study the Buyers:
If we speak with any number of agents working in the high-end real estate market and review the data, we will come to realize that there are no two luxury buyers that are alike, and the current strata of these luxury buyers and sellers are very diverse and distinct, with each of them having their own needs and wants.
Know the Property They Want:
Contemporary architectural design is considered one of the most desired forms but some still want to opt for colonial architecture. Apart from the architectural design, if we look at the interior style, contemporary and modern style is quite popular, but buyers also look for traditional features. Additionally, other factors such as the location of the property according to the needs of the buyer’s must be analyzed, whether they want to buy a property in suburbs or they desire scenic waterfront property, or they want to buy it in the urban location.
Retain the Luxury Client:
We must appreciate the fact that winning and retaining clients in the luxury sector is all about long term relationships, it is not just a transactional business. The bottom-line is who we know can really help us at the end of the day. Douglas Elliman agent, Frances Katzen, advises the people who are new in the business or just getting started to not to be afraid to use their lofty contacts. “Endorsements are never to be underestimated,” Katzen said. “If it’s a VIP, I have [Douglas Elliman Chairman] Howard Lorber reach out on my behalf as an endorsement for me.”