I was reading today about a Luxury Mansion in Florida being listed for sale at a staggering price of $75 Million. Problem is, the house is not entirely finished. In fact, it doesn’t go much past the studded walls. The unfinished 90,000 square foot home includes a roller rink in the basement, home theater, bolling alley…oh, the list goes on. Needless to say, but selling an “as-is” home is pretty difficult. Buyers have a hard time envisioning the final product, and many will discount the home even more.
The article got me wondering if there were any new construction homes listed in the Twin Cities MLS database that were priced above a million dollars and being sold “as-is”. I was able to find one on Long Lake with 5200 square feet of unfinished space that is for sale for $1.1 Million. It originally started out at $2.2 Million, but with the market crash, and the simple fact that it is not finished, I am not surprised it hasn’t sold yet. Once a potential buyer also looks at the $18,000 yearly property taxes, they might think twice about buying the home. Oh, and did I forget to mention that the home is now lender owned?
On June 25, 2010, the world’s largest gold coin will be auctioned off to a really wealthy bidder. Minted in 2007, the Canadian Maple Leaf weighs 220 pounds and 20 inches wide, and is heavy enough that two men cannot pick it up. Yikes!
The coolest tidbit about the coin is the fact is is made of the purest gold on earth, roughly 99.99% pure. Currently face valued at $1 Million, experts believe it will fetch the current gold rate. So that means since gold is currently priced at $1256/ounce, the coin could go for as much as $4.42 Million.
Any takers out there in Minnesota?
It continually amazes me how home owners don’t realize the poor quality of photos that their real estate agent is using to market their Million dollar homes here in the Twin Cities. Just today, I have been going through luxury homes stretching from Stillwater to Lake Minnetonka, and probably 90% of the homes priced over $800,000 have agent taken photos that are out of focus, tilted, angled, poor lighting….you name it, these photos stink!
In case you wonder if they really make that big of a difference, well I have to tell you that they do. If a buyer is looking at purchasing a luxury home, they want to see the home showcased at its finest. This means that quality photos must be taken by a professional photographer, and edited in the best way to show the homes highlights. Hey, I consider myself a decent photographer, but I leave the high-tech photo business to the professionals when it comes to my luxury listings. This means I spend money to get the quality I expect and the quality my clients deserve.
After all, what are they paying me for? My job is to market their luxury home to a luxury audience. Agents that bring their point-and-shoot cameras into a million dollar home should be kicked out on the spot. They don’t know what they are doing, and the people who will suffer for it are their clients.
Want to know why your home has been languishing on the market for over a year? Over two years? Take a look at the photo below. It represents the only photo for a $1.5 Million listing in Minnetonka. The description in MLS sounds great, but there are no photos to back it up. Do you think a buyer would really want to set up an appointment for this type of listing?
Or how about this home below that started out at $2.4 Million in Eden Prairie? It is has been on the market for a while, and now is reduced $500,000. Could it be that the really poor photos, and there are more, are killing any potential sale for this home? I certainly think so.
As a home owner looking to sell, you really need to question the agent you use and how they are going to professionally market your luxury home. Luxury home specialists know that money has to be spent on quality photography and marketing pieces to attract buyers. Ask your agent for marketing examples and past experience in the luxury home market before you sign a year long listing because if you don’t, the quality you could be getting could resemble the photos above.
I was reading today about a Luxury Mansion in Florida being listed for sale at a staggering price of $75 Million. Problem is, the house is not entirely finished. In fact, it doesn’t go much past the studded walls. The unfinished 90,000 square foot home includes a roller rink in the basement, home theater, bolling alley…oh, the list goes on. Needless to say, but selling an “as-is” home is pretty difficult. Buyers have a hard time envisioning the final product, and many will discount the home even more.
