Meeting Needs

Luxury buyers are looking beyond premium finishes and opting instead for homes that fit their lifestyle. Developers like Belgravia and Magellan follow those trends. Belgravia’s Renelle development include such perks as: a private yoga room; a state-of-the-art fitness center; a dog run; a penthouse-level private rooftop with indoor and outdoor kitchens; and an outdoor fireplace. Magellan’s Vista boasts floor-to-ceiling windows; walk-in closets; wide-plank hardwood flooring; walk-in showers; bathroom stone tile flooring and walls; and keyless entry. The Residences at the Ritz offers The Landmark Club, a full floor containing a billiards room, athletic and spa facilities and a movie theater, decorated with art pieces from a private collection and fully owned by the building’s residents.

Being able to sell the vision of the luxury lifestyle is a hard-earned but irreplaceable skill for success in luxury home sales. When asked what the most surprising thing she’d learned about working with luxury buyers was, Slager said, “Luxury buyers know what they are looking for, and they aren’t afraid to think outside of the box to get what they want. They are cognizant of limitations, yet they enjoy a challenge in pushing boundaries with design. I really enjoy working with buyers who have a vision for their ideal property.”

It’s important that the property in its current state justifies the price tag, but marketing for luxury listings must appeal to buyers who have the resources – the vision – to renovate and make that home their own. High net-worth individuals can shape any property they buy into their dream home; according to Diane Saatchi, an associate broker for Bridgehampton, N.Y.-based Saunders & Associates who was recently quoted in a Wall Street Journal article, wealthy people expect to renovate. So luxury agents must be able to sell the city, town and neighborhood where that dream home is located, as these are factors money can’t change.

“People who live in the city typically want a high walk score,” said Ames, who primarily operates in the city. “They want to be able to go to restaurants or shopping and to be able to walk around a neighborhood that has nice amenities. If they need to get in a car to go anywhere, they may as well be in the suburbs. That’s a big deal for most people we work with. They want to be able to be close to something.”

Suburban luxury buyers may see things a little differently. Lynn Purcell, a St. Charles-based Baird and Warner broker associate, says that what has surprised her the most about working in luxury real estate was the difficulty of managing expectations when buyers are coming in from out of state. “I think it is particularly hard when transferring to a different state, as their expectations, many times, cannot be met or duplicated,” she said. “Living with an ocean view or mountain backdrop, or certain styles of homes, many times cannot be achieved in this state. So, it is interesting to see what concessions they will make to find a home that will work for them.”

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