Marketing High-End New York City Residential Real Estate

Rhonda Adams - Marketing High End NYC Real Estate Strategy

The rule with real estate has always been …. “location, location, location.” It’s not any different in New York City, and of course there’s locations that are better than others – but at the end of the day, its ALL the Big Apple.

At one time, in NYC it seemed the best locations were overlooking Central Park, more properties are also valued in those elevated price ranges, so knowing how to market them is what sets apart the luxury brokers from the rest.  Of course, right now, properties citywide are expensive – whether 432 Park Avenue or new Soho developments. That’s vital since in the first quarter of 2015, New York residential real estate sales hit $10.1 billion – a 21% jump from the same period in 2014.

rhonda adams real estate professional

Rhonda Adams on Famous Architects and Interior Designers

Because high-end properties often have updated and modernized design elements and fixtures, they are closer to move-in ready status, a big plus in the current market where people want to move in without doing a lot of renovation. Alternatively, if it’s not updated, they expect a significant dip in value to cover the cost and inconvenience.

But the joy of what many of the best-known architects and designers can bring to the bargaining table is a timeless style, sense of calm and serenity, and a simpleness combined with warmth and depth.

rhonda adams real estate professional

Rhonda Adams on After the Listing

Start by looking at the buyers who will fit the property. Weed out the ones who want a different location, different amenities or space requirements, etc. Look for the buyers who want a similar number of bedrooms, fit the price range, and other details about the property and neighborhood. For future sales, keep the template and use it to make new profiles as new listings become available to your team.

Consider the profile that fits the property even for how the space is staged. If your profile is about a single person then the staging wouldn’t include a children’s room, but rather a study, workout space, or game/movie room. If a prime factor for your home is a prestigious pre-school, then include a nursery or child’s room with top-of-the-line children’s furnishings. Also, a play space should be staged. You get the picture.

Unique selling points are a big deal for luxury real estate sales. In lower-end markets keeping things somewhat generic is often preferable, but in the big-bucks New York penthouses, it’s much more about those things that make a property different and special. Since there are many high-end penthouses in New York, buyers have options and time.

When you’re dealing with luxury and trophy assets, these are most often people who do not need to move. They are fine. There’s always choices and options for many of these buyers.

So having something to offer about the property that buyers can’t get anywhere else can tip the scales in favor of a sale without as much negotiating or waiting. Things like ceiling to floor windows with beautiful views of the city, a park area, or water might be that feature. As also could be a beyond belief luxurious master bathroom, patio/garden space, or a glimpse of Central Park or the Hudson.

rhonda adams real estate professionalRhonda Adams says to Check Out the Competition

What’s selling in a similar price range? Look at those listings, get the details, and price competitively.

Make sure there aren’t fix-it jobs still to be done, no signs of those fix-its left behind either. Study the lighting to maximize the selling points. Then stage it the way your buyers don’t have to imagine what it will look like with their wants.

As they say, if you can “make it here” you can make it ANYWHERE – that holds true for marketing real estate in New York City as well.

Rhonda Adams is a New York City based real estate broker with Douglas Elliman. She may be reached at Rhonda.Adams@elliman.com.

 

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