Luxury Homes Sold on the South Shore - September 2013

Luxury Homes Sold on the South Shore - September 2013

September wasn't a very busy month in the luxury sector of the South Shore real estate market. There were only six transactions over $1.25 million. A list showing some of the details of each sale is shown below.

The cutoff for being in the luxury market, which I define as the top 10% of homes on the South Shore remains the same: the sector starts at a list price of $1.25 million.

There are so many lovely homes available on the South Shore right now. Take a look at some of the listings at Luxury Homes for sale on the South Shore.

The homes that sold last month spent an average of almost 220 days on the market. Only one home sold in less than four months, and two were on the market for over 400 days.

You might be tempted to think that the market was slow, but that really wasn't the problem: it was overpricing. While the average sale price was 93% of the last listing price, it was only 84% of the original listing price. So sellers really took a hit relative to their early expectations.

These six homes were originally priced at over $576 per square foot, and sold for $488 per square foot. They are all very attractive homes, but it takes an experienced agent who understands how to value high-end properties AND sellers who are willing to appreciate what the market is telling them about how to price their house to successfully sell a luxury home for top dollar in a relatively short period of time.

A seller's initial enthusiasm for a lofty and unrealistic price can turn into a long, demoralizing grind when other homes sell faster because they were priced correctly from the beginning.

I find it useful for sellers to remember that the agents who would like to represent the sellers in their transaction are not the people who will be buying the house. That is, sellers are not trying to find the agent who promises the highest dollar. Sellers are looking for the agent who can deliver the highest dollar.

It's often hard for sellers to realize that a price that is too high today often means a sales price that is too low tomorrow, or much longer than tomorrow. It is far better to spend the time to analyze the market properly, and carefully compare and contrast your luxury home with other similarly priced offerings before reaching a considered decision about the original listing price, than it is to jump at the highest price an agent is willing to promise you today. The true cost of "buying a listing" comes, not only out of your deflated expectations, but also out of your relationship with your agent, discouraged and disappointed buyers, and the days and weeks of frustration that follow from a poorly made pricing decision. 

Can you really say you understand the differences between the Luxury Homes for sale on the South Shore that are competing with your home? My hope is that you will engage an agent who is willing to undertake all the research and other work necessary, and willing to take the time necessary to help everyone to educate themselves about the true value of your property before coming to an agreement, as a team, on how to price and market your asset.

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