What Makes a Neighborhood Prestigious?
I was touring some homes over the weekend in Carlsbad for a client and the notation in the MLS listing on one property was that it was located in a prestigious neighborhood.
That was not at all my impression, even before I drove up, since I know Carlsbad real well because I live and sell proeprty there, and the drive through the area was not at all what I considered prestigious.
It made me think - so what makes a neighborhood prestigious?
Is it the general reputation, through word of mouth?
Is it based on pricing?
I have to wonder if a $600,000 home in a community where the average price of homes that are selling is close to $800K, and there are multiple homes listed in the $1M to $3M range, and some homes sell in excess of $6M, might be considered prestigious?
So who defines a prestigious neighborhood?
The community at large, who views a particular are as prestigious because of the type of homes, views, and costs?
Desirability and difficulty of purchasing property there, based on prices, and supply and demand?
The people who live there? Celebrities, billionaires?
Is it what a reasonable person would define as prestigious? We all know those places, don’t we?
Or is it just marketing verbiage, where an agent is choosing to define the home and the community as being prestigious simply as a way to presumably attract buyers who may not know otherwise or will feel it means the home is worth more than it really is?
Do buyers care?
Do they want to buy in a “prestigious neighborhood?” or is that all hype?
Does defining a community as prestigious translate to a higher price point or is it all artificial?