As a real estate broker for over 20 years, specializing in luxury real estate, I've noticed that with time comes new tendencies and interesting opportunities on how to approach buyers. This doesn't mean that all buyers are the same, and you have to identify each one of them in order to find the best way to close the deal. I have to say that one of the most interesting types of real estate purchasers is the luxury condo buyers.
High-end condo buyers are always asking different questions when looking to purchase a property. For the prpose of explaining the type of doubts I usually get from these buyers, I grouped them in 4 categories: MLX questions, smooth lifestyle, neighbors, and the most recent one, customization. Let's go in detail one by one:
1. MLX Questions: What I'm trying to point out with this angle, is how the luxury condo buyers want to know everything about the condo they are buying, so it is really important to have researched every aspect of it such as location, amenities, unit features, condo services, maintenance fees, among others.
2. Smooth lifestyle: For this feature, it is really important to know what is the luxury condo buyers' lifestyle and what are they looking for or aspiring to when looking to purchase a high-end condo. The simple answer is simplicity. This type of buyer is looking for a hands-down state, where everything is taken care of for them. This "retiree" way of thinking makes luxury condos such as Ritz-Carlton Residences in Miami Beach feature 5-start amenities such as a helipad in Biscayne Bay, 36 private boat dockages, poolside grille restaurant. meditation garden, multisport simulator and pool table, pet grooming, and more. This will assure residents will have everything they need - and might want at some point - at their fingertips.
3. Neighbors: High-income condo buyers are interested in knowing who is already living in the condominium, mainly because they want to know the financial status of their neighbors. Some management offices ask specific financial requirements for buyers to purchase there, such as a certain amount in equity to purchase certain luxury condos.
4. Customization: One of the most recent tendencies of luxury condo buyers is the unit's customization. This feature is linked to the "Smooth lifestyle", as buyers want to put their personal touch in the property they are buying, but at the same time, they don't want to deal with contractors and construction hassle.
A perfect example of this last characteristic is the recently sold 5-bedroom unit at the Palazzo del Sol Condo in Fisher Island at $13 million. Being the biggest resale of this building since it was built in 2016, the buyer decided to pay an extra $800,000 for customized furniture and finishes of renowned designers such as Minotti and Roche Bobois. The move-in ready condition of this condo was definitelly what sealed the deal!
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