Tips for Finding High-End Real Estate in Tough Markets
Shopping for a new property can be a full-time endeavor, especially when you are looking at markets with low inventory for your particular needs. High-end and luxury real estate is even more difficult to find due to the unique nature of these properties. Property owners don’t buy and sell them frequently the same way that other homeowners do. They are more likely to hold property in their portfolio and buy additional properties instead of needing to sell in order to buy something new. This means that when a luxury villa or condo goes on the market, it’s important to move very quickly on it.
Be Specific About Your Wants and Needs
If you require a home that’s already had modern updates to it, it’s critical to communicate that to your real estate agent. It’s a waste of time to filter through luxury homes that still have a 1980’s vibe when you want something that’s more 2022. Sam Kooris is one of those agents in New York who can help by reading between the lines and understanding the different properties that are already available. Like many high-end realtors like him, they know what questions to ask to ensure you get the best service and can find a home as quickly as possible.
Work With the Right Kind of Real Estate Agent
In cities like New York and Miami, you must work with the best brokers and agents if you want to find the best properties. Since the markets in those locations are so tight, it takes a high-end realtor like Samuel Kooris in Brooklyn or Daniel Weiner in Miami to get you in to view the best homes. They are not only skilled at what they do, but they also have the reputation and connections to ensure you can be one of the first to view the properties that come on the market. If you work with someone without the right clout, you won’t even be able to view the properties you want. You will be shut out of the market.
Build it From the Ground Up
What do you do when what you want doesn’t exist yet? The easiest thing to do is to build it yourself. Or rather, hire a luxury homes builder to create it for you. High-end homes are already a low-inventory product. This means that the style of home in the area you want, may not exist yet. When you’re in the market for something high-end and you can wait a while, you can get exactly what you want and need when you have it built. Depending on how extravagant your needs are, this means that building a new home could take a year or more to complete.
Renovate Something That Exists Already
In New York City, it’s hard to come by real estate locations where you can build from scratch. Many high-end buyers instead choose something with the right bones and the right location and pay to renovate the property instead. Realtors like Samuel Kooris and Daniel Weiner can help you see the potential in a property that’s not perfect for you yet. Because they have experience in luxury housing, they know when the location is the best for you and can direct you to companies that can turn that location into your dream home. Renovating helps you get the best of both worlds. You can have that Central Park view in NYC or those ocean breezes in Miami, without sacrificing your aesthetic needs.
Network Through Your Connections
If you’re looking for high-end real estate, it’s likely you already know people. Ask around to find out who is planning to sell in the areas you’re interested in. You could find a property from someone in your network by taking a proactive approach instead of simply waiting for the right thing to come on the market. Additionally, you may even be able to ask about a specific property to find out if someone is willing to sell it to you. This can reduce the costs for both of you by taking real estate agents out of the equation, or only using their services for the sale transaction. These two tactics can help you get a jump on buying a high-end property in cities with low inventory or in tough markets.