I read an interesting article the other day about Rick Pitino’s Indian Creek Mansion. He’s been putting it on and off the market for 10 years – so why hasn’t it sold?
Like most luxury homes, it’s not for a lack of amenities. But it is falling prey to some of the common problems that home sellers have – no matter how big the home is.
So whether you want to sell your Boston luxury high rise condo or your starter Boston condo, it help them learn from Rick Pitino’s mistakes so your Boston condo can sell quickly and profitably.
Sometimes It’s the View
It’s very hard to imagine that a home ex-Celtic coach would be lacking a view, but Mr. Pitino’s home does suffer in that regard. Instead of facing the bay, it faces a canal. That makes it less desirable – but the premium pricing doesn’t reflect that.
When you talk to home sellers about the price they’d like, remind them that unchangeable things about the home – including location, view, and size – can make a big difference. Unless you want to spend a decade selling your home, they should price that in!
What Does the Buyer Want to Do?
One expert reviewing Pitino’s listing pointed out that most people buying a luxury home they don’t want someone else’s home, they want a posh living space of their own design. This is especially true if the home wasn’t built 10 years ago or older.
As a result, it’s the land value that affects Pitino’s home the most, not the property itself. Buyers want a wow factor, not an “old home.”
And it doesn’t help that Rick’s home is on a smaller lot than most in the area – 1.23 acres compared to the usual 2 acres.
As you review your listing, think about what a Boston real estate buyer will want from the property. You need to understand the value of the building. It’s unlikely that a buyer will ignore the home’s value, but they may not place as much of a premium on it as you, the seller does.
How Motivated are You, the Seller?
One problem Pitino has with prospective buyers is that it doesn’t seem like he’s that interested in selling. After all, he doesn’t seem to need the money, and he didn’t exactly price the property to sell.
If you (the seller) isn’t motivated, especially on a high-luxury homes, buyers will not move on it. If you aren’t particularly motivated to sell, you may be too picky with Boston condo buyers and squash deal for little reason.
Be sure you – understand the true motivation for selling before you sign a listing contract to work with a Boston downtown real estate broker
Price, Price, Baby
In the end, the reason Rick Pitino’s home hasn’t sold is a simple issue of high pricing vs. perceived value. The price he set doesn’t take into account the variety of drawbacks that potential buyers see with the property.
Getting ready sell your downtown Boston condo? Please contact Ford Realty at 617-595-3712 for a free evaluation.