Staying Afloat in a Competitive Luxury Market
By Jackie Latragna
When luxury buyers have more than a million dollars to spend in their pocket, they tend to be more picky with their home purchases, and rightfully so. In today’s ever-evolving market, it is important for builders to know exactly what the buyer wants and what will set them apart from the competition.
Building the Home to Fit the Lot
Luxury buyers want bang for their buck and tend to turn their focus to open, flowing floor plans, great views, good curb appeal/location and the smart use of space as factors that affect their buying choices. In developments and gated communities, there can be challenges if the lot cannot accommodate this hefty list. By planning ahead and looking at the home from the buyer’s perspective, many of these challenges can be overcome. No view may be forgiven if the floor plan boasts a downstairs master, spacious great room and kitchen, along with lots of storage and a large garage. On the other hand, if the view is great, but the master bedroom is upstairs and the front entry is ugly or inconvenient, this could lower the value of the home and deter the buyer.
Competitive Pricing for High-Quality Product
Along with basic logistics of the home, smaller-ticket items have been known to make or break a sale. It’s the year 2016 and we’ve seemed to learn from past design mistakes – or have we? Buyers today want to see cutting-edge appliances, modern counter tops and sleek finishes. Don’t make the condemning mistake of carpeting the master bath, installing dated or cheap appliances, flimsy doors and the faux-pas gold/brassy fixtures reminiscent of grandmother’s house. These items don’t have to cost the builder a lot at the bank either. Cesar stone is a great option in lieu of granite and can cost a lot less, while looking sleek and modern.
Pre-wiring for a smart home system shows buyers that you’re tech forward and considerate of their potential wants and needs. Overall, this tier of buyers is going to be paying attention to details whether they are largely noticeable like a cramped corner lot, or minute like old-fashioned finishes. The best way to stay competitive is to keep up on attractive trends and listen to feedback from past buyers when it’s given. This will allow the home to be priced fairly for the buyer and for the builder to make a good profit – everyone will go home happy.
Jackie Latragna is the Director of Marketing & Relations for Parc Forêt at Montrêux, a new development of forested, luxury home sites close to both Reno, NV’s city conveniences and Lake Tahoe’s mountain beauty. For more information on luxury options, the region’s luxury market, or relocation to the area, she can be reached at email@example.com. Have an idea for a guest blog for Construction Today? Contact firstname.lastname@example.org or email@example.com.