to our resource for luxury and upscale home buyers for the Denver Metro
area. If this is your first luxury home purchase, you’ll quickly learn
the process differs from that of purchasing lower priced real estate.
From determining how much to offer through the close of escrow, the
luxury home purchase is more time consuming and requires much more due
diligence than when purchasing in the lower price ranges.
Whether you dream of purchasing a Tuscan-style Italian villa, a
French chateau or an English manor house, you’ll find the devil is in
far more of the details than just the home’s architecture. Here are tips
to keep in mind when purchasing luxury property.
10 Tips from top Luxury Selling Agents-
1. Learn the search process.
homes go unlisted to protect a seller's privacy. These properties are
often found through the Realtor's personal connections as opposed to the
MLS." Virginia Cook, Virginia Cook Realtors, Dallas
"You may need to go to more online sources as not everything is on the large search engines." Ronald Phipps, Phipps Realty, Warwick, R.I.
2. Go beyond the photos.
sure you don't dismiss properties based on their front elevation
photos. Many large homes aren't photogenic that way and you have to see
them in person to appreciate. I recommend my clients do a search of the
property and vicinity on Google Earth so you can see what's around the
home." Ronald Phipps, Phipps Realty, Warwick, R.I.
3. Work with a local expert.
"It's critical to have an Agent
who is familiar with the area you want to buy in. There's a bit more
control on access to high-end properties in terms of fewer open houses
and more appointments have to be made to see them." Elizabeth Blakeslee, Coldwell Banker Residential Brokerage, Washington, D.C.
4. Bank on your relationships.
strongly recommend you go to the bank you have a relationship with.
They have your portfolio already. Also, know the difference between the pre-approval letter and the pre-qualification letter." Nancy Suvarnamani, Century 21 SGR Inc., Chicago
5. Document everything.
is more scrutiny today in the high-end market. Financial documentation
is critical. Anyone who is making a lot of money has a manager or an
accountant and tries hard to shelter their money so it can be difficult
to show the bank you have the income." Steve Goddard, RE/MAX Beach Cities Realty, Manhattan Beach, Calif.
6. Hire smart, reliable advisers.
good Realtor won't make the client's decisions but will make
suggestions. Pay attention to your financial planner and Realtor that
you trust. They should agree on what you should be doing and if they
don't, arrange a meeting." David Boyer, Jack Woodcock Team, Las Vegas
7. Don't forget about title insurance.
need to get title insurance so you'll be insured against any problems
that were forgotten about. You want to make sure you have a chance to
have a look at the exceptions page of the title insurance process before
closing time." Moe Veissi, Veissi & Associates, Miami
8. Look into the future.
sure you know what building is planned around you. What happens if
someone pushes the bar and builds another building even taller?"
the timeline. You don't want to tie your cash up for a long period of
time if there are any kinds of construction delays." Alexander Chaparro, @properties, Chicago
9. Know what to expect with cooperatives and condominiums.
"For Co-ops and Condos you want to be represented by an attorney who will research the building on its financial viability." Klara Madlin, Klara Madlin Real Estate, New York City
10. There's room to negotiate.
individual points, the view or remodeling that makes these properties
one of a kind and makes them able to command a particular price. Have
your agent research the comparable properties that have recently sold,
getting closing prices, right before you make an offer." Fanny Y. Chu, Prudential California Realty, San Francisco
feel free to return to this site as often as you need and, if there is
any other specific information we can help you with, please let us know -
we would love to be of service! If you are thinking of moving to the
Denver area and would like a copy of our wonderful Metro Denver
Relocation and Newcomer's Guide, just click on the word link and a
request form will appear. Feel free to call us toll free at
800-355-2696, ext. 299 if you would like to speak with us in person.
other service we would like to make available to you is our free Luxury
HomeBuyer's Advantage program which includes up-to-date lists of
properties that fit your needs and, if you would like, will provide
automatic e-mail alerts when homes new to the market that fit your needs
become available. It's a great and easy way to get to know the market
in the Denver area and will help you beat the other buyers by being
first to see what may be the home you've been searching for when it
comes on the market!
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concierge like service when you are needing information on the fun
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Denver. We look forward to serving you in the future!