THE GREAT BENEFIT OF MOVE-IN READY HOMES
It’s uncharted territory for the luxury real estate market. Pamela Liebman, the president and chief executive officer of real estate firm Corcoran Group has stated that if your house is move-in ready with outdoor space, you’re likely to get a great price.
We don’t encourage you to stage every room, actually. It’s the public rooms or the primary bedroom. Right now it’s really hard to renovate a house. People are waiting months and months for materials, and it’s really difficult to get labor.
So if you have a house that’s ready to go, we’re seeing a definite premium on that. Particularly because it’s attractive to people moving from different parts of the country. A lot of people buy furnished, and they didn’t really care if it wasn’t really their taste. They say, “Look, we’ll change it over time.”
Moreover having a fantastic setup outside with a beautiful pool landscaping, an outdoor kitchen, maybe an area for watching TV definitely helps.
Three years ago all those things were a “plus,” but as people saw what they needed during Covid, it definitely became more front and center. That makes sense for the suburbs and the countryside, but presumably that’s not applicable to cities? Not quite. During the first half of 2021 222 penthouse contracts have been signed. That was between January and the end of May, the strongest first half-year of penthouse sales since we’ve been tracking this.
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