Competitors for actual property is fierce in lots of locations throughout the U.S. However the battle unfolds on a good bigger scale within the nation’s wealthiest cities, the place luxurious properties outfitted with each amenity possible can promote for tens — and even lots of — of hundreds of thousands.
Of the ten U.S. counties the place potential patrons must earn probably the most to purchase a house, 80% are in California, spanning from Marin County within the north to Orange County within the south, CNBC reported earlier this yr.
Actual property agent Bre Tiesi, one of many newest to affix The Oppenheim Group brokerage featured in Netflix’s Promoting Sundown, is aware of firsthand what it takes to promote within the luxurious Los Angeles-area market, the place the present takes place.
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Tiesi’s transition from a modeling profession to at least one in actual property coincided with the pandemic, however she acquired her license again in 2017, at all times understanding she’d leverage her community to place it to make use of. “There’s some huge cash out right here [in LA] in relation to actual property and luxurious,” Tiesi tells Entrepreneur, “so it is simply who , actually.”
Though Tiesi says all of her shoppers are “actually completely different,” there are some similarities in relation to what they need in a luxurious property. Typically, rich patrons are on the hunt for a “full-service dwelling.”
“They wish to have as a lot as they will, the place they do not have to go away their home.”
“Everybody needs the works,” Tiesi explains. “They need the swimming pools, the gyms, the film theaters, all that kind of stuff. So it is all principally the identical for anybody with cash: They wish to have as a lot as they will, the place they do not have to go away their home.”
The truth is, luxurious properties within the LA market are sometimes so well-equipped with all the bells and whistles that moneyed shoppers have no drawback discovering one worthy of a suggestion. “It is extra [an issue] of loving all of them and making an attempt to slim it down,” Tiesi says.
And the No. 1 consider that means of elimination? Location.
“There’s solely a lot actual property out right here in these prime areas.”
“It is at all times location,” Tiesi explains. “It simply is determined by the place that particular person needs to be. In the event that they wish to be within the Hills, in the event that they wish to be within the Valley. There’s solely a lot actual property out right here in these prime areas, so when issues are flipped or come in the marketplace, it is at all times about location as a result of it does not come round on a regular basis.”
There are a number of new developments popping up in Encino, Tiesi provides, as a result of simply a few years in the past “there was nothing obtainable” — and any property that did hit the market was usually gone inside 24 hours.
On common, properties in Encino go for upwards of $1.4 million, with 34.2% of gross sales above the record value, per Zillow.
Though a well-appointed luxurious property’s prime location may be its greatest promoting level, Tiesi says one thing else may seal the deal: actually attending to know the shopper.
“A variety of the time the shoppers suppose that they know what they need,” Tiesi says. “Typically they will even be stern on what they are saying they wish to see, issues like that. However when them, you are capable of transfer otherwise and see their imaginative and prescient and put them in other places that they might not have been open to earlier than.”
