Inman Luxury Connect returns live, Oct. 25-26, 2021, at the Aria Hotel and Resort in Las Vegas. In the lead-up to the big event, we’re talking with scheduled speakers and other top luxury agents about a big recent deal. Consider this a taste of the knowledge that will be shared at Luxury Connect. Make plans to join us.
Many agents dream about tapping into the luxury market, but only a few are able to do it.
The reason: Working with multimillion-dollar homes requires skill, experience, patience and connections.
In some cases, the best way to learn how to sell pricey homes is to talk to those who do.
Inman caught up with Allison Chiaramonte, a top New York broker under the newly aligned Coldwell Banker Warburg, to hear about a recent high-end co-op sale she helped broker on Manhattan’s Upper East Side.
Inman: Tell us more about the property.
The unit is a penthouse located on Park Avenue in the heart of the Upper East Side, on arguably one of the best double wide cross streets in the city. It has six bedrooms, six-and-a-half baths, almost 7,000 square feet of indoor space across two levels both with private landings, and 700 square feet of private outdoor space. The listing price was $29 million.
How long did it take to find a buyer?
It was on the market for seven months before entering contract, and we’ll be closing soon. It took a while to find the right buyer, have the apartment inspected, go through the board process etc. — all of which are running slower in a post-COVID environment due to staffing shortages, etc.
What was the most challenging part of the sale?
Finding a buyer who was willing to undertake the renovation needed to upgrade this singular home. Given the current global situation, renovating in a cooperative is not for everyone.
How did you overcome that?
We portrayed the property in the best possible light and also worked with a buyer’s agent who could explain and communicate what a unique opportunity this apartment was for someone who was willing to do a little work.
What goes into selling a home in this price range? Are there certain steps that need to be taken on your end?
Yes. At this level the launch has to be flawless and well curated so all the marketing materials must be done and perfect — video, photos, staging etc. Press and advertising must be procured and also coordinated via timing.
How does selling a high-end home differ from selling a home that is priced around the market average?
You get less “shots on goal” at the high end as there are simply less buyers in this echelon so each showing and set of people looking at the listing are particularly important. Also, in this market, there is less inventory so the first few showings are critical. Further, the transaction is inevitably a longer process at this price point – so you have to prepare your sellers for that.
What is your advice to agents who want to work the high-end market?
It takes time to break into this market. You have to grow with your client base and have endless patience with the process.
Also, at this level its so much more of a personal business — so being prepared for that and forming relationships with other brokers is really key.