Due to the limited quantity of luxury properties and prospective buyers, the listing and sale of luxury real estate may present some challenges. However, with the right marketing mix and a little creativity you can connect your luxury listings with qualified and interested buyers—perhaps a multimillion dollar home could be converted into a winery, convention retreat center, or hotel, or maybe connecting with the international community will help increase the pool of prospective buyers.
We've already done the research for you. References (formerly Field Guides) offer links to articles, eBooks, websites, statistics, and more to provide a comprehensive overview of perspectives. EBSCO articles (E) are available only to NAR members and require a password.
Facts About Affluent Homebuyers
- Percent of first-time and repeat buyers with household incomes of $200,000 or more: 8%
- Percent of first-time and repeat buyers who bought homes priced $500,000 and more: 10%
- Percent of first-time and repeat buyers who bought homes 3,501 sq ft or more: 9%
The Luxury Property Market
The fever in New York’s luxury property market is cooling, (Financial Times, Aug. 26, 2016).
In Some Markets, Luxury Property Sales Stall, (Forbes, Aug. 4, 2016).
Is the Luxury Housing Market in a Slump?, (Redfin Blog, May 3, 2016).
Red-Hot Property Markets Cool as Rich Investors Retrench, (The Wall Street Journal, Jan. 20, 2016).
World’s hottest luxury housing markets, (CNN Money, May 20, 2015).
The art and science of selling luxury real estate, (Philly Voice, Apr. 20, 2015).
Listing Luxury, (REALTOR® Magazine, Nov. 2014).
Pricing Luxury Real Estate Is An Art And Science, (CNBC, Sept. 23, 2014).
Luxury Homes: Priced to Sell at $30 Million, (Wall Street Journal, Sept. 10, 2014).
Luxury senior housing and assisted living communities on the rise, (Fresno Bee, Sept. 22, 2014).
Tips for Buying Luxury Real Estate, (Investopedia, Sept. 2, 2014).
Chinese Move into Luxury Manhattan Property, (BBC, Aug. 25, 2014).
Most Orlando Luxury Estate Buyers Come with Cash in Hand, (Orlando Sentinel, Aug. 19, 2014).
The Trouble with Living Large, (The Wall Street Journal, Aug. 14, 2014).
America’s Most Expensive Homes for Sale Right Now, (Forbes, Aug. 4, 2014).
Foreign Buyers Fuel Concerns amid Miami Luxury Condo Boom, (Reuters, July 28, 2014).
All Eyes Are on Texas as Home Prices Set Records, Luxury Market Rises, (PRWeb, July 27, 2014).
S.F. Luxury Home Sales Soar, (SF Gate, July 7, 2014).
Why the Luxury Real Estate Market Remains Hot, (Michigan Avenue, June 27, 2014).
Selling an Upscale Home? You’re in Luck. Sales Remain Strong. (Money, June 16, 2014)
Local Markets Dictate Price, Features of Luxury Housing, (Los Angeles Times, June 12, 2014).
Sky-High Demand for Luxury, (New York Times, June 1, 2014).
Luxury Sales Heat Up Across the Country, (REALTOR® Magazine, May 28, 2014).
Living Large: The Market for Super Luxury Homes, (CBS News, May 18, 2014).
‘Unequal’ Recovery: Luxury-home Sales Thrive in US, (Arab News, May 4, 2014).
Realtor.com® Survey: 13% of Consumers Ready to Buy a Luxury Home, (Realtor.com, April 24, 2014).
Marketing to the Millionaire: Profile, Preferences, and More
How to Market a Luxury Home: 7 Must-Follow Tips From Top Real Estate Agents, (Top Agent Network Blog, Apr. 15, 2016).
Do you have the 2 traits it takes to sell luxury real estate?, (Inman, Mar. 16, 2016).
Marketing to Affluents for Luxury Real Estate & Communities, (eHouse Studio Blog, July 29, 2015).
Become a Real Estate Agent for the Ultra Rich, (Investopedia, June 1, 2015).
3 Luxury Real Estate Marketing Ideas, (Quantum Digital Blog, Apr. 17, 2015).
Marketing to the Ultra Affluent: 5 Essential Tips, (Forbes, Mar. 30, 2015).
Lavish Clubhouses Woo Luxury Home Buyers, (Wall Street Journal, July 31, 2014).
Luxury Homeowners Snub the Open House, (The Wall Street Journal, June 19, 2014).
Portrait of an Affluent Consumer, (Houston Chronicle, June 24, 2014).
Here’s What Wealthy People Want in Their Luxury Homes, (Business Insider, June 19, 2014).
Living in Luxury Air Parks, (Wall Street Journal, June 5, 2014)
For the Very Rich, U.S. Luxury Homes are a Bargain, (Investors Business Daily, May 21, 2014).
Luxury Residential Real Estate Update: ‘Forget it Jake, It’s Chinatown, (Forbes, May 20, 2014).
Bay Area REALTORS Now Using Drones to Market High End Properties, (CBS Bay Area, Feb. 4, 2014).
eBooks & Other Resources
The following eBooks and digital audiobooks are available to NAR members:
12 Secret Luxury Home Buyers Know, (Kindle, Overdrive Audiobook, Adobe eReader)
12 Secret Luxury Home Sellers Know, (Kindle, Overdrive Audiobook, Adobe eReader)
The Luxury Strategy, (Kindle, Overdrive Audiobook, Adobe eReader)
Luxury Brand Management, (Overdrive Audiobook, Adobe eReader)
Selling Luxury, (Kindle, Overdrive Audiobook, Adobe eReader)
Selling Luxury Homes, (Kindle, Overdrive Audiobook, Adobe eReader)
Books, Videos, Research Reports & More
The resources below are available for loan through Information Services. Up to three books, tapes, CDs and/or DVDs can be borrowed for 30 days from the Library for a nominal fee of $10. Call Information Services at 800-874-6500 for assistance.
12 Secrets Luxury Home Buyers Know that You can Use Today, (Osterville, MA: Jack Cotton, 2011).
12 Secrets Luxury Home Sellers Know that You can Use Today, (Osterville, MA: Jack Cotton, 2011).
Selling Luxury Homes: Become the Preferred Real Estate and Trusted Advisor to High-end Clients in Your Market, (Windsor, CT: Tide-Mark Press, 2010).
The World of Luxury Real Estate, (CreateSpace, 2007).
Rich Buyer, Rich Seller: The Real Estate Agents Guide to Marketing Luxury Homes, (Institute for Luxury Home Marketing, 2003).
Trading Up: The New American Luxury, (New York, NY: Portfolio, 2003).
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