Luxury Real Estate in the Jacksonville & Ponte Vedra area
Today the corporate office for Prudential Network Real Estate sponsored a strategy session to discuss effective ways to list and sell luxury properties. I met with about 20 other selected agents to share success stories and brainstorm new ideas for selling “high end” properties in the Ponte Vedra Beach & Jacksonville area. This was a great opportunity to compare notes and share strategies for selling luxury homes (i.e., real estate priced above $900,000). I was very pleased to learn that Prudential Network Real Estate dominates the luxury real estate market in the Northeast Florida area. Over the last year, Prudential agents have listed almost 20% of the luxury properties and sold over 21% of the those high-end homes. It was great to learn that Prudential’s average sale price was almost $100,000 higher than the second ranked real estate office (even though they have four times as many agents as Prudential).
One of the hot topics was specialized marketing strategies for luxury properties. Since the pool of buyers is significantly smaller in this price range, it’s critical that all advertising is as effective as possible. Another issue we spent a good deal of time discussing was appraisals. As the real estate market has declined, many appraisals are coming in well below the agreed upon sale price. When this occurs, the bank will not approve a mortgage at that sale price. As you can imagine, this topic generated ALOT of talk.
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