Is A Prestige Subdivision Name Worth It?
Say these names and people that know luxury homes in Mason KNOW where you live.
Custom homes. Upscale features. Unique. Curb appeal. NOT cookie cutter by any means.
One of the perks of living in these communities is that despite the differentiation home to home, there's also homogeneity. ALL the homes are upscale. They're consistent in that regard, so when it's time to sell, there's price support for each other because each homes customization supports its worth.
Where you encounter trouble is when you buy in what we'd label "faux" prestige developments. We commonly see this when a developer carves out a smaller pocket of homes within a larger community and gives it a name like "The Reserves of _____________". Now while this small subgroup of homes might be custom and theoretically worth the same as homes in Long Cove, Country Brook, Rivers Bend or other luxury Warren County developments, the fact is they're going to be MUCH harder to sell for comparable prices.
It's partly about ego. The fact that you live on the best section of a development and even have that special name attached may mean zip to a buyer. That "The Reserves of ___________" moniker gets dropped when people think of where you live. What they remember is whatever that ____________ part of the name is. And if that ____________ part of the name doesn't carry prestige by itself, putting some fancy descriptor in front of it probably won't be enough to sway the buyers to give you premium dollars for your home.
The second part that matters? A small pocket of homes that is not like that majority has values pulled towards the majority when it's time to sell. Small pocket subdivisions have low turnover, so what an appraiser is most likely to see is the sales of the more common homes at a lower price. And while in theory your home might be worth X dollars if it were located in a prestige community, you're not likely to pull the same value for the exact same home when you're among the "big fish" homes in the small pond.
There are times you may not want to stand out from the crowd, and this scenario is one of them. Being more like the majority provides long term price protection. Being different? That might mean you're going to lose money when you're ready to sell. No amount of marketing by us can overcome that buyer objection to what will be perceived as overpricing. It's harsh, but it's reality, and isn't reality what you need to hear to be successful selling your home?
Ready to chat about selling your Warren County home? Just give us a call at 513-520-5305 and we can discuss how we can help you!
Serving Warren County Ohio home buyers and sellers,
Liz and Bill aka BLiz
Serving Warren County Ohio & Adjacent Areas
The Liz Spear Team of RE/MAX Elite
Elizabeth Spear, ABR, CRS, Ohio License SAL.2002007747
William (Bill) Spear, CRS, Ohio License SAL.2004011109 Kentucky 77938
Ask for us by name if you visit the office!
Two locations: Lebanon & Mason, OH
Bill Direct: 513-520-5305
Liz Direct: 513-265-3004
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