Hartford Business Journal

10 Hartford Business Journal • November 14, 2016 www.HartfordBusiness.com Q&A Greater Hartford high-end homebuyers seek tennis courts, other attractive amenities Q&A talks to Bobbi Mathues, owner of Realty World Hometown in Simsbury, about Greater Hartford's high-end housing market. Q: You recently received a premier luxury marketing consultant des- ignation? What does that mean, and what are the differences between sell- ing a moderately-priced home and a luxury home (valued at $650,000 or more)? A: The designation is the result of intensive training and testing to become a certified Premier Luxury Real Estate agent in the United States. The extensive training program focused on a complex system proven to market the property to attract the ideal buyer willing to pay top dollar. When selling a luxury property you can't focus on the standard assets like bed- rooms, bathrooms and location. Instead, we focus on its unique features, like a 12-car garage or full-size bowling alley. I use a spe- cific target marketing approach using custom online and offline target marketing campaigns that utilize demographic research to find the most opportune buyer. I have an 'affluent buyers in waiting' list. Q: What are some high-end home fea- tures that are in demand in Greater Hart- ford right now? A: Some high-end features that buyers have been looking for include: two-sto- ry grand foyer; gour- met 'chefs' kitchen; sweeping grand staircase; custom crown moldings and other millwork; mul- tiple fireplaces; mas- ter bedroom suite; first floor library or office or both; ten- nis court; swimming pool; three or more car garage; Au Pair quarters; breathtak- ing views and mani- cured grounds. Q: How is Great- er Hartford's luxu- ry home market doing? How are sales? What about sales prices? A: The luxury market tends to move slower than the moderately priced market, but it is alive and well. I define the luxury market as $650,000 and up. In the past six months in the Greater Hartford area, 123 luxury category homes sold and closed. Twenty-two of those home sales were over $1 million. The bulk of the $1 million-plus sales took place in Avon, West Hartford and Farmington. In my opin- ion, the luxury market is stable, with buyers having a slight edge, but the gap between buy- ers and sellers is getting slimmer. Q: A Florida-based online auction site (Concierge Auctions) recently announced that it was going to auction an eight-bed- room, six-and-a-half bathroom estate in Lebanon, Conn. Are online luxury home sales or auctions going to be the way of the future? Is that business model a threat to the traditional broker? A: When I first heard about auctioning houses, I was intrigued. How- ever, I found out that most auc- tioned homes were either short sales or foreclosures, so it does not fall under the realm of a tra- ditional sale. While it may have a slight impact on the luxury mar- ket, I do not see it as a threat. I view the auctions as a means to an end for the banks to at least recoup some of their money. In Connecticut, we still have fore- closures, but not as many as we used to and hopefully that ter- rible time is coming to an end. Q: How else is technol- ogy changing the high-end, home-selling industry? A: Technology has changed the entire real estate market, including the luxury market. It is a great tool. It allows us to mar- ket the high-end homes to the world. We are no longer restricted to advertising in the local newspa- pers. The National Association of Real- tors has done some studies and found that more than 95 percent of people thinking about buy- ing a home start their search on the internet and gener- ally on Realtor.com. As a luxury-mar- keting consultant, I have many different selects that I incor- porate into market- ing a luxury home and the internet plays a key role. Q: What are some steps high-end homeowners should take before listing their home for sale? A: Declutter, declutter, declutter! Rent a storage unit and put the clutter in there. Less is more in the house. Hire a home stager. There are some stats that show that staged homes sell for approximately 5 percent more. Have a pre-listing home inspection and fix whatever problems there are before the house goes on the market. The house should be neutral so that buyers can envision their furniture in the house. Paint is the best home improvement investment. Hire a professional photographer to take pictures just before the house is going on the market. n BOBBI MATHUES Owner, Realty World Hometown ▶ ▶ The National Association of Realtors has done some studies and found that more than 95 percent of people thinking about buying a home start their search on the internet and generally on Realtor.com. 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