Have you heard the following rumblings?
“The market is cooling off.”
“There’s no inventory.”
“People are staying put.”
That’s far from accurate. The market has become more balanced than it was during the midst of the pandemic, for sure. But this is Texas, and our luxury market has not really cooled off.
You may not hear much about how things are still hot for a couple of reasons. Plenty of properties are being sold off-market before they hit MLS, and plenty go so fast you never knew they existed. If you do not have a sharp, proactive, plugged-in Realtor, you won’t be moving anytime soon.
A luxury buyer is not a typical buyer.
The luxury buyer always has an eye out for property because real estate is an excellent investment. They have plenty of capital, and multiple homes are their norm. But you cannot do this sort of purchase with an online app or the latest Internet real estate disruptor. Not here. In Texas, you need a Realtor with a superb network, a bottomless well of knowledge, and great relationships with their peers. They also must know how to move fast, because in the present luxury market, if you don’t move fast, you lose.
An excellent example of our luxury market being hotter than a pistol is this fabulous Cedar Creek Lake property. It went on the market last Tuesday and was under contract immediately to the first person that walked in the door — with a backup contract.
A Wishlist of Features
Of course, this home has everything a buyer could want. It’s on almost an acre, in a great gated community, with a boat dock. It was priced right, the Realtor expertly laid the groundwork for the sale, and it was offered fully furnished. (That’s going to be a new norm, mark my words).
“We did a ‘coming soon’ for 30 days but did not let anyone inside,” Briggs Freeman listing agent Valerie Dillon said. Dillon and Shelle Carrig of the Shelle Carrig Real Estate Team were the co-listing agents on this property. When they released a video on the home, the phone started ringing. “The first day the house was active, we got a ton of phone calls. Two people came out to see it, and we got the offer Tuesday evening.”
There are multiple lessons here.
It’s not only about having a great Realtor, although that is essential. You also have to have a desirable property. So many people are under the false impression they don’t have to do anything to get their house ready for the luxury market. Guess what? If you think that way, reduce your price, and an investor will be happy to snap it up.
Seriously, if you have a property priced at more than $1 million and you don’t update paint and stage, then go ahead and take that low-ball price, but don’t blame your Realtor. It’s your fault because that first price reduction will always be more than those much-needed improvements. There IS inventory. It’s just not move-in ready, and with all the supply-chain issues, no one wants to deal with those underprepared homes.
Frankly, you should always build and remodel with the idea of eventually selling. That’s one of the many reasons this luxury lake house flew off the market.
The seller built this home with Keeter Custom Homes. Between them, every nook and cranny was considered.
“My seller has such an eye for detail, and everything was meticulously thought out,” Dillon said. “In a lake home, you want the minimum amount of space, but you want to maximize the number of people that can be comfortable. Lake life is outdoor life, family, and friend life. You may have three moms cooking in the kitchen or four dads grilling while kids are playing all over the place, so a lake home has to live well and be intimate yet grand at the same time.”
Briggs-Freeman agent Ashley Akin Pearl was the savvy Realtor that brought the buyer for this 3,438-square-foot luxury lake house.
“My clients had talked about a property at the lake for a while last year and decided to look again in spring,” Pearl said. “ You always have your clients’ needs in mind, so when this home I thought it could work. It’s not the typical redone lake house. You are not sacrificing anything style-wise here.”
Remember what I said about agent networks? Because Pearl is a Briggs Freeman Sotheby’s agent, her office saw this luxury lake house first.
“It was the right house at the right time,” Pearl said. Oddly enough, the day Pearl showed the home to her clients, it happened to be one of their birthdays. Talk about the perfect present!
While 13555 Broken Arrow is off the market, just bear in mind, you can definitely find a great luxury property if you choose a smart, connected Realtor and listen to them!
