Among life’s problems most people wish they could have is a challenge faced by sellers of St. Cloud’s luxury properties: the task of developing an asking price that attracts the sophisticated, value-conscious buyers who qualify as legitimate prospects while still taking advantage of the “favorable market currents” reported in this month’s North American Luxury Review. As described, this is now a U.S. market that has “resulted in a consistent increase in the demand for luxury properties during the first five months of 2023.”

Taking advantage of any market often depends on developing a market-conscious asking price. In that connection, here are three widely agreed-upon pointers:

·         For starters, if the nature of the property includes substantial features for which no true comparable sale has recently taken place, one helpful tip is to widen the comparison area. When you expand the geographical borders in order to identify similar property sales, it’s at least a starting point—although dissimilarities in the locale (positive or negative) will have to be recognized and weighted accordingly.  

·         Eliminate the emotional element. Since it is often the case that St. Cloud luxury properties have been extensively modified by their owners, it’s only natural for them to mentally add those dollars and the effort expended to what a ‘before’ asking price would have been. That perspective can be misleading since it is based on a history that’s invisible to buyers. A successful asking price is most likely to be arrived at when the emotional component is eliminated.

·         Strive to ‘be’ the buyer. It’s natural for sellers of St. Cloud luxury properties (actually, for all sellers) to assume the validity of the highest in a range of possible values—and to gravitate toward an asking price based upon it. Sophisticated potential buyers are more likely to arrive at evaluations based more on their estimate of what they would expect the next buyer to be willing to pay.

The typical St. Cloud luxury property buyer is someone who has been successful in their own right—including a high degree of business acumen. Arriving at an asking price that touches all the bases often includes a modest but substantial discount—universally hailed as the surest way to attract multiple prospects. That not only increases the likelihood of a speedy sale, but it’s also a way to induce a competitive dynamic that results in offers that exceed the ask.

The decision about whether this is an opportune time to sell is best based on a freshly compiled report of the St. Cloud market’s most recent comparable activity. I will be pleased to develop one specifically for your property—as always, presented with no obligation.        

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