Ayear ago, in a still red-hot economy, money routinely came inover stately wrought-iron gates for estates priced $1 million andmore, recalled Terry Maitland, a principal of LandVest Inc., a Bostonfirm that specializes in marketing high-end residential properties.
"This was an order-taking business in 1999 and 2000," Maitlandsaid. Now, however, with the economy slowing down a bit, it's back to" `trench-selling,' or networking again with lawyers, fiduciaries,abutters of properties for sale, and others," he added, noting thatLandVest is currently showcasing about 20 properties in Massachusettsand southern Maine that are priced between $2 million and $8 millioneach.
Jack Cotton, owner of Cotton Real Estate in Osterville, on CapeCod, said he normally would be seeing lots of serious would-be buyersfrom Greater Boston for million-dollar-plus houses in places likeOsterville and Cotuit. He has 10 listings of houses priced from $1million to $5 million.
"However, there's not much for sale in that category, for onething. And for another, buyers aren't as cavalier about making offersas they were a year ago, when they wouldn't split hairs" aboutplunking down an extra $500,000 or so. "They didn't care what it costthen, whereas they're now looking at value," Cotton said.
Prices of deluxe houses in the Boston area increased rapidly untilsix months ago and then stabilized, said Paul Harrington, presidentof Lexington's DeWolfe Cos. Inc., which has 40 realty offices inMassachusetts, 113 in New England. "These properties are usuallystaying on the market for several months." DeWolfe is trying tobroker deals for 61 properties in the Boston area that have pricetags of $1 million to $4.7 million.
As of earlier this week, there were 353 single-family houses forsale in Greater Boston in the $1 million to $11 million range, withthe latter being an estate in Manchester-by-the-Sea, said MelissaLindberg, spokeswoman for MLS Property Information Network inWorcester.
Not everyone agrees that super high-priced properties aren'tmoving. For example, Ellen Cabot, director of Coldwell BankerHunneman's Previews regional office in Topsfield, said that 46 salesof houses priced between $1 million and $7 million closed last month,versus 25 in January 2000.
But there does appear to be agreement among realtors that consumerconcerns about where the economy is headed is a critical factor to bereckoned with.
As a result, real estate marketers are, as LandVest's Maitlandsaid, "dusting off old marketing tools," in an effort to jump-startserious buyer interest.
In promoting the 59 Elm St., Concord property, which came on themarket Feb. 2 at $1.8 million, Debbie Spencer, the listing broker forLexington's RE/MAX Premier Properties office, said she is usingseveral strategies to lure buyers.
"The key is getting information [about the house] to adjoiningtowns and on my Internet site, where there will soon be a `virtualtour' of the property," Spencer pointed out, adding that she hasalready held an open house for real estate agents in Concord,Lexington, Lincoln, and Acton, and prepared a four-page, colorbrochure that has been distributed to other real estate offices.
Eileen Liang, who has owned the Colonial Revival house with herhusband, Sam, for three years, said, "Debbie [Spencer] has been veryattentive and has done a lot of research into the selling of ourhouse. Now, we're at others' mercy," or prospective buyers, "butwe're confident about what's being done."
Advertising in newspapers and on the Internet, holding openhouses, and widely distributing promotional brochures are allimportant marketing methods these days, but if a property clearly isnot getting enough attention, then it's time to have a heart-to-heart chat with the seller, said David Drinkwater, owner ofCohasset's Coastal Countryside Properties, and others.
"When a property, especially a high-priced one, is not selling,you have to know whether the reason is something you can control suchas price or needed renovations," said Drinkwater, who is alsopresident-elect of the Massachusetts Association of Realtors.
And sometimes potential buyers will switch from being curiosityseekers to bidders if a catchy name is given to a property, suggestedFred Meyer, owner of University Real Estate of Cambridge andimmediate past president of the state real estate trade group.
Peter Dorsey of Coldwell Banker Hunneman's Beverly office and hisassociates with the Previews division are marketing the $11 millionManchester-by-the-Sea estate as an "Exclusive Coolidge PointLocation."
"Since the house was designed by a well-known architect, MichaelGraves, we're also going to hold a special open house for architectsand designers, in hopes that they'll talk up the property with theirclients," Dorsey said.
Indeed, now's the time for "face-to-face time" with anyone who canturn up people who still have cash to spend on a posh place, saidMaitland of LandVest.
Davis Bushnell can be reached by e-mail atdavisbushnell@compuserve.com.
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