The arms race to sell more real estate – from live-in managers to personal notes – now includes creating luxury experiences in expensive homes for sale:
Before entering through a Casey Key mansion’s arched doors to attend a “VIP reception” to spur a sale in November, guests first had to navigate their way through a jaw-dropping array of luxury automobiles — Lamborghini, Bentley, Rolls-Royce, Porsche, Mercedes-Benz and a reproduction 1936 Auburn Boattail Speedster — parked in the 6,600-square-foot home’s motor court.
A few weeks later — and also on Casey Key — guests at a 10,000-square-foot, $15 million mansion for sale were greeted by Saks Fifth Avenue models who offered perfumes and skin care products in the oversized master bathroom.
In the Sarasota Ranch Club recently, a chef displayed his skills in the enormous kitchen of a 7,200-square-foot, $2.6 million listing…
Often, such events top $5,000 to run, or about 10 percent of a typical $50,000 marketing budget for a waterfront mansion priced at $10 million or more.
While I’m sure this creates some buzz – and it seems everyone likes buzz these days – it seems like it would help people envision how the house could be used. If a primary motivator of buying a big home is to impress people (this is what critics of McMansions argue), actually seeing the home put to that use could go a long way.
Interestingly, the article hints that this strategy works but there are no hard numbers about how effective this is. If this strategy wasn’t used as much for a while, why is it returning now? I wonder if this is particularly prone to the overall state of the economy: if things are generally going well, these sorts of events look okay but in lean times, they look garish and suggest the wealthy are rubbing it in.
Odd final thought: could someone become a real estate party crasher if they know where these events are happening? Do you have to be vetted (income, wealth, credit, etc.) to be invited to such an event?