Determining Sports Real Estate Home Value
While scanning the celebrity real estate news the other day, we noticed an article about Floyd Mayweather Jr. listing his Miami-area condominium for sale at $2.599 million.
Mayweather, arguably boxing’s biggest headliner, purchased the St. Tropez Condominiums high-rise in 2010 for $1.5 million, according to public records, meaning that he is looking for a profit of one million dollars after owning the residence for four years.
At Sportsrelocation.com, we are often asked, by our celebrity clients, to determine the value of their homes in order to position them on the market for maximum value and yet quick sale. This is not an easy task, but one that is crucial if our clients are going to be satisfied with our services.
How, then, do real estate brokers determine the home value of a luxury home?
Several factors enter into the listing price of a home. Obviously the square footage and number of bedrooms and baths plays a large part. Typically, the larger the home, the higher the value…but….other features help in determining the home value as well. Does the home have a view? Is it on a beach? Does it have privacy and is it situated on acreage?
Also important when speaking about pro athlete homes is the number of comparative listings on the market. Generally speaking, the fewer the comparative listings, the more valuable your home will be. This is a simple matter of supply and demand. The smaller the supply of a valuable, sought-after item, the higher its value will be.
A good agent will have an understanding of the current market in an area, and that familiarity and understanding will allow them to make the best determination of a value when listing your home. That is why the selection of an agent is probably the most crucial decision you will make if you are selling your luxury real estate. At Sportsrelocation.com, we will sit down with you and listen to your needs and concerns. Since we are licensed in some of the largest markets in the country, we know the market and can help you make a decision that will maximize your profit from the sale.
Sports Relocation, Inc. Sports Relocation, Inc assist players/coaches of all professional sports leagues including the NBA, WNBA, NFL, MLB, NHL, and entertainers relocate nationwide by servicing their Real Estate & Relocation needs. Ikem Chukumerije is licensed to practice real estate in New York, California, Nevada, Florida, & Georgia. Sports Relocation, Inc operates nationwide and provides elite athlete relocation services in all 50 states and internationally.