Who buys luxury homes in Studio City, CA? The answer: Anyone who has the means and inclination, and many do. After all, Studio City is set in a great location in the city of Los Angeles, just a short distance from all that LA has to offer. There’s such a richness in culture and diversity that living, learning, and working here is a joy, and there are some great luxury properties.
The one thing that all buyers of luxury properties have in common is a heightened level of expectation in the homes they are looking to purchase. If you’re looking to sell your luxury home in Studio City, you’ll need to make it stand out before you put it on the market.
Here, we’ll take you through the considerations and steps required to prepare your luxury Studio City home to sell in the fastest time with the best possible return on your investment.
What to do before listing: Get the basics right
One of the first things to do before you put your home on any listing is to make it presentable. Selling your luxury home is a numbers game and you’ll attract more interest in a home that has been prepared for viewing.
- Declutter and Clean
Go through each room and start decluttering. Remove unnecessary items such as excess furniture, toys, memorabilia, and other personal items that crowd the room. You’ll want to create a spacious area, preferably filled with light and that doesn’t have too much of your own signature marking the space. A visitor needs to be able to see themselves and how they would live in your property.Once the home is free from clutter, start deep cleaning. This means cleaning from top to bottom and in hard-to-reach places. Deep cleaning involves: cleaning under furniture, wiping down ceiling fans and light fixtures, vacuuming any upholstery, cleaning windows and their fittings, baseboards, and door frames.
Consider hiring a cleaning professional service as thorough cleaning is a particular heavy task and much better handled by service providers. Professional cleaners have the right tools to ensure deep cleaning is done right. When the living space is sparkling clean and clutter-free, you’re on your way to listing your luxury apartment.
- Fix any damage
High-end buyers expect functionality at a minimum. A leaking roof, damaged floors, faulty HVAC system, stained ceilings, peeling or faded paint will almost certainly damage the upscale appeal of your home, probably critically. Create a checklist to note and prioritize what repairs need to be made. Systems like the plumbing or HVAC should be prioritized. - Upgrade the features
Luxury homes must showcase top of the line features. Major selling features include a luxe spa, home theater, chef’s kitchen, expansive walk-in closets, and executive home offices. These features clearly mark a high end home from those which are just nice. - Use luxury professional staging
Preparing your luxury Studio City Home for sale is not merely about the property making the property look nice, it’s about selling a lifestyle. This is why staging matters. Eighty-two percent of buyers’ agents cited staging made it easier for a buyer to visualize the property as a future home. Furthermore, staging can bring an additional 20% on the sale price.A professional in luxury staging knows how to accentuate the features of the luxury home making it much more appealing to the right buyers. Stunning photos are necessary as 47% of recent buyers cited that the first step they took in the home buying process was to look online. If you don’t have the right images online to attract high-net- worth buyers, you’ve already lost a considerable number of potential investors.
Luxury homes deserve top quality images. With professional photos, your luxury home for sale in Studio City will dazzle and enchant.
Create a “brand” for your home
Similar to top brands, high-asset buyers need to connect with luxury homes. Craft a story about the architectural and historical details, or previous famous owners or guests. Utilize anything unique that will engage the interest of potential buyers.
Determine the right price
How do you get the right pricing for your luxury home when you’re ready to sell ? This is a tricky part in the selling process.
Price your home too low and you’re leaving money on the table. If you price it too high, there is a risk that your property will linger on the market, which itself can lead to a downward spiral. A home that stays on the market for too long raises doubts in any potential buyer’s mind as to why. As less bids come in because of this uncertainty, you may be inclined to start lowering prices, but this still does not lessen the amount of time the home has already been on the market. Lowering the price from an initial pricing, may somewhat weaken your hand at the negotiation table.
This situation is more true for standard homes and luxury homes can sometimes stay on the market for longer than the normal selling time for a home, but it is still better to get a quicker sale while your home is new on the market.
Look at the “comps,” or comparable properties in your area as reference. However, since luxury homes have a distinct market, this can be quite a challenge. The services of a real estate agent who has the expertise in selling luxury homes in Studio City can help immeasurably when setting the right price.
What are luxury buyers looking for?
Knowing the current preferences of affluent home buyers allows you to compare your home to buyers expectations. Elite homebuyers are willing to pay more on luxurious touches and enhanced functionality. Do you have any of these features?
Smart technology
Smart technology is a huge selling point in a luxury home for elite buyers. Providing convenience, comfort, and security. Smart home technology can also bring a stylish ambiance to a luxury home. There is a wide spectrum of smart features: smart home control. smart home security systems, smart locks, motion sensor lights, smart thermostats and smart appliances.
The trend now is to incorporate smart technology as unobtrusively into the home. A luxury home ideally has smart technology that functions seamlessly in the background while the residents enjoy the benefits.
Outdoor entertainment area
In Studio City, you’re likely to have many buyers in the entertainment or creative industries. An outdoor area to hold parties where people can socialize (and network) are a big draw. Having outdoor amenities such as a fully equipped kitchen and bar, fireplace, hot tub, giant cinema, and expansive pool will help buyers entertain their close friends and family, and also impress important connections.
Chef’s dream kitchen
When it comes to luxury, chef or gourmet kitchens rank high on the want list of luxury home buyers. A fully kitted out chefs kitchen with professional-grade appliances, custom cabinetry, marble, quartz, gold or granite countertops, is always welcome. Additional features could include warming drawers, walk-in pantry, wine coolers, and espresso stations.
Grand walk-in closets
More than a personalized space for clothing and accessories, a custom-made walk-closet can be an artful display and sanctuary. It is lavish but also serves a purpose that often only luxury homes provide. As an extension of the bedroom, an opulent walk-in closet can be enhanced with bespoke shelves, cabinets and drawers, customized mirrors, and elegant lighting.
Gaming/Theater Rooms
A multi million-dollar residence should allow for relaxation and fun with top of the range amenities. Even if a buyer is too busy to watch TV, they may have family who do, and what better way to enjoy a movie or play a video game than with an enormous screen or projector, as well as top of the range audio and seating in the home’s own private theater. Other draws include a deluxe game rooms with indoor basketball and tennis courts, billiards and pool tables. Some luxury homes even have a bowling alley or miniature golf course.
Home gym
The pandemic made many focus on their health and wellness, and as such, luxury homes should have some place where buyers can exercise. A standard home would merely create a big enough space, possibly in the living room to exercise, but a luxury home should make a better statement with a home gym, complete with a range of equipment to use.
The best of home gyms include state of the art equipment with a set of weights, exercise bike or treadmill, and mats for yoga or meditation. Of course, with smart technology, the gym should also allow you to play your music wirelessly from your phone to the gym’s speakers.
Custom bar and wine cellar
High-net-worth individuals have hobbies much like everyone else. The difference is, that they can pursue their hobby to much greater lengths. Wine cellars are particular popular and much like having a walk-in closet, a custom bar and wine cellar provides a relaxing spot to unwind or entertain friends and business partners.
Home improvements that provide the best ROI.
Making home improvements are a good way to prepare your Studio City luxury home for sale and increase its value before you list it on the market. However, not all improvements are worth undertaking and probably the best way to know what will boost a home’s value in your area, will be to consult a real estate agent.
That said, the latest Remodeling Impact Report of the National Association of Realtors, cited certain improvements that make the most returns.
REFINISH HARDWOOD FLOORS
Scratched up, and neglected wood floors give a dated, dull appearance to a million-dollar home. Compare that with newly finished floors which look great in photos and videos, and you can not only wow visitors but entice potential buyers searching online.
This home improvement can instantly transform a space, and improve the aesthetics of a luxury home. Refinished hardwood floors can give home sellers 147% return of investment.
NEW ROOF:
When it comes to the house exterior, roofs are a major selling point. A million-dollar house with a bad roof is a deal breaker for most luxury buyers. On the other hand, a new roof boosts the curb appeal and home value.
The next upgrades should be given more consideration. While the figures suggest that they you may not get a commensurate amount in return for these upgrades, much does depend on your area and market. Again, the best way to be sure if you should make the improvement is to consult a real estate professional.
CONVERTING A BASEMENT TO A LIVING AREA
A substantial amount of living space is what every luxury buyer is looking for. If you need to expand the size of your home, converting a basement to a living area can provide the solution. By transforming the basement to an additional living space, you boost the appeal of your home, which can generate 86% return of investment.
COMPLETE KITCHEN RENOVATION
The kitchen is one of the stylish showpieces for many high-net buyers. As kitchens onec again become more integral to family life and entertaining, a renovated kitchen may well help swing an undecided buyer.
BATHROOM RENOVATION
Second to the kitchen area, bathroom renovation is a popular remodeling project. Considerations for bathroom renovation include creating more space, improving light fixtures and mirrors to brighten the look, and installing modern fixtures such as dual vanity, separate bath and shower, sunken tubs, underfloor heating, and heated towel rails.
Work with a top luxury home real estate agent
Selling a luxury home is a different ball game compared to selling a standard one, and it’s strongly recommended to have a real estate agent with proven expertise in the high end real estate market by your side. From preparation, staging, listing, marketing, pricing, negotiation to closing the deal, a top real estate agent can set the path for a smooth and successful sale of your luxury home in Studio City.
Apart from helping you with all the factors we’ve already discussed, a local real estate agent will bring to the table one very important advantage.
Many sellers and buyers of luxury homes do not list on MLS or advertise openly about buying or selling a luxury home. This is done not only for privacy purposes but also for financial ones. A luxury real estate agent will have a network that they can use to get word of mouth interest and sales on your behalf.
SELL YOUR LUXURY HOME WITH CLUTCH ABODE
Entrust your luxury home to the real estate brokerage team of CLUTCH / ABODE, INC.
Led by Clinton Wade, owner of the brokerage CLUTCH / ABODE, INC., our team has over 20 years of industry experience in the Los Angeles luxury real estatet market. Clinton Wade has represented discerning buyers and sellers, handling every sale with utmost discretion and a personalized white glove service.
Whether you are buying or selling luxury homes in LA, contact the team of Clutch / Abode. Inc. at 310.403.9497 or send an email here, and let’s begin your real estate journey in Studio City.