We are blessed to have offices in Essex County and Passaic County, where many high-end homes are also located, with proximity to other luxury markets in Bergen County and Morris County. As a real estate brokerage that is part of the CENTURY 21 Fine Homes & Estates® program, we have the knowledge and resources to market luxury homes in our market. This is a specialized division that caters to the home buyers and sellers in the luxury market.
What constitutes a luxury home?
According to CENTURY 21 Real Estate, a luxury listing is one that is priced at three times the market area’s median price, and typically is in the top 10% tier of the local real estate market.
According to the New Jersey REALTORS®, the single-family median sales price was $458,675 in June 2021 (up by about 29% over the prior year); given that figure, a luxury listing in our area would start at approximately $1,380,000. In addition to price point, other criteria may include the home’s condition, size (property and house), number of bedrooms and bathrooms, location (neighborhood as well as environment such as waterfront property or golf/country club community), and high-end amenities.
Who are today’s luxury-home buyers?
Urban buyers who came out to North Jersey during the pandemic, seeking more house and space drove luxury home sales over the past year, as the money they were paying to live in New York City went (and still goes) further in our suburbs. These buyers are often well-positioned to buy the prestigious properties within our Fine Homes & Estates portfolio.
Further, they are usually millennials who postponed buying a “starter home” as their parents probably did, and now have the purchasing power to go big. In fact, according to the National Association of REALTORs, millennials comprise the largest cohort of home buyers nationwide followed by Gen Xers. Given they have delayed their residential real estate purchases and with mortgage rates historically low, it’s prime time for this population to enter the luxury market.
What do they want in an upscale home?
Some high-end amenities are based on the home’s location or the buyer’s profile, but some common sought-after upgrades include:
- Expansive outdoor entertaining space (complete with chef-worthy outdoor kitchen, built-in fireplace, multi-level patio or deck, spa, lush gardens)
- Kitchens with work/dining island, European appliances, industrial stoves
- Private dock and/or beach for waterfront properties
- Wine cellar
- Smart appliances/connected home
- Fully equipped media room.
- Home office(s) or playroom
- Guest/caregiver bedroom and bath
- Energy efficiency features from solar panels to tankless water heaters
Tools to market luxury homes
Preparing to list and market these distinctive homes requires a higher level of preparation and attention to detail. With the CENTURY 21 Fine Homes & Estates program, Cedarcrest Realty has access to specialized marketing tools to effectively market distinctive homes and address the expectations of the more affluent buyer or seller. For example, our real estate associates who work within this segment understand that they may be expected to work with or negotiate with other individuals such as trusted advisors (attorneys, accountants, business managers) or professional associates of the buyers or sellers.
Marketing your New Jersey luxury home
Every listing in Cedarcrest Realty’s Fine Homes & Estates program receives extensive exposure to potential buyers and their real estate agents through multimedia marketing and advertising support, which includes:
- Strong curbside visibility with our “Fine Homes and Estates” signage
- Exposure nationwide and internationally on hundreds of websites that cater to exclusive lifestyles, including Wall Street Journal (WSJ.com), RobbReport. com, duPontREGISTRY.com, LuxuryHomes.com, James Edition, MansionGlobal.com
- Professional real estate photography
- Professionally written and designed marketing collateral that highlights the property’s unique high-end features
- Property brochures distributed to potential luxury home buyers and the area’s finest real estate offices
- Featured listing in Suburban Essex magazine, Essex County’s upscale lifestyle magazine read by your potential buyers
- Outreach to our extensive Global Broker Referral Network℠
Remarkable homes for sale require remarkable service and attention. At CENTURY 21 Cedarcrest Realty, we have won multiple industry and consumer awards in recognition of our high level of customer service (as well as sales). Rest assured, our Fine Homes & Estates team will create an award-winning experience for your luxury home listing or to help you find the distinctive property you seek in North Jersey. Contact our office in Caldwell at (973) 228-1050 to get started.