With a 12-month supply of Bronx luxury real estate priced over $800,000, a well-conceived marketing strategy is now crucial to sell.

The Bronx luxury real estate market has an excess of inventory and not enough buyers to consume the existing supply.  Homes priced at over $800,000 in the Bronx are showing slow movement.  In the past 30 days, only 2 homes have sold, each selling at about 85% of original list price.  25 Bronx luxury homes are sitting idle on the market – some for longer than 350 days.  Therefore, it’s now very important to employ a well-thought out marketing strategy.   Quality strategies are ones that utilize more than just listing on the MLS and hoping for the phone to ring.

Months of supply is the length of time that it should (theoretically) take to sell all of the houses currently listed for sale given the current rate of sales in an area.  A well-balanced market represents a 6-month supply;  less than 6 represents a sellers’ market and more than 6 represents a buyers’ market.   Sellers who are intent in selling in this market will have to accentuate their home’s most attractive lifestyle features and target those features to the appropriate audiences.

There are a few neighborhoods in the Bronx that have homes in the $800,000-plus price range.  They are City Island, Country Club, Fieldston, Laconia, Pelham Gardens, Spuyten Duyvil, and Riverdale.  Some of these neighborhoods have high-end homes sprinkled amongst your typical Bronx properties.  On the other hand, in other neighborhoods high-end homes make up the market.  Consequently, knowing this is important for marketing with the correct strategy.

Target According To Your Home’s Lifestyle.

Targeting is an important factor in a successful marketing campaign for high-end homes.  So, one should identify the previous buyers of their respective Bronx luxury real estate market.  I suggest going back 12 months and identify the demographics.   Ask the following questions:  What types of professionals purchased?  Were they older or younger?  Did they golf?  Were they boaters?  How did they finance?

For luxury home marketing, call CFLuxe Real Estate at (914) 295-2744 and speak to an experienced professional in the Bronx Luxury real estate market.