…as in, “It’s the economy, stupid.”
We’re marketing a luxury property in Chevy Chase View (in Kensington MD) where the builder stepped way beyond the norm in terms of finishes.We don’t just have hardwood floors, we have random width hickory floors…and we have hickory floors not only on the living level and the master bedroom, but throughout the entire second floor.We don’t just have a Wolf oven…we have three Wolf ovens.Of course there are granite tops in the kitchen and the master bedroom, but there’s also granite in the four other bedrooms and in the butler’s pantry.In addition, we have a whole house sound system and a lower level theatre with surround sound.
So, what’s the problem?The problem is that in the current market, where buyers are intent on bargaining, there appears to be no appreciation for this kind of quality.That may sound harsh, but it seems to be true.Buyers want to talk about square footage and about number of rooms.This house has 5 bedrooms, 5 full baths and 2 half baths, but it’s competing with properties that are even bigger.Buyers aren’t looking at doors, windows, doorknobs, or…in many cases…even appliance brands.I tell builders today that buyers think that “stainless” is a brand.Just say you have stainless and granite and you’re upscale!!
If we’re really returning to a mindset that homes are where we live…and not where we park our money for investment purposes, then the quality of the home we buy should matter more. Finishes should count and quality should be king.
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