Multi Million Dollar Estates In San Diego

Ask anyone what makes purchasing multi millionmortgaged will be subject to an appraisal. For
dollar estates different from buying any othermulti million dollar estates, good agents, particularly
house, and invariably he or she will reply, "money."those working with a buyer under a buyer agency
Greater sums raise the stakes and the stressagreement, will recommend an independent
level. Add to that a limited inventory of luxuryappraisal. In addition to a limited number of sold
homes in any one market, buyers and sellers withproperties with comparable price tags for appraisal
fewer incentives to compromise, intensepurposes, the other common concern related to
competition for upscale property and multipleappraisals of homes priced above $1 million dollars
offers in hot markets. Clearly, high-end buyersis the appraiser's lack of experience with luxury
need to know what they want, what featuresproperties. An appraiser who works in this price
are important, and the fair market value of therange will understand what is and isn't comparable,
homes in question.Who is Involved:The mostjust as they are better prepared to value
notable difference between a transaction for afeatures and finishes in the subject
home that is less than $1 million and one that isproperty.Interesting Tidbits:In a 2003 study made
above $10 million, other than the price, is theby The Institute for Luxury Homes Marketing and
number of people involved. In transactionsUnique Homes magazine polling 4000 affluent
involving multi million dollar estates, there is ahouseholds, a general profile of a luxury
team approach, with the real estate agenthomeowner was produced.The owner of homes
working for a business manager in addition to thevalued at $2.5 million or above is married
client and his or her attorney.Another factor toUnder age 55
consider with the high-end purchases is that aWorks as a top corporate executive, business
majority of buyers of multi million dollar estatesowner, or self employed professional
do not use conventional financing. While cashMakes a million dollars or more annually
transactions can speed up the transaction, theyIs "new" money
can also result in a shorter period of time forOwns multiple residences
completing conditions of the purchase and salePlays golf
agreement. This could be a problem, since a homeVolunteers for charity
inspection for an estate home with multipleHas broadband Internet access at home
buildings, mechanical systems, kitchens and bathsFeels his home is a reflection of his successThe
can take days or even more than a week tostudy also showed:89% live in a single family
complete.Potential Snags:Luxury buyers alsohome
frequently purchase larger pieces of land, which78% have four or more bedrooms
bring an additional set of potential problems. Often92% have four or more bathrooms
an easement, whether it is deeded or84% have a home office
grandfathered, doesn't come to the buyer's59% have a home gymNew construction
attention until it is discovered during a title search.categorized 26% of the homes while 18% were
Easements are only one of many land issues that"custom built for me" and "historic property"
can slow a closing. But, if a buyer knows about andescribed 8% of the homes.Inside San Diego Real
easement ahead of time, it is less likely toEstate is a network entirely devoted to real
become a deal breaker. The best insurance for aestate information. The entire Inside Real Estate
smooth closing is having an agent who isnetwork has more than 100,000 pages of real
knowledgeable about land issues and the type ofestate for cities allover the United States.
property being purchased.Purchases that are being