Elon Musk – Do This, Not That
You may have heard that Elon Musk, Tesla and Space X billionaire, recently pledged to sell “almost all his physical possessions,” including at least 6 of his Los Angeles homes!
To make more headlines, Elon has elected not to use a real estate agent. His only condition for potential buyers is to preserve Gene Wilder’s home, part of his real estate collection.
Gene Wilder home purchased in 2013 for $6.75 million.
If you have a high-end property to sell, everything from how you price it to how you market it has to be optimized for the right buyers. In fact, the higher up you go in the price bracket, the more you’re going to have to make careful choices that appeal to a specific set of buyers who have a lot to spend and a lot of expectations for what they’ll get.
Never fear, Elon! Here are three real estate rules to sell your mega-mansions faster on the market.
RULE No. 1: DO choose your Realtor with extreme care
Remember: who you work with matters! To compare, here is a list of my regular real estate services compared to what Elon has going on to sell his mega-mansions:
RULE No. 2: DON'T over price or under price your home!
Elon has put up two of his Bel-Air mansions for sale separately. And he is selling another 4 mansions as a “bundle deal” for more than $62 million. The six mansions total over $100 million in a real estate portfolio to offload.
Ultra-luxury mansions take about six times as long to sell as a typical home. And that was before coronavirus restrictions punched a hole in the housing market.
The average time on market for mansions over $20 million was about 139 days, and that was in the record-setting Bay Area home market of the last three years, according to MLS Listings.
Your home will get the most activity and you're likely to see the highest and best offers during the first 30 days. Overall, homes in Santa Clara an d San Mateo counties took an average of 23 days to close and involved bidding wars and sale prices above listing.
Google maps view of Elon Musk’s home on Crystal Springs Rd, in Hillsborough, Calif., that he is selling for 35 million along with other properties. (©2020 Google, Imagery 2020 CNES/ Airbus, Maxar Technologies, U.S. Geological Survey, USDA Farm Service Agency, Map data ©2020)
RULE No. 3: DO pay careful attention to the condition of your home and prep it to get the highest possible sales price
The devil is in the details. Check walls for loose wallpaper, peeling paint, stains or signs of damage and touch them up.
How you present your home when buyers come to view it will have more impact on the sale than you know. A cluttered, dark, or unkempt home is like distracting noise that prevents buyers from seeing and experiencing your home's most desirable features. Consider all the senses and create an atmosphere of warmth, comfort, and cleanliness.
Unfinished Bel Air mansion purchased by Elon in 2016. Its been under construction since 2011.
Hopefully Elon has removed the blue carpet and popcorn ceilings from this Silicon Valley home purchased in 2011.
Clear the clutter for photography and home viewings. We love a glimpse into a celebrity home but suggest putting the stacks of books away when it comes to setting the stage for buyers.
To Sum Up…
Even for eccentric billionaires, we would highly suggest working with an experienced realtor and home stager. Find a balance with the home price and market, put out high quality photography, and market your home wisely.
If you are considering selling your home in this market, give me a call. I am a Los Angeles based real estate expert who specializes in all things real estate, including creating wealth through the power of buying, selling and investing in real estate.
I want to help you build wealth through real estate by doing better than Elon ;-)