Buying or selling a luxury property in Toronto is unlike any other real estate transaction. While the mechanics may be the same, there are numerous fine details to be aware of to ensure you enjoy the maximum value from the agreement. Extensive background research is imperative, as is a working knowledge of how the high-end real estate market works. Here are a few elevated lingo terms to start with.
Exclusive Listings
An exclusive listing means only your real estate agent has the right to sell your property for a specific period of time. This type of arrangement gives you greater privacy and the ability to test your pricing strategy. Plus, it usually results in a concierge level of service from your agent.
Do you want to know more about how real estate exclusives work? Read our article about the topic right here.
Private Showings
In a standard listing, the more showings you have, the better. But in a luxury transaction, it’s more about quality rather than quantity. You don’t want your listing to attract curiosity seekers who don’t have the means to buy your home. Conducting private showings may mean only a few potential buyers visit, but they will be highly qualified and motivated to make the purchase.
Concierge Real Estate
Concierge real estate typically entails the highest level of service and personalized attention you can ask for before, during, and after your transaction. When buying, your agent will help you every step of the way, from the beginning stages of selecting the right home straight through to a streamlined close. When selling, your agent will connect with the most interested and qualified buyers and work relentlessly to help you achieve the highest possible value from your sale.
For more information, see our article “Real Estate Concierge Service: Is It Right For You?”
Custom Properties
Looking at “comparables” is the go-to strategy for determining the value of a standard house. Buyers want to know what other similar homes are selling for to ensure they receive the best value for their money. Sellers use comparables to select the most effective listing price for their properties. But when it comes to luxury, standard procedures no longer apply. Many upscale homes are fully custom or have been tailored extensively to the homeowner’s specifications. As a result, there may not be many “comparables” to relate to. Instead, your real estate agent will evaluate a home’s location, desirability, and quality of materials to determine the value of the property.
Turn-Key Ready
If there’s one thing many buyers are willing to pay top dollar for, it’s convenience. Most people don’t want the time and hassle of remodelling a home to their individual tastes. When buying an upscale property, the ability to turn the key and move right in is often an expectation.
Emerging Areas
Location is everything in real estate and is even more critical for high-end residences. The neighbourhood, amenities, and green spaces all play a role in determining whether a home qualifies as a luxury property. In Toronto, Humber Valley, Princess Anne Margaret, and the Kingsway are well-known areas where you’ll find some of the most spectacular homes. However, new development is constantly in the works, and you’ll find beautiful houses in up-and-coming neighbourhoods throughout the city. Your real estate agent can help you choose the perfect area for you.
Want to know more about the finest neighbourhoods in Etobicoke? Check out our articles below:
- 5 Reasons To Love Living In The Kingsway
- Your Guide To Princess Anne Manor & Princess Gardens
- 5 Reasons To Love Living Near Humber Valley
Stand-Out Features of a Luxury Listing
Throughout Toronto, you’ll find everything from beautiful heritage homes in the Tudor and Georgian styles to modern contemporary estates designed with state-of-the-art technology. Best of all, no two homes will ever look alike. Even if the architectural style is similar, each residence is full of character and intricate design features that make it unique and exclusive. These upscale homes often provide many desirable features you’ll rarely find elsewhere.
Chef’s Kitchen
Do you have a flair for creating exquisite cuisines or have always wanted to try? A chef’s kitchen can help you dazzle and delight your guests. Features typically include enough space for multiple people to work, a gas cook range, multiple ovens, and plenty of cupboard and counter space.
Carriage House
Have you ever seen those beautiful Hollywood mansions with their own guest quarters? In Toronto, these separate units are called “carriage houses,” and they are the perfect addition to an executive estate! Whether you rent out the space to a tenant or save it for out-of-town visitors, a carriage house is sure to make your home a conversation starter for years to come.
Parlour Room
A “parlour room” can also be called a sitting room, a popular feature in heritage homes constructed before the first world war. It’s the place where you receive esteemed guests in your beautiful home, and is typically outfitted with comfortable and stylish chairs. The parlour room is also a private spot where you can sit quietly to read or meditate.
Sunken Living Room
Also known as a “conversation pit,” a sunken living room is a decadent and stunning feature in any home. The idea once fell out of favour as big-screen TVs became the focal point of modern life. But as many people seek to reconnect with each other, sunken living rooms are soaring in popularity once again. Filled with vibrant colours and comfortable cushions, these luxurious lounge areas are designed to relax everyone and get the conversation flowing.
Do you want to know more about some of the exclusive listings available in Toronto in the current market? We’d love to help you start your search. Contact us today right here or call 647.232.7317 for more information.