A property with several unique or special characteristics, including location, view, the home’s condition, and/or the size, shape, and usability of the lot. The price matters too, but you’ll know when you’re in a trophy property when you have thoughts like, “I don’t care what the price is, I gotta buy this house!”
The Reasons Trophy Properties Sell For More:
1. The prices paid for trophies include the “once-in-a-lifetime” premium. Yes, there will always be others, but are you willing to wait until the next one appears?
2. Trophy properties have maximum emotional appeal whose actual value is uncertain. Examples:
- The house reminds you of a favorite from your past.
- You can visualize Junior running around in the backyard.
- A view that takes your breath away.
How do you put a dollar value on those?
3. Trophies tend to be among the better-maintained homes.
4. Trophy properties appeal to the ego.
Ultimately, your own personal definition of a trophy property is based on how picky you are – which you can gauge by tracking how many trophies you actually see in person:
A. One trophy out of every 10 properties seen in person – you’re not too picky – or just lucky. You might as well start packing because you’ll probably be moving soon.
B. One trophy out of every 25-50 seen – You have average picky-ness.
C. One trophy out of every 100+ seen – You’re a crusty old dog. You know when you’re looking at a trophy property because you are speechless – you have nothing to complain about!