What’s a trophy property?
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.
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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:
Your Trophy-meter:
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!
Isn’t every property a trophy in the sellers eyes.
When a tract home somehow becomes a “once in a lifetime”
property, then you know the phrase is meaningless.
I agree with JtR. If someone has to convince you that a home is a “Trophy Home”… keep looking.
http://en.wikipedia.org/wiki/Trophy_property
If you think a house is amazing others will as well.
If you think a house is a dump others will as well.
The Carriger Mansion in Sonoma qualifies. I am a broker in Sonoma county and I would say it is close to 1 in 100, a little more because i work in a high end market and If I can smell wet fur from the MLS info I usually don’t look more closely.
Hello Tom!
http://www.zillow.com/homedetails/18200-Carriger-Rd-Sonoma-CA-95476/2131699040_zpid/
Zestimate = $14,591,600
2 br/23 ba
11,605 sf on 362 acres!
http://en.wikipedia.org/wiki/File:Nicholas_Carriger_Estate,_18880_Carriger_Rd.,_Sonoma,_CA_6-12-2010_2-29-07_PM.JPG
The Zillow info I like for this property is:
Rent Zestimate:$2,393/mo
Jim, it is nice. Carriger house is for sale separately, it predates statehood and is on 17 acres for $5MM. There is some Gawdawful Multimillion dollar crap here and some wonderful properties as well.
Instead of a trophy property, I think I’d rather have a ‘trophy wife.’
GameAgent,
Trophy Wife is a fleeting label. Once you have her, she’s not a trophy any more.
11K sq ft? I was at the Utah Parade of Homes this weekend, and one of my favorite was the Ensign Vista Tesoro house. It’s a modern 6K sq ft house with views from Ensign Peak, over the state capitol building. I was struck with how small 6K sq feet feels when each room is so large and ceilings are so tall. I was also struck with how inexpensive truly amazing properties are in Utah! Here is a link to the elevation:
http://www.saltlakeparade.com/archives/2596
What was truly breathtaking was the view of the entire SL valley, and as I spoke with the architect and builder, I realized that this was nearly a trophy property. For 1.3M!!!
Maybe I just have low standards. California homes are built like crap… even so called “trophy properties”. Like Inigo Montoya said, “You keep using that word. I do not think it means what you think it means.”
Chuck Ponzi
GA – A trophy house is cheaper than a trophy wife!
A trophy property is a trophy in the eye of the beholder. I have been immediately smitten with a fabulously-landscaped home with an awesome courtyard and beautiful views. IN a tract (albeit nice) development.
Also once spent almost an hour in the backyard of a house which had the most killer outdoor space with a TRULY resort-like pool and 180 degree views. Hubby and I were trying to justify the mediocre (tract) house, if we bid 25-35% off list (during the panic of 2009). We decided no. But the next day, someone from out-of-area offered and paid full price. Clearly a trophy to them.
Granted, people with $14M to spend on housing would never find a trophy in a tract, but for us mere mortals, they can exist (even if in our own minds). 😉