Pricing a home to sell is both an art and a science—and that’s never more true than when the property in question is a luxury condo. High-end properties are unique, and determining what they’re worth means understanding the nuances at play.

Here’s a closer look at what makes pricing a luxury condo different…

1) The Comparables Issue

Luxury condos—especially upscale penthouse suites—are designed to be different. This is a huge selling point, but it also presents some challenges when it comes to finding comparable units to price your property against. Cookie-cutter condos are often much easier to price since you’ll be able to find many of similar size and finish in the city. But with a luxury unit, your agent may need to look at similar markets to find comparable properties and account for the economic differences between them.

2) Knowing Local Buyers

Luxury condos are far from typical, and those in the luxury condo market aren’t your average buyers. They tend to be more discerning—and have a different set of expectations. Their needs and wants can also differ from the typical buyer; they may be looking for a city pied-à-terre, a space that suits lavish dinner parties, or a condo with high-end finishes from top to bottom.

3) Look To The Features

The right features can attract the ideal buyer—and when they’re truly unique, that should be reflected in the price. Your agent will rely on their experience in the market to factor in one-of-a-kind features like amazing views, high-end building amenities, or detailed customizations such as a chef’s kitchen, integrated smart home system, or elaborate statue.

4) Make Sure The Property Is Perfect

Luxury buyers know what they want and they’re willing to pay for it. From property modifications to high-end staging, it’s critical that your home is pristine before it’s photographed and listed. Remove any clutter, furniture, or decor that takes away from its high-end feel; the space should have room to speak for itself. Any other details should accentuate its feeling of luxury.

5) Be Ready To Adjust

Luxury homes are large investments. Buyers may need more time to sell their own properties before leveraging that return for their next purchase. It’s not uncommon for luxury price points to require adjustments, so be ready to work with your agent to make thoughtful, strategic modifications if need be.

Ready to start your sale? Book a no-obligation home worth evaluation with me to see what your luxury condo could sell for in today’s market.