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I am in the process of listing an executive home 14 miles from center of downtown Louisville, KY. As it's not under contract, I can't disclose more location specifics.
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Here's my question: The home is stunningly well built, it is beautiful and has amenity after amenity. Nearly 3,500 main floor with full basement, three car garage, and over 2 acres of peacefulness. I mean this home is outstanding in every way. Unfortunately, it has only two bedrooms.
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Would you list a luxury valued home with only two bedrooms? If so, how would you market it?
Is there any way to create a third or fourth bedroom? If not, I'd start first by "interviewing" the sellers and getting a complete understanding as to why they chose this house over others and then target the marketing to those who feel the same way, plus the usual marketing efforts, too.
How else would you market it other than disclosing that it has 2 bedrooms? Does it have the potential to have additional bedrooms added within the footprint of the house? Could the 2 bedrooms be two master bedrooms? How do the current owners use the house? Perhaps you could garner some thoughts about why they only have 2 bedrooms?
I have been involved in some of these type properties.
The guys (and they are always guys...) that build them are either single or if they have kids are on second wife, or have had some long term partner. You cannot list these the way you list a regular home targeting a family!
Some also have "car collector" type garages, giant outdoor "fun zone" with great pools, putting greens, outdoor kitchens and fire pits to entertain until dawn. Often these are situated in areas with a lot of nature / seclusion. If there is enough room for a "guest cottage" or "live-in cabana" it certainly pays off as even folks that clearly do not want little kids in their main house sometimes have friends, relatives or grown kids from the first marriage that might want to stay nearby. I would absolutely check with zoning authorities and include verbiage in the listing such as "platted for a coach house" or "plenty of room for guest cottage".
Are you close enough to "horse country" to market it as some kind of "mini-equestrian" property? How about country clubs? Local skeet club? You need an angle to find the right guy...
The tricky thing is pricing for comps -- every appraiser likes to be able to match homes with similar bedroom / bathroom count. Sure the place may have a kitchen that has a few hundred thousand worth of custom cabinetry & appliances and absolutely first class finishes but the "limited marketability" is gonna make it hard for somebody that is not very much like the guy who built it (and probably paid cash and/or took out a loan from his own business...) to be the lucky owner...
What style is the home? McMansion? Surrounded by other like properties? Secluded, hidden in by a treed lot? Nearby amenities? Weekend getaway? Or pure suburbia? If you could find a way to make it 3 bedrooms, I suspect you wouldn't have the dilemma to post. Sounds like quite the challenge.
......but this could also be a listing that costs you money (cash cow potential if on the market for a long time) without any return. Did your sellers build the home? If not, what drew them to the home? Do they recall their debate before buying (or building?). I'm not big on appraisals at the time of listing because sellers are not ready for reality and you could lose the listing by the mere suggestion. Usually, I'll make the suggestion when a home has been on the market, unsuccessful for a long period of time. But in this case, I think it would serve you better to have the seller tuned into what to expect, and sooner than later.
Man Cave. I hate the expression because it suggests dolts, but certain men seem to be enamored of them at the present time.
Ask the current owners...why two bedrooms? What attracted them to the house?
There is a buyer for every property. Just don't go in with the attitude that it is something (a large family home, for example) that it is not.
Maybe the shortcomings need to be reflected in the price. Maybe. Broach that when you list it.
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You will need an "angle"...
