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Rich Town, Poor House?

December 12, 2011  |  by Anne

Ah, 90210.  The famous Beverly Hills zip code that has inspired “champagne wishes and caviar dreams,” not to mention  famous TV shows including Bravo’s Real Housewives of Beverly Hills.  As an avid Bravo watcher (I will not apologize :-D), it’s clear these housewives live in a world of status based around one thing – their mailing address.

So this got me thinking, have you ever worked with clients that were set on living in a particular area even if it meant living in a less than stellar house? You know, the ones that were willing to purchase the hovel on the rich street, the eyesore of the block?

Share your experience – and hopefully success stories – of working with these kind of clients.

Posted in Blog, Featured

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2 responses to “Rich Town, Poor House?”

  1. MRIS_Adam says:

    I have worked with several buyers in the past that wanted to live in particular popular communities; until they saw the high price tag associated with those areas. Often times these buyers would decide to move close to these communities, but not in them. I have also noticed that popular communities tend to grow. For example, nearby communities sometimes "re-brand" themselves by adding "North" in front of a popular neighboring community.

  2. Rob Steward says:

    We experience this in our main service areas concerning certain school zones. While we can not comment when asked 'How are the schools in this neighborhood', clients specifically do their own research and know where they desire to be. In one of the areas we serve, the home prices can be as much as one third higher due to the school zone when compared to home values just outside of the zone. We also have the desirable and prestigious areas such as Potomac, Bethesda and Cabin John, MD. A tiny little flat on a 10th of an acre lot in Cabin John can sell for nearly 8 times of what a similar property would sell for 40 minutes north in Frederick County. It really is all about location, location, location! ~ Rob & Jeannie Steward ~

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