- author: Ryan Serhant
Inside Look: The Most Expensive House in the World
If you're a real estate enthusiast, you might have already heard about one of the most luxurious properties in the world- 924 Bel Air Road. This property is not your typical mansion, but instead, an epitome of luxury and extravagance perfected for the uber-wealthy. With great pride, the developer behind this masterpiece, Bruce Makowsky, points out that the home is specifically designed for those who can afford to spend hundreds of millions of dollars on luxury yachts, private jets, and exclusive membership to private space programs.
So, what makes this property stand out from the rest? Well, let's dive into the details.
Makowsky extensively searched the city of Los Angeles and even took a helicopter ride to find the perfect hill that offers panoramic views of the mountains and the beaches of Malibu. The house is situated in the plush neighborhood of Bel-Air and spans over 38,000 square feet of living space.
The house boasts a wide range of luxury amenities that will leave you in awe. It has ten VIP suites, two master suites, 21 bathrooms, and 12 bedrooms. Outside, it offers a massive 80-foot swimming pool, an outdoor theater, and 17,000 square feet of entertainment decks, which are perfect for hosting grand parties.
In 2017, Makowsky listed the property on the market for an eye-watering $250 million, which made headlines around the world. Recently, he has lowered the price to $188 million and called it a bargain, given that the cost per square foot is $5,000, which is more or less in line with the average price of other mansions in the area.
Makowsky claims that even ordinary people can purchase this home with its affordable mortgage options. If you have around $40 million for a down payment, you can obtain a mortgage to pay for the rest. However, do keep in mind that this stunning property comes with a monthly tax bill of $120,000.
Recently, Ryan Serhant, a New York real estate broker, featured 924 Bel Air Road on his channel and described it as the most exquisite house he's ever seen. Ryan also mentioned that he believes this property offers a great deal, given its recent price reduction. He included his own two-cents about commission costs and explained how he works on a fee-based system rather than a standard commission model.
The Significance of Real Estate Market in Toronto
Real estate market in Toronto has been in high demand for a long time. The Toronto and Vancouver areas have seen a continuous rise in property values and demand over the last few years. This has attracted investors from all around the world, especially those in the real estate industry. The process of buying and selling homes here is quite unique compared to other countries.
The Approval Process
In Toronto, every property purchase goes through an approval process. The government is not going to let every single person buy and build due to the need to adhere to regulations. This may seem cumbersome to some, but it significantly contributes to the market's stability.
This has been observed with the demand for thousand-unit buildings that hit the market. Once they are put up for sale, they are quickly snagged by interested parties. Investors see it as an opportunity for a stable investment in real estate within the region.
The Market is Always Hot
Toronto real estate market has been seen as one of the world's top-performing property markets, despite the impact of the COVID pandemic. The region is continuously redefining the property market with new and innovative practices, which makes it more attractive to investors. With the approval process, the region remains a secure investment hub.
Work for Free
Ryan Serhant, a successful real estate agent with Nest Seekers International, came to New York City without any experience or clients. In the quest to grow his real estate career, he worked for free and advise young teens to follow his footsteps. Additionally, he emphasizes the importance of observation, reporting, and learning. Interns in his office are always encouraged to observe everything and soak up everything they can.
With Toronto real estate market continuously on the rise, it's important to keep abreast of developments and remain informed. It's a market that's worth investing in if you're looking to invest in the real estate industry.
The Importance of Marketability in Real Estate
As a real estate broker, Ryan Serhant knows that in order to sell a property, it must have marketability. He explains that his goal is to find a buyer who has the financial ability to purchase a property, such as the $188 million Bel Air Road mansion in Los Angeles. However, the process of finding such a buyer is not easy.
To optimize marketability, Serhant utilizes various marketing channels, including YouTube, Instagram, Twitter, Facebook, and Linkedin. According to him, social media is a powerful tool to expand a business, reaching a younger demographic. The videos on his YouTube channel showcase the properties he represents, making it easy for potential buyers to learn about the properties even if they cannot attend in-person viewing.
Moreover, Serhant believes that the success of a deal is not determined by the commission percentage, but by the satisfaction of his clients. He often works for free until the deal is finalized, and he considers a deal successful only when the clients declare their satisfaction. This approach has earned him a loyal client base, who trust him to help them sell or buy real estate in New York, Los Angeles, Miami, and the Hamptons.
In addition, Serhant emphasizes the importance of showcasing a property's unique features when marketing it. For instance, the Bel Air Road mansion has a $30 million car collection, which makes the property stand out among other luxury houses. By highlighting its unique features, such as the car collection, he can attract buyers and generate interest in the property.
Serhant believes that marketability is the key factor in the success of a real estate deal. A property may have all the features to make it an ideal home, but without proper marketing, it may not attract potential buyers. Utilizing various marketing channels helps to expand the pool of potential buyers, allowing for a successful sale.