In marketing luxury real estate,
location can play a big role in pricing a home for sale. The most
exclusive luxury neighborhoods stand out in the buyers mind like popular
luxury brands. Homes in neighborhoods that come to mind first often
command the highest prices.
Some neighborhoods are more expensive
because of intrinsic value such as proximity to amenities or to
landmarks. Others are more desirable due to the presence of highly
regarded people or simply offer the intangibles of prestige and bragging
rights that cannot be duplicated even by homes one street beyond.
An interesting phenomenon is how a
prestigious neighborhood can become its own brand. When individuals or a
families relocate to a new city it is not uncommon for them to request
showings in the well-known neighborhoods first. The rules of
top-of-mind status thus apply to neighborhoods as well as personal or
company branding.
We noticed that a certain retail street
in Rome actually created a logo for the association of stores on the
street to stand out in the minds of tourists and locals alike. Via del
Babuino is located between the iconic Spanish Steps in Piazza di Spagna
and Piazza del Popolo. Tiffany’s, Moschino and Chanel are located here.
In 2004, Via Babuino was named as the "twin" to Madison Avenue (like a
sister city). It may not yet be as famous as Via Condotti, home of the
likes of Salvatore Ferragamo and Gucci, Botega Veneta, Louis Vuitton and
Hermes. But, whoever decided to brand Via del Babuinio was definitely
on the right track to attract upscale shoppers.
Babuino "Baboon" Fountain
When you are showing homes to luxury
real estate home buyers, pay attention to their need (or lack thereof)
to impress others based on the selection of neighborhoods. Brand
consciousness definitely applies to neighborhood selection and it will
save you time to understand this as a buyer’s representative.
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