Today I met with clients to discuss Marketing their property.  I must admit the home was absolutely fabulous(custom built in 2005) and they had done some incredible updates to the home such as:

• Plantation Shutters
• Added a coiffered ceiling in the downstairs formal living room
• Wet bar in the bonus room
• Dual Zone surround sound
• Hired an interior designer and custom painted the walls throughout the home
• Gourmet kitchen
• Office on the 1st Floor
• Added fabulous landscaping
• 10 Foot Ceilings on the 1st Floor
• 9 Foot Ceilings on the 2nd, except a 2nd bedroom w/12 foot ceilings

That said, my potential clients needed to understand the reality of the Triangle Luxury Home market.  I have other Luxury Home listings currently and they are truely a challenge. 

Why would this lovely home be such a challenge going into the peak selling season?

• There are 33 Active Listings in the Neighborhood. The sister neighborhood has 26 specs going on the market just this month. 
• The New Homes are offering a $16,000 incentive for membership to Cary's premier Country Club
• Inventory in this segment in Cary has grown over 30% in one year
• Supply of homes between $500-$600k is 22 months and growing
• Market share for luxury homes is substantially lower than N. Raleigh(32% vs 17% in Cary)

Pricing Discussion:

• Because of all of the new construction there were plenty of comparables. 
• The clients big concern is that I didn't look at comparables on the side of the neighborhood that didn't back to I-540. 
• All of my comps were on the "resale" side which were substantially lower than the new construction.
• My clients wanted to price their home at the same price with homes that had 500 square feet larger, have an extra garage, and an extra bathroom.

What would you do if you were in my shoes?  Would you take the listing or wait until the home doesn't sell and let them call you for Round 2? Take a walk in my shoes for the moment.