One of the newest value strategies in the luxury real estate market is “white-boxing”, or stripping an existing property of any previous finishings, amenities, or appliances before it is listed for sale.
According to Jade Mills, a realtor of Coldwell Banker of Beverly Hills, properties that have been stripped down to concrete are more valuable to ultra-luxury buyers than finished apartments, as many of these buyers already plan to rip out any pre-existing furnishings and re-design the space to their own liking.
"There is no appetite for 'off-the-rack' with this demographic; it's all about uber-customization," added Josh Greer of Hilton & Hyland. "As recently as a few years ago, it would be relatively rare for a seller to go to market with unfinished luxury space, but now there's increasing recognition that 'designer-ready' is exceedingly more attractive than 'move-in ready' to the ultra-wealthy."
Greer and Mills are currently marketing a full-floor white-boxed penthouse in West Hollywood, Calif.’s Sierra Towers, which has been listed for $58 million.
Read More
