Richard Riccelli and I were talking today about the power of the back-story to sell historic and architecturally unique homes. Here are two car stories to make the point:
- From Ubertor, Re/MAX founder Dave Liniger buys a $1,000,000 Hummer
- From The Garage Blog, Carroll Shelby’s personal Cobra Supersnake sold for $5,000,000
In both cases, what “sold” was not the “fair market value” of a vehicle, but, rather, the unique story that comes as an intangible accessory with the vehicle.
The same kind of “added value” can be applied to homes, if you know their stories well enough to share them with buyers. “The simple truth is, Mr. and Mrs. Carlyle, there are plenty of homes you can have in this neighborhood. But this is the only one that was built by and for a returning Civil War General. The original plans are mounted on the living room wall. Isn’t that something?”
That Cobra Supersnake is a smokin’ automobile, and a true “comp” might easily run you half-a-million dollars. Except there are no truly comparable vehicles. Not only was it Carroll Shelby’s personal ride, it is the only surviving Shelby Supersnake. How much is it worth? How much ya’ got…?
Technorati Tags: blogging, real estate, real estate marketing
Steve Jagger says:
Since Dave Liniger bought the Hummer yesterday I have seen him on CNN 3 times plus the story is getting picked up all over the place. I bet when it is all said and done, this will be one of the best “advertising purchases” RE/MAX has made in a while. I’m sure that you will see this vehicle show up at RE/MAX offices across North America each time getting a story in the local paper.
January 21, 2007 — 5:14 pm
Greg Swann says:
Indeed. And gaining in future resale value, too…
January 21, 2007 — 5:16 pm
Drew Nichols says:
The question is, how can I sell my 1995 truck with 250,000 miles for more than $2,000? 🙂
I agree that his purchase was fantastic marketing. And I bet he’s not even missing the money.
Way to go sir, showing the public that all Real Estate people are RICH! I’m tired of hearing that from folks.
January 21, 2007 — 8:53 pm
Richard Riccelli says:
Lest you think I am immune to these things, I bought ($93,000?) and sold ($264,000?) the circa 1781(?) “Chase House” on the “Training Field” (a second-period Colonial on the town green in West Newbury, Mass. — purchased so long ago, Greg was actually living here in Boston instead of out there in Phoenix).
It mattered little to me that ol’ Samuel Sewall Chase was sort a ne’er do well ship’s captain or something like that. And the “Training Field” served as the parade ground for only five or six of General Washington’s soldiers, all of whom doing what General Patton decried, “dying for his country.”
It was the story that mattered and I am sure everyone paid dearly for it. Coming and going.
January 21, 2007 — 9:12 pm
Greg Swann says:
My dad had a house on High Street in Newburyport. It was old, of course, but the really pricey homes were on the North side of High Street. Before that, he had a condo on Water Street, right on the river. Right next door was a tuna pier, which could attract a full orchestra pit of stray cats when they were gutting the catch.
Inlookers, if you have a chance, that part of Massachusetts is full of fascinating history. Everywhere you look you’ll see cornerstones laid in 1790 and 1791 — structures budgeted by the first Congress under the 1789 Consititution. The Merrimac River, at that time, was America’s most important trade “highway.” The by-now sleepy towns in the lee of Cape Ann were a major commercial force in the early days of the Republic.
January 21, 2007 — 10:19 pm
Bill Williams says:
I remember a home in Bellingham, WA that was the home of a Civil War General… http://www.cob.org/pcd/cd/historic/tour/16.htm
but it wasn’t a “publicly traded” property. Intangibles like a great back-story are tough to price for so many reasons, and what one person thinks adds value is lost on someone else (Bill Clinton’s astroturf modified El Camino comes to mind). Anyone watch “Antiques Roadshow”? It always fascinates me to listen to the appraisers try to put a value on “provenance”… speaking of which, does Zillow have a “George Washington Slept Here” button?
January 22, 2007 — 4:53 am