Sourcing Off-Market Properties
Sourcing Off-Market Properties. In the global hotspots for super-prime and ultra-prime properties, from London to Los Angeles and Sydney to St Tropez, the UHNW diaspora continue to congregate and store their wealth. Although the geographic distribution of this wealth is broader than it ever has been, the inevitable trend is for a percentage of this wealth to be invested in prime property locations – both in ‘global’ cities (London, Paris, New York, Hong Kong, Sydney, Monaco etc) and in ‘leisure’ locations (The Cote d’Azur, The Italian Lakes, Martha’s Vineyard, Florida, Aspen, Ibiza, Val d’Isere etc).
Whilst the motivations for these property purchases is varied (from use as a second/third/fourth home to a yielding property investment or just a secure store of wealth), ultimately money follows money and it is difficult to imagine a time when the ultra rich do not regard prime property in the likes of New York and London (despite the latter’s short term uncertainty post Brexit-vote) as a secure, long-term store of wealth.
This continuing concentration of money in a small number of locations, inevitably leads to intense competition for the best properties and even though short term weakness in a specific market may reduce the number of potential buyers, it can – as is currently seen in London – have the opposite effect whereby ‘asking price’ reductions together with a weaker currency draws even more, opportunistic, buyers in. The lesson for most buyers is that in prime global locations, whether you think you are chasing the trend or going against the trend, there will always be others doing the same as you and thus getting an ‘edge’ is key.
Off-Market Properties – The competitive ‘edge’
The most obvious way this has all manifested itself in the property market is with the search for off-market properties – those homes which, for a variety of reasons, are being discreetly promoted either completely ‘off-market’ or just ‘pre-market’ i.e. where an agent is gently introducing a property to the market in order to try and secure a sale before an official release to the open market.
Whatever the underlying reason, the ability to connect with agents and buying agents who have access to these off-market properties is key to ensuring you have a competitive edge when sourcing properties. It is often said that most of the best properties are sold ‘off-market’ whilst the ones available on the open market have already been seen (and presumably dismissed) by those ‘in the know’.
The continued interest in off-market properties led us to create our off-market property platform and, with over $1bn of properties already listed, our unique offering has been very well received by those in the industry. Current off-market properties available via our members-only portal include a Swiss chateau and vineyard, numerous luxury apartments (and development opportunities) in London, a unique villa in La Zagaleta and a retreat in Thailand.
If you are searching for off-market properties please ensure your buying agent or representative is a member of Ultra Primus. If you represent off-market properties and need to efficiently promote them in a discreet and effective manner, please Register Here to gain access to our service or call our team on +44 (0) 20 8133 2833 with any questions.