Persons involved in the horses racing industry are a breed amidst themselves. All their mindsets are just like no other and often their attitude of “shoot, ready, aim” makes them vunerable to many serious faults when purchasing luxury properties those in other vocations seem to be to avoid. The industry is not a small potatoes. In 2009, the complete handle was over $12 billion and a single horse was once sold for $16 , 000, 000. In fact, the most wealthy race held annually has a handbag of $10,50 million dollars! Obviously, this industry generates plenty of money for its members. It’s how the equine jockeys, horse breeders, horses trainers, horse owners and the horse racing lover spend that money is where they generally go awry and luxury real estate is generally the merchandise of choice. Jay Belson
In my over 5 years of working with equestrian specialists, here are the top 5 mistakes I’ve seen individuals make when purchasing luxury real estate:
1) Thinking every agent knows the mindset of the horse owner and people in the horse sporting industry in general.
The truth is, the horse racing industry is a social group that has their own culture. If their agent can’t speak their dialect, that agent is better well served within industry.
2) Poor comprehension of what market value really is within an extremely unpredictable luxury market.
It’s hard to believe, but I have found that horse owners and the industry on the whole tends to spend money without regard to even caring with what the true value of a property actually is. That’s their nature – many times, they throw caution to the wind. They really desire a knowledgeable real-estate agent that specializes in luxury property to keep the horse owner, horse jinete, horse trainer, horse pup breeder, or horse racing lover targeted to what true market value is and guide them towards an effective and profitable transaction.
3) Selecting luxury property without regard to considering the special needs or passions of men and women involved in the industry.
Horse racing people want to watch horse rushing. It’s imperative that their luxury property be positioned in an area where they can enjoy all the amenities of that lifestyle. Is there a contest book or casino in Las Vegas that will not likely have racing all day long? A horse-racing industry lover away from the races will never make for a very happy luxury real estate owner.
4) Not considering the duty ramifications, if any, that the purchase of luxury real estate may require.
If there’s one blunder I’ve seen so many professionals make it’s this one – I won’t be able to stress enough their need to talk to a professional taxes professional about the benefits and pitfalls of any luxury real estate purchase. A good real estate professional certainly informs their customer of this. (And a person would be surprised how many do not! )
5) Letting their thoughts influence their actions without thought of consequences.
Remember in point 2 above My spouse and i said that the industry personnel tend to toss caution to the wind flow? Try doing that in a luxury transaction! When again, it’s extremely important that they align themselves with a professional that understands their mindset or “all bets are off”. Unless their thoughts are properly grounded, emotional mistakes in luxury properties can become quite costly.
Purchasing luxury properties for those associated with the multi-billion dollars horse racing industry can certainly be a tricky proposition for anyone. It’s not as easy as it may seem to be and many preventable problems can be fixed with the aid of a knowledgeable agent who specializes and talks their language. However, will be certainly definitely an absence of industry experts that be familiar with special needs and wishes of this elite group.