How Much Is My Palace or Luxury Property Worth?
„How much can I expect to sell my palace, castle, country estate, or luxury property for?"
Determining an asking price for palaces, castles, country estates and other historic properties
After reaching the decision to sell a historic property, this is probably one of the most difficult conversation topics amongst the members of the owning family, within the company itself, and in communication with ASP’s expert brokers. Settling on a price range for your palace, castle, country estate, palace hotel, memorial, landmark, or other unique property!
Since 1983 the experienced expert brokers for historic properties at ASP have been selling between 35 and 50 palaces, around 15 to 20 palace and castle hotels, as well as a whole range of other historic properties each year. Of course most of these are in Europe. Consequently, your broker has a real insight and understanding of the market for palaces, palace hotels, castles, larger country estates, vineyards, etc. The expert brokers at ASP know the prices that have been obtained for palaces and castles in any given country, region and condition in recent years. The brokers at ASP also bear in mind the prices obtained by our two main European competitors for palaces and castles in recent years.
Your ASP expert broker for palaces, castles and other historic properties will provide you with professional and reliable advice concerning a realistic asking price for your property and the time frame in which it can be expected to sell. Our experienced expert brokers for historic properties use a whole range of tried and tested appraisal methods to determine the correct price range for your property. Your broker will take into consideration the region, location, condition, size, floor area, current usage and potential usage, transport connections, any necessary renovations, the time in which the property needs to be sold and many other aspects to work out and suggest an asking price for your palace, castle or other historic property. Together with your broker you then define a price range from the lowest acceptable selling price up to the price you would ideally like to achieve – your broker can then negotiate within this range for the duration of his/her contract.
Fundamentals and average time frame for selling palaces, castles and historic properties
We at Auer, Springer & Partner do not have anything to hide and lay all our cards on the table. Our contracts are clear and unambiguous. We currently take between 14 and 22 months to sell a palace or castle. It goes without saying that there are some palaces, castles, palace hotels or other historic properties which sell within a matter of weeks, but please allow at least 1 ½ to 2 years for a successful sale. The time it takes to sell depends largely (as with any type of property) on the region and location of your palace or castle. A stately home offered at a reasonable market price near Munich, Stuttgart, Lake Geneva, Lake Zürich, Tyrol and Salzburg, etc. will normally find a buyer within a few months, whereas a similar realistically priced property in East Germany, Poland, the Czech Republic, or Hungary is more likely to take 1 ½ to 2 years to sell.
As a property owner you will undoubtedly have certain expectations concerning the asking price for your palace or castle. Graf von Hardenberg and the expert brokers for historic properties at ASP know the European market for palaces and castles like the back of their hands and will suggest an appropriate price range for your property. Ideally, the two prices should be similar or you should at least be able to come to an agreement with your broker about the price range you would be willing to accept for your property.Unfortunately this is not always the case; some property owners have completely unrealistic expectations concerning the selling price of their property.
If after comprehensive consultation and research our expert brokers have reason to believe that they will not be able to achieve the asking price you have stipulated for your palace of castles within an economically viable period of 24 months, we will tell you so openly and truthfully and explain our reasoning in detail and will not accept the commission to sell your palace or castle. This is because palaces and castles that are not priced in line with current market conditions cannot be sold, or can rarely be sold in an economically viable way, regardless of the marketing lengths we may go to!