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Do Ultra-Customized Spaces Sell?

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Do Ultra-Customized Spaces Sell?

September 21, 2018
Home swimming pool
Photo: Pixabay/Engin_Akyurt

Highly-specific home customizations, such as indoor pools or rock-climbing walls, can shrink a property’s pool of potential buyers and even negatively affect a its resale value.

The New York Times looked at five properties with extensive personal detail, several of which are now on the market looking for buyers. For example, property owner David Aldea spent roughly $5 million renovating his townhome in Greenwich Village, which he had purchased for $5.3 million in 2005. He put it on the market in April 2017 for $14.9 million, or $42,500 a month in rent, but has yet to find the right buyer.

“One of the biggest misunderstandings about property value is that the amenities you choose to add will translate to value,” said Jonathan Miller, president of the appraisal firm Miller Samuel. Because taste can be so specific, he said, “unless you find the perfect buyer, you’re probably going to have to factor in a discount for the price to rip it out and renovate.”

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