Kevin Price, Host of the Price of Business on Business Talk 1110 AM KTEK (on Bloomberg’s home in Houston) recently interviewed Amy Mizner, a top producer with Coldwell Banker until 2010 when she joined forces with two colleagues and opened Benoit Mizner Simon & Co. in Wellesley and Weston, MA. Prior to selling real estate in metro west Boston, Mizner worked in advertising producing and directing TV commercials for major brands including Pontiac, BMW and Timberland. When she started her own real estate company, she wanted to do things differently. From artful staging, to customized marketing pieces that highlight the unique features of homes, to her creative advertising lens, to her impact on the company’s branding, Mizner adds a creative flair to the presentation of a home – and buyers love her overall vision for their new house. Her network is powerful, strong and well-connected – partly why she has an 11+million listing right now. Mizner also finds time to mentor new sales associates and supporting many local charities.
Tell us about city and what is going on in Real Estate there in general.
As we enter the sixth year since the devastating Great Recession and subsequent collapse of the real estate market, current trends prove hauntingly familiar. With interest rates increasing and the supply of available properties persistently low, real estate is growing more expensive. Home and condo prices throughout Greater Boston rose 5.7% in June compared to those a year before. Many of the region’s most sought-after markets have seen double-digit increases and more modest towns have seen dramatic price spikes as well. The Warren Group, a trusted source on real estate and financial information, reports overall, the average price for a single-family home in the Boston area hit $350,000 this June – a monstrous nine percent increase year-to-date – representing numbers not seen since June 2007. Rising interest rates and record low inventory has sparked concern among some buyers and sellers that rising prices will lead to less inventory and fewer sales.
What, specifically, is the situation with prestige properties in your region?
Mizner reports while there are increases in the median sales price, this trend is “more indicative in properties under $1 million. Bidding wars are still common in this price range. However, there are great opportunities in the metro west luxury market right now.” An authority on high-end real estate, Mizner offers unparalleled insight into the upscale market stating that, despite low inventory, “there is a slight summer slowdown with competing buyers looking for homes in the $1,500,000 range and up. It is an excellent time to get a terrific buy on a fabulous property.”
How is this situation affecting your Real Estate practice and what are you doing to grow your firm?
It’s business as usual for this busy, reputable firm located in two affluent communities. Despite the rise in interest rates, Mizner asserts rates still remain historically low and when combined with limited inventory – these two factors can actually perpetuate a competitive market. According to Mizner, emerging real estate trends often generate increased impetus among buyers and sellers. Homeowners once on the sidelines waiting to list their property, are now motivated to put their homes on the market, while recently timid homebuyers are now fully engaged in their home search. “This summer has been very active. We continue to see last minute relocation buyers and people who have sold their homes looking to make a move quickly; and we fully expect this aggressive sales activity to continue through the traditionally busy fall season,” Mizner says.
What type of tools do you bring to help you reach clients (content you have produced, special websites, etc.)?
High-end marketing brochures, advertising, public relations, industry reputation, upscale website, community relations outreach, public appearances and a vast, long-established network of affluent clients and relocation specialists.
Check out Amy Mizner and her firm at http://www.benoitmiznersimon.com