When real estate agents receive a home listing, they typically have a checklist: stage and take photos of the home; advertise the listing online; post a sign out front; and perhaps host an open house.
When a real estate agent lists a home in the multi-million dollar range — a house that Sierra Sotheby’s International Realty co-listing agent Lexi Cerretti calls a super prime property — the marketing approach completely changes. A Sunday open house will no longer suffice.
“It’s certainly a world-class property,” said Cerretti, referring to the Shakespeare Ranch listing in Glenbrook, which has hit the market with a $98 million price tag. Once a home reaches the multi-million dollar bracket, international buyers become a large part of the marketing equation.
“The buyer could come from anywhere,” said Cerretti of the high net worth investors that are attracted to the gated community of Glenbrook.
Indeed, buyers and residents there are leaders in industry, finance and technology,” said Claudia Thompson, a Glenbrook resident and co-listing agent also with Sotheby’s.
“They’re entrepreneurs and professionals, but live an intentionally low-key lifestyle where high profile people are just part of the community in the 300-home enclave.
The agents are front ending the process to ensure the potential buyers have the financial wherewithal to swing a future deal at the 133-acre Shakespeare Ranch estate.
“An estate of this caliber means that we are vetting interested parties (in terms of income and assets) prior to showings,” said Ceretti. Once they prove they have what it takes to be in the luxury home game, then the on-site visits can take place.
Cerretti said the process also includes extensive and costly marketing. She declined to discuss what the budget has been thus far.
“Technology has allowed us to use drones with aerial photography” to showcase the property, she said. For a closer look, virtual tours of the ranch feature of all the residences and buildings at the lakefront compound, which is comprised of 17 guest homes, including 25 bedrooms and bathrooms. It also has 13 kitchens, one of which is set up for high-end chefs during annual events hosted by the Ruvo family, the current owners. The family plans to stay in the area and just released plans to build a 9,000-square-foot home helmed by Santa Barbara architect Marc Appleton.
Shakespeare Ranch is the largest residential lakefront property on the Lake Tahoe market and has room to expand.
“There is certainly room to reconfigure or building additional buildings,” said Cerretti. Whether that means new owners might want to sell off parcels for new construction remains to be seen.
While she wouldn’t say if an offer is yet on the table, Cerretti expects there will be competitive bidding. The current owners invested heavily in restoring and relocating some of the historic structure at the property, which features 400 feet of shoreline.
Newly constructed luxury homes and restored residences are in demand among today’s global and mobile billionaires, who don’t want to waste several years building, say the agents.