Michael Carucci has been the go-to luxury agent for celebrities and luxury home buyers of all kinds for more than two decades. Whether it’s recording artists, movie stars, or professional athletes, they all seek out The Carucci Group for expert luxury real estate representation for buying or selling their Boston homes. So, what do celebrity clientele look for when they need new digs? Here’s how Michael Carucci’s celebrity clients shop for homes:
Location: While many luxury real estate buyers seek out expansive views or access to city amenities like restaurants, museums, and theaters, celebrity clients are a bit different. Celebrity clients seek respite from fans so that they can raise their families and enjoy the normalcy of life outside the public eye. It is for this reason that celebrities often seek out large estates with gated entrances and private back yards, or in the alternative, they opt for hotel living with a large selection of concierge amenities within the building like salons and spas, workout facilities, and full service life style support including cleaning, dry cleaning, and food services. Such celebrities often find themselves living in The Four Seasons, The Ritz Carlton, The Mandarin, or The W.
Expertise: Celebrities never go it alone when it comes to buying or selling a home. Typically they have a team of business advisers who intricately research the real estate market to find a luxury home expert who has a track record of discretion. They don’t want the public knowing that that they are on the market for a home, nor where they are potentially buying. The business advisers narrow down the search to luxury agents like Michael Carucci, who never disclose who their clients are without express approval. Another interesting phenomenon in working with celebrities is that they utilize their luxury agent as their surrogate in selecting the property. In other words, it is not unusual to have an initial meeting where their wants and needs are detailed into a written document. The real estate team then does the legwork of searching and selecting homes based on that criteria, then viewing the properties, thereby narrowing down the search to two or three properties from which the celebrity client will select one. This is why celebrity clients only work with luxury agents who have an intimate grasp on the entire real estate landscape.
Not Adverse to Renting: Celebrity clients are different than other luxury buyers in that they are not adverse to renting an estate or hotel residence for 6 months to determine if they love the area and amenities before making a long term commitment. Furthermore, many celebrities only need a short term rental because they are filming a movie in Boston or because they are temporarily in town to take advantage of the abundant educational and medial opportunities within the city. For example, in 2015, Michael Carucci worked closely with a celebrity recording artist who needed to rent a luxury estate for her family while her husband was undergoing treatment at a Boston hospital. Mansions and estates are rarely listed for rent, and so Michael Carucci and his team tapped into their network of high net worth clients to find the perfect Brookline estate for this celebrity family.
They Look Past Aesthetics: Sometimes even luxury homes have loud wall paper, gaudy chandeliers, and shag carpets. It’s not always easy to look past the current décor to see all the potential, however celebrity clients are extremely good at looking past aesthetics to see what could be. Due to the nomadic nature of their lives, most have design experts on their team, and so celebrities are accustomed to looking closely at the bones of the property to determine if they have something worth buying. Most celebrities don’t move in after closing, but rather long after their design team has repaired, remodeled, and re-designed the entire property.
Market Savvy: Yes, they almost always have bulky bank accounts, but that doesn’t mean that they overpay or spend frivolously on their real estate. In fact, when it comes to being market savvy, celebrities are some of the most educated real estate buyers in the market. Since many do not live in their homes for longer than 3-5 years, they often take appreciation and cost of improvements into consideration when purchasing. Their business advisers work with the real estate consultant to determine market appreciation in the area coupled with the cost of getting the property to where they need it to be. For most celebrities, the goal is to sell in a few years without losing a dime.