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Accommodating The Luxurious Side of Real Estate

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By Paige Tepping

RISMEDIA, Dec. 22, 2007-According to Dennis McCormack, the two things that everyone tends to gravitate toward when looking to buy a home are a quality community and a top location. And in the Alpine, New Jersey market, people are willing to pay for this. Here, meet how this Sotheby’s affiliate is making the most of his company’s partnership and market conditions to meet the needs of luxury home buyers and sellers.

Dennis McCormack
Broker and President
Prominent Properties Sotheby’s
International Realty
Alpine, New Jersey

Region served: Northern New Jersey Years in real estate: 18 Number of offices: 3 (fourth opening spring 2008) Number of agents: Approximately 100 Average sales price: Approximately $2.7 million Average time on market: 6-8 months How I entered real estate: “I got my real estate license as an afterthought while I was at NYU to earn some extra money on the side, and it evolved into my real estate career.” Thing you love best about where you live: “The thing I love best about where I live and work are the opportunities that I have been provided with. It has been great to be a part of the growth that the luxury market in Bergen County has experienced over the last decade.”

Describe your current market conditions. The luxury market has remained strong since there still is a lack of inventory at this time as the supply of homes in this arena has not outpaced the demand. The ultra-luxury arena, which includes properties that are priced at $10 million and above, also has been very strong.

How do you market luxury real estate differently than mainstream real estate? We rely heavily upon the Sotheby’s International Realty® network, which we feel is second to none when it comes to reaching the most financially qualified buyers from every corner of the globe. Some of our largest sales have been a direct result of Sotheby’s International Realty referrals.

What marketing strategies do you employ to get houses in the U.S. to be seen internationally? A lot of our marketing is done on a domestic basis through the Sotheby’s International Realty brand. Its Web site accounts for approximately 30% of our yearly sales-a statistic that is very significant for us.

What’s on the minds of home buyers and sellers in your region? The two things that everyone tends to gravitate toward when looking to buy a home are a quality community and a top location, and people are willing to pay for this. We have seen that the strong locations tend to prosper while marginal locations take the hit if there is a hit to be taken.

How would you describe the demographics of your clientele? Our clientele is made up largely of financial people. Most of our clients are professionals, doctors, entertainers and sports figures.

How does your relationship with a worldwide community of real estate professionals benefit the work you do in New Jersey? We benefit largely because of the buyers that the Sotheby’s International Realty network produces for us. The network reaches qualified buyers and then we in turn benefit because the client list that they produce for us allows us to reach these buyers.

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