Buy a House, Get a Ferrari?

Ferarri.jpg

We’ve all heard a great deal about the benefits of specialization in selling real estate today. Whether it's focusing on distressed properties or honing in on a particular demographic, building expertise in a sustainable slice of the vast ocean of real estate can be an excellent differentiator for an agent.

But apparently specialization alone isn’t enough these days to move homes is pricey Malibu, California. Vahe Hagopian of Claudius Estates has found a way to up the ante.  Hoping to tap the wealthy, sun-loving auto collector niche, he’s “giving away” a 1990 Ferrari F40 with this $4.399 million home along the PCH in Malibu.

That's a Ferrari F40 in the background. The author is piloting the Corvette Z06 in the foreground, handily beating the Ferrari I might add...

For those of you not afflicted by the same irrational all-consuming automotive obsession that has been with me since childhood, a little background might be in order. In 1987, the legendary Italian automaker Ferrari released the F40 supercar in honor of the 40th anniversary of the birth of the firm. Made from exotic composites and featuring a 478 horsepower twin-turbo V8, the F40 was a thinly-veiled racing car made legal for the street. It marked the pinnacle of what was possible in the art & science of hyper-fast sports cars of that era.

In fact, more than 60% of all teenage boys in the 1980’s had a poster of the Ferrari F40 on a bedroom wall within close proximity to one or more likenesses of Heather Locklear. [Author’s Note: Unlike most statistics provided by Onboard Informatics, this one is admittedly anecdotal and unscientific. But I’m pretty sure it’s true.]

As reported on the Wheels Blog of the New York Times yesterday, the home had been on the market for some time – at $3.9 million. So in an intriguing twist, Mr. Hagopian decided to raise the asking price by about a half-million dollars. But factor in the $725,000 asking price for this Ferrari on its own (low mileage F40’s in great condition typically change hands closer to $600k, but this one has fewer than 800 miles) and this might be quite a deal!

Kudos to Vahe Hagopian for an innovative marketing angle to separate his client’s property from the rest of the pack.

I did leave out my favorite part of the entire story. That low-mileage Ferrari F40 supercar - its current owner is not the seller of the property. It is owned by the listing agent Mr. Vahe Hagopian himself!

Image Credit: Wikipedia