While buying homes sight-unseen has always been popular among investors and foreign buyers, the coronavirus pandemic is making it more of a reality for all types of luxury clients — with the help of contingency clauses.
Sally Forster Jones, Executive Director, Luxury Estates at Compass in Los Angeles, has seen a dramatic rise in the number of sight-unseen luxury rentals during the coronavirus pandemic. While buying that way is more of a commitment and therefore much more rare, Jones also confirmed the traditional ideas of sight-unseen are rapidly changing since technology enable clients to see much of the property without visiting it physically.
“Some of the energy can’t be transmitted exactly the same way as it can when you walk into a property but we’re trying to do it as best we can and really relay what the property feels like,” she said. She believes that the industry is already moving that way for investors and foreign buyers, who are more interested in stats and returns rather than the emotional aspect of a home.
Written by Veronika Bondarenko