In the world of luxury real estate, the expertise of seasoned professionals is essential to navigating the complexities of buying and selling high-end properties. Two such experts, Andrew Gangi, team leader and REALTOR-Associate® of Keller Williams Luxury, and Vincent Giordano, president and senior loan advisor at Garden State Mortgage Corp., offer invaluable insights into the current state of Bergen County’s luxury real estate market, investment opportunities, and the strategies that set their clients up for success.
Gangi’s deep understanding of the market is bolstered by his membership in Keller Williams Luxury, a network that connects luxury agents with high-net-worth individuals through digital platforms like Mansion Global and Barron’s. Meanwhile, Giordano brings a wealth of experience in mortgage financing, helping clients secure the right loan options in a competitive market.
Bergen County remains one of the most desirable locations for affluent buyers, and both Gangi and Giordano play key roles in ensuring that their clients make informed decisions in a market where the stakes are high.
The Bergen County Luxury Market: Trends and Investment Opportunities
Gangi notes that the luxury real estate market in Bergen County is thriving, with home prices increasing by 8.4% in 2024. Despite these rising prices, inventory remains limited, creating a competitive environment for buyers seeking larger homes with more land, privacy, and luxury features like pools. However, Gangi points out that many buyers in this price range are able to navigate these challenges through larger down payments and alternative financing options, which Giordano helps facilitate.
“Many buyers in this market are looking for homes that offer more than just space — they want features like modern architecture, smart home technology, and energy-efficient systems,” Gangi adds. “While interest rates may not be as favorable as they were during the pandemic, for high-end buyers, these rates are less of a concern when the property is the right fit.”
Giordano emphasizes the importance of understanding the various financing options available to luxury buyers in this market. "We work with clients to provide a variety of lending options, from jumbo loans to specialized programs that can meet the needs of those purchasing luxury homes," Giordano explains. “For first-time luxury homebuyers, the key is preparation. Luxury buyers generally take on larger loans, which can have strict qualification requirements. Buyers should ensure their financial profile is strong—this means a clean credit history, low debt-to-income ratio, and arranging their assets to prepare for a purchase."
Giordano also recommends connecting with a mortgage broker early in the process to ensure that prospective buyers are ready. “Smart, early planning can help mitigate any impact resulting from shifts in interest rates, and we educate our clients on how to be in the best position today while planning for tomorrow.”
Identifying High-Return Investment Properties
While many of Gangi’s clients are purchasing primary residences, he acknowledges that location remains a key factor in any real estate decision. "Home values tend to appreciate over time, especially in Bergen County,” he explains. “The local school systems, proximity to New York City, and the overall desirability of the area are all factors that help maintain property values.”
For investors looking to purchase homes for renovation or resale, Gangi suggests using the "3x rule." "If you are buying a property for $600,000, it needs to be worth $1.8 million after renovations to make the investment worthwhile," he advises.
Giordano adds, “When working with investors, it’s critical to analyze the potential for return on investment. Financing a renovation project, especially one that targets a high-end buyer, requires careful planning and consideration of long-term property value.”
Success in the Luxury Real Estate Sector
Succeeding in the luxury real estate sector requires a unique blend of marketing, communication, and personal availability, according to Gangi. “In this industry, you need to present properties in a way that exudes luxury,” he says. “Everything from the photos and videos to the brochures and private events must reflect the high-end nature of the property.”
But perhaps the most essential quality, Gangi believes, is being available to clients at all times. “Wealthy clients expect a high level of service, and sometimes that means being available for a phone call at 7 a.m. or 11 p.m.,” he explains. “You become their advisor, and at times, even their therapist. The key is to listen and provide honest, clear advice.”
Giordano adds that availability is equally important when it comes to securing financing. "Understanding the urgency of a high-end buyer’s needs is critical. We’re often working on tight timelines, and being responsive can make or break a deal,” he explains.
Navigating Economic Shifts in Luxury Property Investment
Both Gangi and Giordano agree that economic fluctuations don’t deter luxury buyers. Gangi tailors his advice based on whether clients are seeking short-term or long-term investments. For those planning to live in their homes for decades, he reassures them that home values tend to appreciate over time, regardless of market shifts. For clients with shorter-term goals, Gangi emphasizes the need for caution and understanding the risks involved in an unpredictable market.
“The best time to buy is when you’re ready,” Gangi advises. “Whether the market is high or low, if you find a home that fits your needs and goals, it’s the right time.”
Giordano concurs, saying, “We always work with our clients to understand their financial goals, whether they’re looking for a short-term investment or a long-term home. That way, we can help structure the right loan to meet their needs, no matter what the market looks like.”
The Role of Digital Platforms in Reaching Investors
As technology plays an increasingly vital role in the real estate industry, Gangi and Giordano agree that platforms like Mansion Global and Barron’s are invaluable tools for reaching potential investors. These digital platforms provide global exposure to luxury listings, connecting high-net-worth individuals (HNWIs) with properties that may not be available through traditional marketing channels.
“Digital platforms are a game-changer,” says Gangi. “They allow us to showcase properties to a worldwide audience, giving luxury homes the visibility they deserve. It’s an essential tool for connecting with buyers and investors across the globe.”
Giordano notes that these platforms also help streamline the financing process. “When a property gets global exposure, it’s not just the home that’s being marketed — it’s the financing options as well. These platforms attract investors who are ready to make moves, and we’re here to help them secure the right financing to complete the deal.”
Advice for First-Time Luxury Homebuyers
For first-time luxury buyers, especially those relocating from New York City or other major metropolitan areas, Gangi offers a piece of advice: "Do your due diligence. Drive around the neighborhoods, check out local amenities, and ensure the commute works for you."
Giordano advises first-time buyers to seek out financing advice early in the process. “Get pre-approved for a loan and understand your financing options. The luxury market is competitive, and being prepared can give you an edge in securing the right property.”
As the Bergen County luxury market continues to evolve, Andrew Gangi and Vincent Giordano remain trusted advisors for those looking to navigate the complexities of high-end real estate. With a combination of market knowledge, local expertise, and access to exclusive resources, Gangi and Giordano offer a tailored approach to luxury real estate that helps clients make informed decisions and secure their dream properties.
For those entering the market, Gangi’s advice is clear: do your research, work with experienced professionals, and always make your decisions based on long-term goals. With the right guidance, the luxury real estate market offers endless opportunities for investment and growth.
Andrew Gangi - The Gangi Group | KW
Address: 123 Tice Blvd, Woodcliff Lake
Phone: (201) 575-3312
Website: thegangigroup.com/
Vincent Giordano - President and senior loan advisor for Garden State Mortgage Corp.
Address: 160 Pehle Ave Ste 301, Saddle Brook
Phone: (201) 351-5874
Website: gsmlending.com/team-member/vincent-giordano