Seattle Condo Case Study
Escala Condos
1920 4th Ave #1409
Seattle, Wa 98101
Asking Price – $635,000
Sale Price – $635,000
Situation
We sold this unit to our client in 2010. Thankfully, it was a great time to acquire the property. Values in Escala were depressed from the recent recession and we were able to strike a very solid price from the previous owner. The reasons for selling were very simple. Through our own research, we learned of two major projects that were in planning on two adjoining sites. Both of these projects could have a major impact on the value of the unit and certainly would greatly decrease the natural light. Once our client was on board with proactively selling the unit, we put a plan in place to execute.
Strategies & Tactics
The goal was to be transparent with buyers about the proposed neighboring developments. We took a similar approach to many of our other sales with professional photography, video, light staging (thanks to our clients great taste in furniture) and we deployed a very robust social media campaign. We sent out our signature “just listed campaign” and reached out to our downtown brokers network.
Result
Given the complexity of this particular sale, we realized that we likely wouldn’t sell at or below the average days on market timeline. With that said, we aggressively pursued multiple offers and set a review deadline a week from when we listed the condo. We received 2 offers. We were disappointed to hear that our buyer backed out of the sale just 3 days into the contract. We put the condo back on the market, procured an offer in less than a week and immediately put our closing plan in place. The buyer profile was an executive level Amazon employee who was re-locating from San Francisco. Our seller appreciated our tenacity in quickly getting back under contract and seemed to be very happy with the results.
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