Seattle Condo Case Study
Just Sold | 20% Above The Downtown Seattle Average
Continental Place | Unit #1401
Sale Price $420,000
Cost Per Square Foot $820
Downtown Average In March $681
New Construction Average (Insignia Towers) $719
Situation | Objective
Our team took on a very interesting challenge. We were given the task of selling a 512sf unit at Continental Place. The seller challenged us to get a higher than market price for the unit. This was especially difficult as the condo had seen very little updating over the years. We took on the challenge and in less than 60 days we found a buyer who was willing to purchase the unit at a premium. At $820psf, we raised the bar. The Downtown Seattle average was just $681psf last month.
Marketing and Sales Strategy
The custom marking plan deployed had to be near perfect. Whenever you list a property over market value you have to expect push back from the market. Understanding our clients objective, meant that we had to meet the market with a clear and concise message. We had to lean on market indicators that would help to “price in” what we felt the value of the condo was and the direction it was going. Buyer’s were going to reject our pricing model, so we had to meet those objections with a thoughtful perspective on pricing/offering. We used inventory, the strength of the building, the tenure of the door staff and a number of other key factors to justify an above market ask.
Result
We don’t mind tooting our own horn on this one. The numbers speak for themselves. Event though it took us nearly 60 days to sell the unit, we procured an offer that was $820psf. That is 20% higher than Downtown average last month. It was a huge success for our team, but more importantly for our seller!
Cost Per Square Foot $820
Downtown Average In March $681
New Construction Average (Insignia Towers) $719
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