Sold Archives - Seattle Condo Broker

February 10, 2017 By Jeff Reynolds

Just Sold, Capitol Hill Condo, 4% Above Asking Price

Seattle Condo Case Study

Just Sold | 104% of Asking Price
705 E Republican St #505
Asking Price $375,000
Sales Price $390,000

Situation | Objective
Our team was contacted by the owner of this unit in early 2016. The owner followed our blog and had been impressed with the increase in sales activity in the Capitol Hill neighborhood throughout the year. The unit had been rented for years and this was the owner’s first opportunity to sell the Seattle condo in a market they felt comfortable with. We walked them through the process by reviewing our marketing plan, our analysis of value and our strategy moving forward. We picked a launch date an the rest was history.

Marketing and Sales Strategy
Every marketing strategy is different. It is very conditioned upon the neighborhood, the sales data, the unit condition, the timing and the enthusiasm of the seller after we make our recommendations.

We deployed a marketing strategy for this particular property that included staging, photography, video and a full scale marketing blitz. The key was that the listing would be going on the market in November. Listing and selling around the holiday season has its pros and cons. We felt comfortable given the market condition to proceed.

Result
We had a tremendous results with this particular sale. The unit sold in less than 2 days to a buyer that had lost out on multiple units in the past. They were inclined to write a GREAT offer immediately after we went on the market to convince our Seller that they should not wait for other competing offers. In doing so, they presented an offer that was 4% higher than our asking price with very little contingencies. This was a perfect result for our seller who was focused on selling to a qualified buyer with a strong certainty of closing.

Here was the review left by our client:

“I am delighted to have the opportunity to provide a recommendation for Jeff Reynolds. I have never given any person or business 5 stars for performance; but in this case it was justified. Jeff Reynolds is a consummate professional in every way. In 20 years of real estate transactions I have never had a sale go more smoothly. I contacted Jeff with a need to sell my apartment within 2 months -before the end of the year for tax reasons. He did not promise he could but said he was confident that he could -like I said, a professional. He actually sold it the first day it was on the market at above asking price. He handled every single detail so that I had zero stress with the sale. My husband and I could not be happier. -JAE”

We are thrilled to sell another Seattle condo for another amazing client. To learn more about what we do, contact us or check out our condo blog – UrbanCondoSpaces.com

June 23, 2016 By Jeff Reynolds

Just Sold, 2617 Boylston Ave E #B

Seattle Townhome Case Study

Just Sold | 99% of Asking Price
2617 Boylston Ave #B
Asking Price $799,500
Sales Price $789,000

Situation | Objective
Our team was presented with a very unique property to sell. This incredible townhouse is something you see just a few times a year. It had beautiful finishes including wide-plank floors, exposed interior brick, wood beamed ceilings, steel and concrete stairs, a cooks kitchen and a killer rooftop deck. The interiors of the unit measured 1,700sf of living space. Despite all these incredible features, the biggest challenge was the location. The home was located on Boylston. Boylston parallels I-5 and we knew we would have a tough challenge to overcome.

Marketing and Sales Strategy
Some of the joys of our business is the challenges we face. We knew we had a picture perfect unit – so what would it take to help buyers overcome the objection of the freeway. Thankfully the sellers had impeccable taste and did a outstanding job prepping the home for sale. Paint, handyman work and general market prep were handled with unbelievable focus. This allowed me and our team to really focus on good creative marketing and getting the word out about this special unit.

We deployed a strategy called a double listing. This gives owners in certain parts the city the opportunity to list their property in two different areas (Downtown/Eastlake) as well as two different property types (Home/Condo). Townhomes, because of they are often referred to as condo units can be marketed both ways. We felt that this was very effective in getting 60-75 buyers through in the first 2 weeks of marketing.

Result
In another example of there being a home for everyone, we found our buyer 22 days into the marketing and sales process. They wrote a great offer that was negotiated up by our team to the eventual $789,000 price point. The buyers also allowed our clients to “lease back” the home for 45 days after closing. This allowed our team to assist our clients in locating an incredible home in the Montlake neighborhood.

June 23, 2016 By Jeff Reynolds

Just Sold, 5% Above The Asking Price In Fremont

Seattle Condo Case Study

Just Sold | 5% Above Asking Price
Kauvion Codnos | Unit #201
Asking Price $395,000
Sales Price $415,000

Situation | Objective
Our team took on a tough challenge with a 2 bedroom condo located right on 99 (Aurora) in the Fremont neighborhood. This hurdle did not deter our feelings about the unit or the potential target market. We competed for the listing and earned the right to represent the seller. Our approach and our resume with condos is always an added feather in our cap when interviewing with prospective sellers. We believe we are the best condo team in Seattle.

Marketing and Sales Strategy
The marketing/sales process started with a very important approach towards the potential issues that come with marketing a property right on a major highway. Highway 99 is a 50-55mph thoroughfare running right down the spine of Fremont. We had to accept the fact that buyers may be deterred. We focused on what we did have, not what we didn’t. That meant a significant amount of prep work in getting the unit ready. We painted, addressed some interior issues in the common area and basically had the unit in perfect condition prior to the staging install.

The staging and professional photos could not have been better. We used these two components of the sale to really drive interest not only in Seattle or domestically but tried to expand our reach internationally as well

Result
Finally connecting with an international buyer, we negotiated a multiple offer situation that increased our sellers asking price from $395,000 to $415,000. This was an all cash offer that closed in less than 3 weeks. Our seller was pretty happy with the results :-).

See more photos here

May 18, 2016 By Jeff Reynolds

Just Sold, 99% of Asking Price, 2716 Elliott Ave #402

Seattle Condo Case Study

Just Sold | 99% of Asking Price
Bellora Condos | Unit #402
Sale Price $542,000

Situation | Objective
We are fortunate to work with AMAZING clients. This seller is a not just a great client but a close personal friend. We helped this client purchase the condo back in 2009 during the late stages of the Great Recession. At the time we negotiated a great deal. The objective for the sale this time around was to get a good solid price in a reasonable amount of the time. The Seller and his beautiful wife purchased a home in Bellevue and needed to get 2716 Elliott Ave #402 (Bellora) off their books. The sale would not be simple as the tenant presented some interesting challenges around showing times making it difficult for us to get the normal amount of volume through the unit in the first few weeks.

Marketing and Sales Strategy
The marketing/sales process started with a very thoughtful approach to working with a tenant that was un-able to vacate early. Our team had to manage expectations around his preferred showing schedule and we needed to set some clear expectations regarding the condition of the unit. We deployed a professional photographer and put a major emphasis towards marketing the size of the unit and the quality of the building. We strategically targeted 2 bedroom buyers that were priced out of a very expensive and competitive Seattle condo market.

Result
We felt very satisfied with the results. Even with a number of hurdles we faced, we managed to sell the unit quickly (in less than a month) for 99% of what the seller was asking. Every sale is different. Even though this transaction had an emotional connection our approach had to be direct, concise and effective. Mission accomplished.

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SeattleCondoBroker.com was designed by Jeff Reynolds. It was built to display the un-paralleled Seattle condo service for buyers, sellers and condo enthusiasts. In partnership with UrbanCondoSpaces.com, we invite you explore past sales, current listings, market data, new projects reviews and more. Jeff and his team of Seattle condo experts are the premier real estate team in Seattle, Washington.

April 11, 2016 By Jeff Reynolds

Just Sold, 11.5% Above Asking On Capitol Hill

Seattle Condo Case Study

Just Sold | 11.5% Above Asking
Brix Condominiums | Unit #114
Asking Price $459,000
Sale Price $512,000

Situation | Objective
We were thrilled to have another opportunity to work with one of our best clients. She called our team in December with a goal of being on the market in the spring. Our recommendation was to watch the monthly sales in her neighborhood (Capitol Hill) and we would look for an opportunity in terms of timing when we felt the sales velocity driven by lower inventory was moving up. Fortunately we had a neighboring unit hit the market just a week before our launch day. It was mirror image of our unit and we would benefit by seeing how the market reacted.

Marketing and Sales Strategy
When the neighboring unit hit the market we had to be sure that our strategy was sound and that we would to do everything we could to drive traffic to our listing once the competing unit went pending. With the permission of the broker on the neighboring unit, my team called each and every buyer/broker that wasn’t successful in purchasing #unit 113 (neighboring unit). They had multiple offers and we we expected the same with our unit. 1 bedrooms in good buildings on Capitol Hill sell quickly. In fact, last month the average sale on Capitol Hill sold for 7% more than the asking price.

The custom marking plan deployed for this project was thoughtful and deliberate. Our staging was contemporary furniture that fit the space perfectly and allowed plenty of foot traffic through the unit at the same time. We had the 814sf loft space professionally photographed and we strategy placed marketing material in a number of different areas in and around the unit. This included laminated maps and routes for the new link light rail that can be accessed from the unit by simply walking 3-4 blocks. We deployed our custom social media campaign and had a tremendous response from the market.

Result
Our marketing received a lot of positive feedback and the response from the market was incredible. We had 30-40 showings in 6 days. We sold the property for nearly 12% more then the asking price. This was 5% higher than the current average on Capitol Hill. In less than 30 days, we were listed, received multiple bids and sold at $512,000 (asking price was $459,000).

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