Jeff Reynolds, Author at Seattle Condo Broker

May 2, 2016 By Jeff Reynolds

Just Sold, 20% Above Downtown Seattle Average

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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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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March 26, 2016 By Jeff Reynolds

Just Sold, Insignia Towers 1802S

Seattle Condo Case Study

Insignia Towers | 1802S
Asking Price $925,000
Sale Price $915,000

Situation | Objective
We were referred a high end client who was relocating their family to Silicon Valley. The objective was to develop a creative marketing and sales strategy that would compete with the new construction condo developer who was selling the remaining 14% of inventory in the 2015 twin tower condo project. The client’s ability to move was not conditioned upon the sale of this condo but was extremely important.

Marketing and Sales Strategy
The challenge was obviously competing with the marketing budget of a multi-million dollar condo development. We had to create some differentiation. We were flawless with our photography and hired a production team to film a 4K video vignette that we distributed both domestically and internationally. Our goal was to focus on the amenities of the building and the proximity to the core of Downtown Seattle.

Result

Our marketing received a lot of positive feedback and the response from the market was excellent. We sold the property in 31 days and our client is currently relocating to California. It was a successful venture – our seller was happy with the results.

High Rise Living At Insignia Tower | Unit #1802S from Urban Condo Spaces on Vimeo.

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February 24, 2016 By Jeff Reynolds

Sold, One Lincoln Tower Unit #2007

Seattle Condo Case Study

One Lincoln Tower
650 Bellevue Way #2007
Bellevue, Wa 98004

Asking Price – $899,000
Sale Price – $890,000

Situation

Our clients engaged our services a number of times in the lifetime of their ownership. Most recently, we took on the challenge of selling this 20th floor unit and reaching high for a record breaking price in the building. We gladly accepted the challenge.

Strategies & Tactics

We set some ambitious goals of reaching out to each and every owner in the building. One Lincoln only has 148 units so the idea was to keep the listing on the forefront of every neighbors mind. Living in One Lincoln Tower is a exclusive opportunity and we handled it as such. We used professional photography, video, and we deployed our highly successful social media campaign. We sent out our signature (just listed campaign) and reached out to some of Bellevue’s best brokers.

Result

We could not have been happier with the result of our efforts. At a listing price of $899,000 we received a number of offers and eventually got our client $890,000 – We successful sold the unit in less than 120 days and set the second highest cost per square foot in the building in the last 4 years at $793psf.

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December 18, 2015 By Jeff Reynolds

Olive 8 Condos, Year End Marketing Report

Project | Olive 8 Condos | 737 Olive Wy, Seattle

Are you an condo owner at Olive 8? Maybe just an enthusiast wanting to stay up on market movements and pricing info? In partnership with UrbanCondoSpaces.com I just put together a year end marketing report for Olive 8.

Cost per square foot, average cost per condo sold and the average pricer per rental are all up. You’ll see in our infographic below that the average cost per square foot is up nearly 34% since 2011.

There were 5 sales over a $1,000,000 in 2015 as well.