Seattle's Number One Condo Team
In an effort to keep everyone continually informed on the Seattle condo market we are rolling out annual reports for some of Seattle’s best condo buildings. You’ll find these reports both on www.UrbanCondoSpaces.com and www.SeattleCondoBroker.com.
If you live in a building that we haven’t covered, just ask. We would be happy to generate a report for you and your building.
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.
Seattle Condo Case Study
Situation
Our seller reached out to us about selling this incredible 2 bed, 2.5 bath condo at Bellevue Towers. The property was purchased early in the sales process and our job was to help the seller pull equity out from a quick sale so she and her family could re-locate to Seattle.
Strategies & Tactics
Our marketing strategy included staging, professional photos, drone-video production, an independent website and a social media blitz. We sent our signature just listed campaign, catered a brokers open and reached out to our downtown brokers network (both Seattle and Bellevue)
Result
In less than 3 weeks we found a buyer from New York who paid $910,000. Our listing price was $918,000. We faced other units in the building that came on during our listing timeline but our focus helped us get the job done. Our seller was very satisfied with our pre-listing, marketing deployment, our contract negotiation, the staging, the website and the video production.
Seattle Condo Case Study
Building | Address
714 Bellevue Ave – Unit #101
714 Bellevue Ave #101
Seattle, Wa 98102
Situation
We were tasked with finding a great home/condo in the $750,000-$1,000,000 price point for a new client sent to us by the owner of our company. The goal was to identify a good quality 3 bedroom unit for the client to purchase in a 90-120 day window. They would re-locate out of a South Lake Union apartment.
Strategies & Tactics
3 bedroom condos are not as common as one might think. In fact, unless it is a penthouse, most 3 bedroom units are found in older and often less desirable buildings. We sifted through our database of condos, went through traditional routes of exploring 0n-market property and eventually shifted gears towards finding a great “off-market” opportunity. Our team often pre-viewed listings to make good use of our clients time. We caught word of 714 Bellevue Ave #101 hitting the market. Ironically, at that time we were helping a past client lease their unit next door (714 Bellevue Ave #102).
Result
Once the property was identified, we moved quickly. We avoided a multi-offer situation by offering full price and a significant amount of down-payment funds which were attractive to the seller.
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Seattle Condo Case Study
Situation
We were given the opportunity to sell this condo after it failed to sell just earlier in the year (2015). It was previously listed for $550,000 in July of 2015.
Strategies & Tactics
We built a sound marketing strategy that included staging, professional photos, video and a social media blitz. We sent our signature just listed campaign, catered a brokers open and reached out to our downtown brokers network.
Result
To the surprise of our seller we raised the price to $598,000 (from $550,000). In just 12 days, we successfully found a buyer for our seller. Our sellers were thrilled with our pre-listing, marketing deployment, our contract negotiation and the successful close in less than 30 days.