for sale 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.

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.

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.