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.
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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