What one piece of information got a seller $79,500 more for an otherwise identical unit?
After trying to sell his apartment at The Waverly in South Beach with two agents unsuccessfully, Michael grew disillusioned and frustrated. He did not feel that the agents did enough for his property. His listing expired and he began renting out the unit instead. Michael spoke to Prime Den and felt confident we could get the property sold.
On the market in the building was another unit a few stories lower, on the 11th floor, with the same size (one bedroom, one bathroom, 793 square feet) floor plan and condition, selling for $5,000 less.
To the naked eye, the other unit looked like a better deal than ours. So even though we were competing with a similar unit, how did we get the buyer to go for ours and ultimately get $79,500 more?
There are a myriad of factors that contribute to Prime Den achieving the highest selling price on a property. In this instance, our knowledge was imperative to our getting a higher price.
Prime Den was aware of a future development that had City approval to be constructed next door to the Waverly. Through our research in City records, we discovered that the height of the new building would be on level with the Waverly’s 11th floor, effectively ruining the view from the unit on that floor and significantly lowering that unit’s investment value.
When meeting with the buyer deliberating between our unit and the other, we shared that crucial intel, which the buyer was unaware of. Our superior research and our ability to communicate this made the buyer see our unit as a superior purchase even though they were paying more money.
We think it’s always essential to do our research and effectively communicate it to potential buyers.
Our marketing strategy enhanced the unit’s positioning, garnering significant exposure, which also got buyers looking at the apartment in a better light.
We sold for $389,500, with the property under contract in less than 30 days,
whereas the competing property on the lower floor was unable to sell, expired and continually lowered their price and eventually sold for $310,000 a year and a half later.
$79,500 less than our selling price,
Prime Den’s dominance remained where 3 months later, on a much higher floor, Unit 2610 went for sale and sold for $355,000, $33,500 less than our selling price.
7 months later, again on a higher floor, Unit 2210 went for sale and sold for $357,500, $32,000 less than our selling price.
Michael being based in California, he was relieved with our hands on approach with Prime Den taking the lead in being in contact with the condominium association and the City of Miami Beach. Michael was very happy with us selling the property where other agents had failed, and for more than what he had expected.