Today I want to tell you the story of when I got a record price for a transaction I partook in a while back. Now, when I say ‘record price,’ I mean that no one ever sold a two-bedroom unit for as much money as I did.
There were 420 units in just one co-op, and 300 of those were the same exact two-bedroom layout. I was selling a two-bedroom unit of a similar size down the street at 65 Morton. The homeowner called me and told me that they wanted to sell their property quickly for a record price. At the time, he had tenants living there.
He wanted to sell for $1.45 million, but the highest comparable was $1.3 million. I looked over his property; he had done some great renovations on it, including opening up a window and adding a bathroom. I thought the market was there, but the comps just weren’t.
"After some competition, people began to see the value, and it finally came down to a track race between two interested buyers at $1.494 million."
We listed it at $1.4 million and the seller and I were on the same page. His tenants were incredibly friendly and cooperative; they kept the house looking so beautiful that we didn’t need to stage anything.
Between myself and the two others on my team, we showed the property about 100 times. In the first two weeks after listing, we had four open houses. It was a nonstop revolving door of interested people, and we met a lot of future clients there.
We received about 10 offers on the property, the first few of which were lower than our asking price. After some competition, people began to see the value, and it finally came down to a track race between two interested buyers at $1.494 million. Neither of them elected to have broker representation, which is a double-edged sword for us because that can make people hard to deal with in negotiations.
Sure enough, the couple who eventually bought the property ended up being quite adversarial to me. In the 11th hour of the deal, it was tough to get them to sign the contract. Sometimes buyers bid high and later come to regret their decision. But after quite a bit of hemming and hawing, they signed the contract, got the deal, and everyone was happy.
We sold that home for $1.494 million in cash—$94,000 over the asking price.
If you have any questions about this or other deals I’ve done, feel free to reach out to me. I’d be glad to tell you all about them.