I’m going against what I usually do and actually talking about one of my listings. Why? Because there is a good story.
Two years ago, I had this listing at 2185 Bush #315.
I put this place on the market literally a few weeks prior to the peak we experienced in 2005. It hit MLS, the phone was blazing, emails were flying, and the open houses (all two of them) were packed, as were the broker tours. Granted, this property was completely remodeled to the studs and totally out of character for this building, but it is the activity I’m focused on. Long story short, we had multiple offers and it went way over the $799,000 asking and sold for $930,000.
I just had this listing at 2185 Bush #311.
We put it on the market the week before Labor Day, in other words just as the Mortgage Crisis was brewing. Also a very great home, it had been updated, has tons of natural light, parking, two beds, two baths, the whole bit. There had been nothing but positive feedback, and no qualms about the price, four serious buyers circling, but nobody was stepping up.
Right about the time I was starting to wonder, the phone rang, which was right smack dab in the middle of the frenzied reports about the mortgage crisis. But, an offer was on the way. Then, the phone rang again from an agent who also had clients that wanted to write an offer, but wanted to see the condo again, and then the phone rang again from a third party with the same request. So now there were three serious buyers on tap, but only one offer for sure.
Long story short, the two other buyers decided they did not want to rush things and write an offer given the media crisis, so we were left with one.
It was a great solid offer with tight financing and a quick close at $795,000, $44k below asking, and my clients took it.
The buyers did inspections, wanted my client to fix some dry-rot, which they did. We were planned to close in 30 days, and we closed in much less. I think it was 20. No problems for the buyer whatsoever on their loan, and the place sold right along with the comps for the building, which worked out fine for the sellers who felt they got a fair deal. In all, it was just over two months from when my client moved out to when we closed. Not too shabby.
So, we had a happy buyer, a happy seller and a quick close. The market is still good. Don’t let anyone tell you otherwise.