How to get a record price for a condo on the beach

The Challenge:

Sell a condo on the beach at a record price.  This condo is one where the owners spent over $200,000 in renovations and made it absolutely flawless. Although this is one of the best buildings on the beach, it far exceeds the finishes of any other unit in the building. Even the laundry room has granite counters and Kohler sink and fixtures!

The Analysis:

In order to get the asking price of $1,400,000, we would have to find someone who can appreciate not only the way it looks, but also the expensive materials and fine craftsmanship. This will require marketing on a national and international level to attract the right buyer.

The Plan:

To get a quick sale at maximum price, we needed to expose the property to  large pool of buyers very quickly. It was important to get out of town buyers to make the trip to see the property in person. To accomplish this, we created a custom marketing plan that included the following: Professional photography of the property and the beach. Professional aerial photography and videography showing the building and it’s proximity to the Gulf of Mexico, the distance from traffic and the surrounding area. A professional promotional video was also produced along with 3D Virtual Reality imaging. Brochures were printed and distributed. We also personally spoke with other residents to see if they may know of anyone who would like to live in the building. 

Advertising consisted of all the usual methods; listing in the MLS and over 80 public real estate web sites and services. We also did a comprehensive social media campaign with both organic distribution and targeted paid advertising to markets that were having a particularly hard winter and demographics that we determined would be good prospects. We also contacted every Broker and Agent we knew in the area and gave them good reasons to make sure their clients were shown the property.

We met every prospective buyer and gave them a personal tour informing them of all the details that justified the premium price of the property, and followed up with every buyer or buyer’s agent to help them make an informed decision.

Since the buyer was financing the purchase, and it is a record price for the building, the next issue to overcome was the possibility of the property not appraising for the purchase price. By law we can not discuss the value of the property with the Appraiser, but we can help the Appriser with factual information about the property and the comparables that we used in our own pricing analysis. This was vital in this transaction because part of the value of the property was the imported materials and high-end finishes that may not have been readily apparent to the Appraiser.

The Result:

We had a lot of showings and the property under contract in just 16 days at nearly asking price of $1,250,000. The closing went smoothly after one problem was resolved. The Buyers have a service animal, which the Condo Association did no initially agree was not a pet. That will be the subject of another white paper.

“From start to finish, Chuck and Pat provided professional support throughout the process of selling our home, starting with a thorough market assessment, recommendation of list price, photographing, doing 3D, videography, staging and listing the home. As a result, we sold our home literally to the first buyer with visited our home. Even after the home went under contract, Chuck did the small, but cumbersome things like helping us make repairs, doing necessary paperwork, communicating back and forth to the buyers and anything else needed to assure a timely and successful closing. We would highly recommend to anyone, using him either to sell your home,
or buy one.”