3rd Time's a Charm
Working for past clients almost always gratifying. This particular loft felt a bit surreal. Back in 2012 we were contacted to sell this loft. The owner had purchased the loft new for over $200 / sq. ft, and the downtown real estate market had been in a slide ever since. The owner was upside down, and a short sale was the best option. The 2012 market being what it was, it sat on the market for 18 weeks before going under contract. Short sales, being cheaper, weren't a sure thing for buyers. Banks sometimes took months to approve, reject, or renegotiate them, so buyers who needed a firm closing date would move on. The short sale process was fast by comparison, which took over 11 weeks, then another 4 weeks until closing. In the end, the buyer got a deal and the seller's were bewildered.
Fast forward 18 months, and the market was improving. The new owner had made some updates and listed with a different Realtor for a lot more. I was outraged, but my new buyer loved it. Based on comparable sales, the loft was about $18,000 overpriced. Despite that, we were able to negotiate down to $231,000 and, despite my frustration, they chose to move forward.
Here we are 8 years later and get a call. Time to sell. Thankfully, my client remembered very clearly that they overpaid for the unit. The market has been recovering a bit since the pandemic and we were cautiously optimistic. Days on market downtown was averaging 69 days, and it sold faster than that for exactly $1,000 more than its purchase price. Downtown is looking up!