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!