The Challenge:
In the year before Collective Property Consultants brought Penthouse 19 to the market, homes in The VIO were spending an average of 52 days on the market before going under contract and were selling for 2.9% lower than their list price.
But when I met with my clients, owners of Penthouse-19, I learned that they wanted to sell their home in 50 days without sacrificing value.
Using our customized strategic vision detailed below, I put together an effective plan tailored to their needs and to the unit’s unique features.
The Collective Property Consultants Approach:
Rather than reacting to my clients’ desire to sell their home as quickly as possible, I took a step back and looked at the challenge strategically.
First, I identified Penthouse 19’s strongest selling points:
- A private 600+ square foot terrace with adjacent wet bar, perfect for entertaining
- A secure, amenity-rich building with infinity pool, concierge services, and access to all the restaurants and venues of the coveted DC Wharf neighborhood.
Second, understanding the unit’s strengths, I identified two target markets:
- Current Residents of the VIO. Residents of the building love the building and location, but crave more space.
- Luxury Pied-a-terre Buyers. People who want a low-maintenance, comfortable place to stay while in DC and value the security and amenities offered at one of DC’s top condominiums.
Understanding these target markets, I recommended NOT listing the home right away, even though time was of the essence for the owners. I recommended holding off until after Labor Day when both current residents of the VIO and luxury pied-a-terre buyers were more likely to be back in Washington after summer vacations.
In spite of the below market price most Vio units were selling for, I proposed pricing the home at the higher end of the value range for the property. I truly believed that the outdoor space (for which there were no recent comps) had value in the current pandemic-influenced market. What is more, in looking at the other homes currently on the market in the building and in other nearby competing buildings, multiple units that were similar to this home were priced well over what I felt this home should be valued, giving me the ability to price at the higher end of the value range and still look “like a deal” compared to other homes in the building.
Execution:
I put together a detailed marketing plan to reach both current residents and luxury pied-a-terre buyers. The plan included a dynamic social media campaign to promote the building and the unit, a reception for residents to preview the home the first day it hit the market, and an advertising buy in both the print and digital editions of the Washingtonian. My team and I developed a custom 22-page brochure for the property that was available to people who toured the home to help make the experience feel premium.
All of our marketing collateral drove to a custom website, VioPenthouse.com, which featured multiple video tours of the building and Wharf neighborhood, more photos than were available in the listing alone, and detailed information about the home. Engagement and visits to the website were consistent throughout the unit’s short time on market, indicating that our marketing materials were effective at engagement and sparking interest in the home.
Results:
My strategic approach to selling this home resulted in getting under contract at full list price in a record 22 days. The buyers were so happy with the presentation of the home that they even purchased the staging furniture!
My clients are thrilled with the results. Not only did we meet their timeline and financial objectives, but they also applauded the level of service from the Collective Property Consultants Team.