GatherNovember 13, 2011This week on Selling New York, a pricey renovation in Trump World Tower needs some ingenuity to find a target sales price. Then a stubborn woman does not want to drop the price of her condo ($1.775 million) after six months on the market without serious offers.
The Trump Towers condo has had over $1 million in renovations and custom work. Margaret Wailes, Jay Glazer, and David Jacobs of Warburg are the social media mavens and are challenged with marketing this project with a tech edge. Everything in the apartment can be remotely controlled.
The comp apartment is listed for $3.39 million but it is not a techy apartment. It is not customized like their listing. The comp does have more square footage, 2087 v 1600 sq ft. It is on a higher floor with slightly better views. But it is not customized.
The Warburg group invites brokers to a cocktail party to teach them new ways to research properties using technology. The party is a huge success. However, after four weeks of increased traffic the condo still has no offers.
Michael Graves of CORE needs to help a woman sell her condo, after six months without any offers. She refuses to lower her price. The views from the apartment are about to change. There will be an obstruction caused by a tower going in across the way. He tells her that he may drop her listing. She counters him with bate of three possible commissions: her current home, the one she will be purchasing, and another in a few years. Now Michael is hooked!
Michael finds an amazing property for his client to purchase. It's 1,221 sq ft., 2 bedrooms/2 bathrooms and is listed for $1.885 million. He needs to sell her existing place and try to make a deal on both ends, selling and purchasing. The client falls in love with the apartment!
Michael meets with Shaun Osher, CEO of CORE, to discuss new tactics to sell his client's current apartment. The suggestion: "You're not selling a view, you're selling a neighborhood." The new towers that are going in will bring new movie theaters within walking distance, new high-end restaurants, three and half of green space, underground parking and more.
Michael takes Shaun's advice and hits a home run! The condo is sold for the $1.75 million, and he is able to get a great deal on the purchase ($1.65 million) for his client. It's a win-win for everyone!
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