888 N Quincy St #1701 | The Residences at Liberty Center
Property Overview
Our client was living in California full-time and was looking for a real estate agent in Arlington that could manage the entire sales process of her Ballston condo from start-to-finish.
The property had been rented out for many years and was in need of a few upgrades to go along with some minor repairs.
After our initial strategy session, we decided on the following upgrades:
- Fresh paint
- New carpets in the bedrooms
- New ceiling fan in the owner’s bedroom
We also switched out some dull light bulbs in the unit and had the property professionally cleaned.
Market Ready staged the property and all that was left was to come up with a compelling video for the property.
Since the property was going to be listed on February 13th, one day before Valentine’s Day, we decided on doing a Valentine’s Day-themed video.
We listed the property on that Thursday at $749,900. The reason we chose this price was because we had recently listed #1901 for $749,900, received multiple offers, and that property ended up selling for $769,000. Since #1701 is two floors lower than #1901, we thought we’ll list it at the same price, and have similar results. We did not expect a lower-floor unit to sell for more than the unit two stories higher.
We had briefly discussed the possibility of listing the property for $769,000 since that was the price of the most recent comparable property. After weighing the pros and cons, the seller decided that she wanted to replicate #1901’s strategy by listing at the same exact list price. We knew that price would attract multiple offers and that buyers would ‘bid up’ the price, as opposed to starting with a much higher price. But we didn’t expect what was going to happen next.
Online Marketing
We published the property tour video on Facebook and it reached over 28,000 people in the local Arlington area.
To further bolster the reach of the video, we took out a Listing of the Day post in ARL Now.
From that one article, an additional 611 local viewers watched the video.
The YouTube video ended up receiving about 11,000 views through our local advertising efforts.
Through these online marketing efforts, we were able to showcase this listing to an additional 39,000 people in the local Arlington area.
Results
The property was listed on the market for a total of six days and was shown 29 times.
We received eight offers on the property.
The highest bidder came in at $830,000 with no contingencies.
The seller gladly accepted the terms of their offer and the property closed just a few weeks later.
