1600 N Oak St #1716 | The Belvedere Rosslyn
Property Overview
When preparing a property for sale, there are numerous suggestions, upgrades and recommendations that go into getting the property ready for the open market.
Our clients for 1600 North Oak Street #1716 should win an award for following through on every single one of our recommendations.
The sellers had just moved into their new house so the condo would be vacant when it came time to list the property.
The first order of business was to have the property completely painted. We always paint our condos with a Sherwin Williams Passive Grey to go along with white trim.
The second task was to change out a few light fixtures. The property had been renovated in 2013, however, a few of the light fixtures were starting to show their age. Specifically, we changed out the foyer light, living room sconces, dining room light fixture and kitchen overhead light.
The goal of updating the light fixtures was not so they would be noticeable…the goal was to make the light fixtures ‘unnoticeable’. When there are outdated light fixtures in a renovated property, buyers will be distracted by those fixtures because they stand out. When there are modern light fixtures in a renovated property, the fixtures blend in and do not stand out or attract attention. That is the way it should be.
Now that we have the property painted and updated, it was time to stage the property. Staging is one of our secret weapons to get our clients the highest price possible.
The mindset is simple: “How can we create the best showing experience possible for prospective buyers?” Think about if you were to purchase a brand new construction home in a new development. The builder will have a model home that is available to tour and chances are, that home is staged with furniture. Why? Why not just save the money on staging and have prospective buyers walk around a completely empty house? As you know, the answer is obvious. Prospective buyers have an easier time envisioning their own furniture in the space when a property is staged. Staged properties create a welcoming atmosphere for the buyer to explore the space.
We started asking ourselves: “How can we duplicate this experience for our clients?” It is for this reason that we include staging in all of our listings. Some may be thinking, “It’s only a small condo, why would you stage that?”. That’s a great question and the answer is in the question already. Smaller spaces are hard to envision! If a buyer cannot imagine their furniture in a small space or if they don’t think their furniture will fit, then they may rule out the property completely. Staging makes spaces appear larger and hides imperfections in a condo’s floor plan. By partnering with a local staging company, we are able to include staging in all of our listings with no additional charges.
Online Marketing
We stressed the neighborhood for this property tour video. With the pandemic ongoing, the theme of the video was, “When you want to get away from it all, but still be in the middle of everything”. The video includes going for a walk on Teddy Roosevelt Island, putting on a putting green in Freedom Park and laying down in a sandy spot at Gateway Park, all in the Rosslyn neighborhood. The YouTube video got 11,000 views.
The Instagram video reached another 1,500 people.
Results
We listed the property for $619,900. The seller accepted an offer after 16 days on the market. The property sold for $617,000. I will confess that this property took a little bit longer to sell than we had anticipated.
The condo market had taken a significant hit because of the pandemic. The first noticeable change is a decrease in demand and the second noticeable change is the decrease in price. Thankfully, we only had a slight decrease in demand and a sale price of just under list price. The sellers were elated that the property sold within three weeks and at the price of $617,000.