Looking to sell a condominium or townhome for sale in the Gaslight Square neighborhood of the Central West End?
PREA Signature Realty just LISTED and SOLD this townhome at 4127 Westminster Place in the Gaslight Square neighborhood of the Central West End in 72 hours for 99% of the list price. So, how did it sell so fast? It was a combination of an aggressive pricing strategy, use of video and social networks to market the property, and use of our database to get the word out.
PRICING STRATEGY: To start the process, we searched the MLS for active listings, pending sales, closed sales and expired listings. We used the closed sales as a guide to the price range. We then used the other active listings to position our sale in the range. Contrary to poplular practice, we didn't simply let the seller set an optimistic price on the hope and belief that someone would fall in love with the property and make an offer. We positioned the price of the listing $4,000 and $13,000 respectively under other properties listed for sale in the same development. Here are some of the facts and figures:
|
COMPARISON |
AVG. SQ. FT. |
DOM |
AVG. SALE PRICE |
AVG. PRICE / SQ.FT. |
|
CONDO SALES-12 MOS. HISTORY-1/4 Mile Radius |
1241 |
159 |
$179,382 |
$144 |
|
WESTMINSTER TOWNHOMES - 12 MOS. HISTORY |
1472 |
363 |
$178,000 |
$121 |
|
WESTMINSTER TOWNHOMES - AVAILABLE |
1254 |
52 |
$189,000 |
$151 |
|
4127 Westminster |
1216 |
3 |
$179,000 |
$148 |
Now, there are two important things to notice here. Pricing the property results in a quick sale - this property sold after 3 days on market. Similarly, it garnered immediate interest from multiple parties based on the value proposition created by pricing the property below the other 2 active listings in the neighborhood. The interest garnered resulted in a substantially shorter number of days on market and a sales price that was above average both in terms of the neighborhood and the specific development.
HARNESSING THE POWER OF THE INTERNET AND SOCIAL NETWORKS: Now, others may disagree. However, we have found that the internet, social networks and e-Blasts get the word out quickly about properties we have listed for sale. So, in this case, we moved quickly to get information about the listing out to the public, prior customers, prospects and members of our sphere of influence. Here is the timeline:
In less than 12 hours, we already had 4 showings scheduled for the property. However, it is interesting where the listing was actually viewed.
Putting it in another perspective, here is a source of views by type of medium:
So, in this case, I can't say the blogging and social networks are the best tools for selling homes. However, I can say that this listing had good and immediate exposure to the public based on the use of our blogs and social networks. 3 of the first 4 showings were generated through Twitter, ActiveRain, and our YouTube channel. Only 1 of the 4 showings was from the MLS. Interestingly, the purchasers first viewed the property on ActiveRain and YouTube before it even appeared in their private MLS portal search.
MESSAGE TO THOSE AGENTS SKEPTICAL OF BLOGGING AND SOCIAL NETWORKS
Now, I am not going to say that blogs and social networks sell homes. Without a good marketing plan, an aggressive pricing strategy and a bit of hardwork, I doubt that a home will sell quickly or at a premium price with or without the use of blogs and social networks. However, I can say that social networking, blogging, YouTube videos and e-blasts each contributed to this sale and are additional tools to be used in marketing a home for sale. In the past year, this is the fourth sale that was driven by or at least received an assist from a post to ActiveRain that was then disseminated via Twitter, LinkedIn, Facebook and other social networking sites.
Interested in selling your townhome or condominium in St. Louis with a brokerage commited to harnessing the power of the internet and social networks to maximize the sales price for your home and minimize the days on market? Contact Ryan Shaughnessy at PREA Signature Realty at 314-971-4381.
Missouri Association of Realtors President T. David Rogers issues call to action to Missouri Realtors to support current fundraising events for RPAC to raise funds for lobbying on issues of importance to real estate professionals. Mr. Rogers specifically cites the need to monitor and develop grassroots opposition to future proposals for a 1% transfer tax. In the current market, owner/sellers, purchasers and real estate professionals can ill afford to pay a transfer tax on the sale of real estate. For example, for the sale of a $200,000.00, it means that one party to the transaction would be forced to pay tax on the sale of $2,000.00 thereby artificially inflating prices, reducing the volume of sales, and increasing the number of short sales.
Here is the video from Mr. Rogers:
Interested in learning more about RPAC and its legislative agenda? Visit the Missouri Association of Realtors website.
LOOKING FOR A TOWNHOME FOR SALE IN LAFAYETTE SQUARE?
Mississippi Place, a new home community in Lafayette Square, offers attached townhomes with old world charm and contemporary finishes across the street from Lafayette Park. There are two floor plans to meet your needs - the Victorian Parlor and the Lafayette Manor House. Currently, there are six townhomes remaining - priced from $399,000.
PRIME LOCATION MEANS QUICK RESALE AND APPRECIATING PRICES
There is an old adage in the real estate business - location, location, location. Well, location does matter. The townhomes at Mississippi Place are located across the street from the main entrance to Lafayette Park and offer great park views. A good location does matter. Homes that are located in great locations in good neighborhoods offer:
In today's market, one should consider potential resale and market value. When it comes to location, there is none better than the townhomes for sale at Mississippi Place with their stunning views of Lafayette Park.
ELEGANT LIVING - OLD WORLD CHARM WITH CONTEMPORARY FINISHES
The Victorian Parlor Model Offers the Following Standards and Options:
CASUAL LIFESTYLE
Mississippi Place is located just South of Downtown St. Louis and minutes from Downtown St. Louis or Clayton in the historic Lafayette Square neighborhood. Here are some of the benefits of this great location:
Mississippi Place offers stunning views of Lafayette Park urban lofts in an established, fashionable neighborhood. Lafayette Square is not only a great neighborhood - it is also a great investment with over 15 years of median price increases. Even in 2008, Lafayette Square experienced an 8% median price increase. As important, Lafayette Square offers a great, new lifestyle. Whether you enjoy reading a book, having a class of wine or walking treelined streets looking at great examples of Victorian architecture, Lafayette Square has something for everyone.
Interested in purchasing a townhome in Lafayette Square? Contact Ryan Shaughnessy at PREA Signature Realty at 314-971-4381.
Need more information on City Living?Visit our neighborhood blog at www.LafayetteReport.com.
Just South of the Arch and Downtown St. Louis, there is a flood wall with graffiti known as the "Riverfront Graffiti Wall". It was once the site of a graffiti artist contest known as Paint St. Louis where each artist had a section of the wall and an allotted time to create his or her work. Although the contest has since moved to other cities, the graffiti on the flood wall just south of Downtown St. Louis remains.
Now:
Then:
Intested in finding artist lofts for sale or lease in St Louis, Missouri? Contact Ryan Shaughnessy at PREA Signature Realty at 314-971-4381 or send an e-mail to Ryan@PREASignatureRealty.com.
For city residents, city living offers a constant stream of great events. On Labor Day, Downtown St. Louis, Soulard and Lafayette Square played host to Stage 1 of the Tour of Missouri bike race. With world class racing in town, it was exciting to watch - even for casual fans of professional cyclying.
Interested in learning more about City Living? Contact Ryan Shaughnessy at PREA Signature Realty at 314-971-4381 or send an e-mail to Ryan@PREASignatureRealty.com. Or, visit our blog at www.LafayetteReport.com or our website at www.PREASignatureRealty.com.
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
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