From "Expired" to "SOLD" in 8 Days! Central Lonsdale Condo - vancouveravenue.ca

From “Expired” to “SOLD” in 8 Days! Central Lonsdale Condo

CASE STUDY: #202 – 1610 Chesterfield Ave, North Vancouver

From “EXPIRED” to “SOLD” in 8 Days!

January 2019

TIP: Scroll down to view before + after photos (expired vs. SOLD)…

THE PROPERTY

The owners of #202 – 1610 Chesterfield Avenue were in a challenging, but not unusual situation in today’s market. As the end of 2018 approached, after approximately 5 months of having their property on the market, they saw their 2 bedroom, 1.5 bathroom, 1973-built condo listing in Lonsdale, North Vancouver expire from the MLS. While they appreciated their agent’s time and work, they were concerned about the optics of a “stale” listing, especially during the heart of the Winter season which is traditionally slow. They were keen to start planning their move to a new city for a job opportunity which would be a great benefit to their family of three.

During the time they were listed in 2018, they typically had about 3-4 showings a week. They went to the effort to tidy the home and make it presentable each time, and made open houses available as necessary. Understandably, with a young child, this was no easy task.

THE CHALLENGE

After the property listing expired, the owners decided to chat with a couple of Realtors to gain a fresh perspective, and to examine their options. They were introduced to Ashley Smith and Thu Pham of Vancouver Avenue – Real Estate Collective (Oakwyn Realty) through a neighbour and friend who had worked closely with them in the past, and who had referred other friends to them with great results. After thoughtful consideration, Ashley and Thu advised the owners to refrain from listing their property on the MLS during December, as it would be more difficult to show during the Christmas season with fewer buyers out, and with the home decorated for the holiday season. Ultimately, this time of year would not lend itself to the best results, and would be an inconvenience to the owners and their family.

NEW OPPORTUNITY

Ashley and Thu reviewed their exclusive marketing strategy with the owners, and they took the time to strategically position the property and target the “right type” of buyers who would be better prepared to make a serious decision come January. Ashley and Thu actively marketed the property online and through their network of clients and agents through the month of December. During this time, they reached over 1,500 prospective buyers directly through their online marketing efforts and network outreach. Additionally, they advised the owners on a few inexpensive and quick upgrades they could consider doing to ensure the home was as attractive as possible to the target buyers. For example, they suggested painting the red brick fireplace a modern white.

STRATEGY

Ashley and Thu carefully reviewed the existing market conditions and decided that mid-January would be the best time to list on the MLS for full exposure. Before bringing their professional photographer, they provided decorative items, including dining chairs, paintings, pillows, blankets, and a rug to “spot-stage” and freshen up the look of the home. While the property already presented nicely, it was critical to showcase it in a different light so prospective buyers would review the home online and in person through fresh eyes and with a renewed energy, even if they had seen in before.

A bit of colour and a modern touch encouraged more buyers to get excited about the home, and after one open house, several showings, a few very serious inquiries, one party made a reasonable offer. It was clear they loved the home, but it was important in today’s buyer’s market, that the deal be negotiated with care, and with a deep understanding and confidence in the value of the property.

TIP: Scroll down to view before + after photos (expired vs. SOLD)…

RESULTS

Ashley and Thu listed the subject property only $10,000 (1.7%) below the previously listed price. It was important to strategically price the home to encourage prospective buyers in an extremely competitive market. The revised price suggested to buyers that the owners were serious about selling. Any agent or prudent buyer could review the listing history (and previous price) of the property.

The home was previously listed for almost 5 months with no offers. Ashley and Thu successfully sold the property in 8 days for 99% of the listed price.

The owners are extremely pleased, and are now able to actively begin their home search in a new city. Ashley and Thu connected them with a trusted agent in that area to help them with the process.

SELLERS’ TESTIMONIAL

“We would recommend these lovely ladies of course. To be honest, given our previous experience, we were not expecting anything significantly different with Thu and Ashley. Instead, we would say we were hopeful considering the market was a bit slow when we listed before meeting Ashley and Thu. As a matter of fact, they did very well and impressed us at how they staged the place and got an offer after only one open house. Indeed, a job well done!”

MARKET SNAPSHOT | January 2019

2 bedroom condos in Central Lonsdale (same sub-area as subject property)

  • median days on market for sold properties – 70 days
  • sales-to-active listings ratio – 10% (1 in 10)
  • total inventory – 57 listings

SUMMARY

Ultimately, it is not a bad time to sell – particularly if you are looking to buy another property in the region (especially if you wish to “upsize”). The key is to position your listed property as strategically as possible for best results, and then hire the right agent to find you a great deal on the purchase side.

For a no-obligation chat, or market and strategy evaluation:
CONTACT ASHLEY + THU

SEE BELOW FOR BEFORE + AFTER PHOTOS (EXPIRED vs. SOLD)

click to enhance images

CLICK HERE to go to the feature listing page for this property.