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Diving In Headfirst 🤿 – TBG Update

Diving In Headfirst 🤿 – TBG Update

Diving In Headfirst

I’m super excited about our new lease listing at 341 N Orange Drive. Last year we sold this spectacular duplex; both the seller and the buyers were a complete and total treat. The property is full of historical character and charm – from delightful curb appeal to ornate artistic arches + original stained glass windows + detailed molding and millwork. The rooms are grand and the floor plan is stellar. The pitched living room ceiling that’s lined with wood is a show stopper. The new owners have true pride of ownership and so they immediately upgraded the upstairs entirely. The upstairs unit now has a brand new designer kitchen with abundant new cabinetry, stone counters, stainless steel appliances (including a double wall oven); the kitchen is off the dining room and it has a breakfast area on one side and a full laundry room with built-in cabinetry, a sink, and a staircase to the backyard, on the other. There are 3 bedroom suites, each attached to a brand new designer bath. The backyard is shared and there’s a 2 car garage designated for upstairs tenant parking. There are 2 bonus rooms off the living room, a beautiful wide and shallow original staircase from the front door, and 3 private balconies for light, air, and outdoor space. There’s central AC and handsome hardwood floors throughout. This unit is a beautiful place to call home.

We just leased 424 N Highland for $12,000 a month for 2 years, with an option for a third year at an increased rent. We meticulously vetted all the applicants for this space until we found tenants who were just right. We were determined to achieve not just the owner’s price, but also tenants befitting of both the wonderful landlord and the awesome space. The tenants have great qualifications, and it was really wonderful to transact with them. We’re excited for both landlord and tenant and we know the association will be great.

Our listing at 801 S Cochran is pending and set to close this week! It took just over 30 days to get our first offer on this property. That first offer was pretty significantly below the asking price. A second offer came in 1 day after the first offer and the two offers were close (just 5000 apart). But then a third offer came in – at the asking price. With a multiple counter offer asking each buyer for their best and final price and terms, all 3 buyers went way over the asking price. The final sales price is $200,000 higher than the initial offer and way over the list price. It’s fascinating to observe that every buyer wishes they could get a steal on a property. And yet as soon as there is legitimate competition and there are other buyers who want the property too, each buyer discovers for themselves that it matters more to them not to lose the property altogether than to steal it for a super low price, and then all of the buyers are eagerly wanting to pay fair market value after all. All the way until the end of the deal, the backup buyer is dying for the property and they’re eagerly offering to pay more than the buyer with the accepted offer, even though their initial offer was $200,000 less. No one preferred to be the backup buyer; everyone wanted to be the accepted offer. Because they all so badly didn’t want to lose the property.

Two different tenants this week sent the landlords on two different properties a long list of so many questions they have before they consider leasing the space. On each of those two different long lists of questions, the prospective tenants wanted to know that the landlord certifies that their place has absolutely no mold. And also that every single fixture at the property is in perfect working order. Both of those landlords denied those applicants and chose to search for different tenants.

On Cochran, one of the reasons why the buyer with the accepted offer won the multiple offer scenario is because her initial offer was at the asking price and her terms were attractive from the get-go. From the terms of her initial offer, it was very evident that she’d be a super attractive buyer from beginning to end. And that impression she gave with her initial offer is in fact spot on; it’s lovely to work with her. On Friday, I explained to a buyer working with one of my agents to buy a property, that the terms she chooses on her initial offer should be driven by how badly she ultimately wants to secure the property she’s attempting to buy. The more she cares to actually buy the property, the less aggressive she should be in her negotiation on terms. The more she cares about negotiating even if it costs her the property, the more she can let loose and offer a low price and long contingency periods. I believe the phrase “it doesn’t hurt to ask” is in fact not true. This market gives negotiators an excuse to aggressively make demands of both landlords and owners, with their explanation being “the market, higher interest rates, and general fears of the state of the economy.” Buyers and tenants who prioritize negotiating first and foremost do in fact pay a price for “asking”.

My thought of the week is that there is always fear (in every market) with buying and selling a house and it’s unavoidable. It’s fear that makes a seller believe they need to sell for too high a price. It’s fear that makes a buyer believe they can only buy if they get a crazy deal. In truth, I think it’s smarter for most sellers to decide the big picture if they’re better off selling or holding on to their property. And it’s more strategic for buyers to decide the big picture if they’d rather buy or not buy a property. In the Cochran negotiation, within a day all 3 buyers went up 200,000 because they each decided that they’d rather have the house than save the money. I think the same would hold true for many buyers and sellers and it’s the psychological piece that is the hindrance to their buyer and selling. We all get in our own way when we do small vs. big picture thinking and it’s interesting to observe that it’s the fearless big thinkers who can stomach diving in headfirst who consistently score!

Wishing all an awesome week ahead!Xoxoxo,

Sheri

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