During 2017, nearly 20 percent of our transactions at Columbus & Over Group were “off-market” deals. Off-market can take a variety of forms but generally when we discuss “off-market” we are referring to properties that are not actively listed on the MLS when they go under agreement to a buyer.
Please check out the case studies below which profile 4 off-market transactions we procured in 2017.
443 Marlborough Street, Back Bay | $4M
We represented the buyer of this impressive single family building in the Back Bay. We had been touring properties with our buyer client for the better part of six months. Initially interested in a condo, we toured more than 15 units over the course of half the year. As the client continued to study the market, they became more interested in a single family option that they could customize. Unfortunately, after considering all options on the market, there did not seem to be a solid match for our client.
We started making calls to other brokers and dug through the expired listings on the MLS. Low and behold, we found a property that had been listed more than six months ago but had since been pulled from the market. We were able to get in touch with the owner who reconnected us with his broker and made a deal that was contingent upon removal of a large tree in front of the building – no small feat in the Back Bay!
6 Union Park, #3, South End | $3.5M
Our buyer client was interested in seeing some unique and exquisite units in the South End. We knew of a new development project on Union Park that was not currently on the market in the winter of 2017. When our client saw the unit, they knew it was for them. They worked closely with the developer to customize the unit to their specifications and closed six months later when work was completed.
125 West Concord Street, #1, South End | $1.45M
A good developer friend was working on a luxury conversion of an old condo unit in the South End. They asked if we knew anyone who would consider such a unit. We went through our list and identified three prospects who we thought would be a perfect match. Sure enough, a client, who we met through our company instagram account, thought this new construction three bedroom would be a wonderful unit for their young family. COG quickly moved to negotiate a deal and worked with the developer and buyer for 5 months to create their new home.
133 Pembroke Street, #5, South End | $730,000
Our seller client found their perfect next home and needed to move quickly to sell their existing condo in the South End to free up cash to close. With minimal notice, we jumped into action to get their unit ready for listing and sale. While we were preparing the listing (photos, floor plans, brochures, etc), we quickly shopped it around to our internal network of buyers.
Timing is everything and a buyer client saw the unit and did not hesitate to put the unit under agreement for a price that was above what we were going to list the unit for but less than what it might have otherwise traded for on the open market. Knowing this, we reduced our fee to make everyone happy!
There’s no time like the winter months to take advantage of off-market opportunities. Our COG team is aware of many properties that will be coming to market in the spring. Most of these sellers would be happy to seal a deal without the hassle of a market listing – hosting open houses and tours over an extended period. Drop us a line and we’ll work to match you up with an off-market solution that gets you in front of the always hectic spring sales season.