Why Did 5 Bond Street, #1 Sell For $186,000 Over Asking Price?
We must admit, it’s not ALL in the brokerage! The South End of Boston has an incredibly tight supply of turnkey condos in the $1M to $1.5M range. Knowing this, we were super conservative in our pricing strategy and diligent in our collaboration with the seller for the month leading up to listing. We made sure the home was going to show in its most valuable light. Add in a tight and transparent process that resulted in competitive bidding and you’ve got all the makings for a winning result!
THE OFFERING
This unit had a lot going for it. First and foremost, it is on a supremely desirable side street in one of the most coveted sub-neighborhoods within the South End, Eight Streets. Two bed, two bath homes with great outdoor space, turn-key finishes and desirable locations are destined to get big attention whenever they become available. This parlor-street duplex is an ideal configuration for young couples and families and anyone who does not want to climb a number of stairs to get into their unit. Add in 10’ ceilings in the living room, a gas fireplace and a high end appliance package and this unit was a “can’t miss.”
THE PRICING
Our team takes great pride in our pricing strategy. Typically, we strive to be on the conservative side with the hope and expectation that reasonable pricing draws great attention from the market and ultimately fosters multiple offers. We study comparable sales incessantly and look for nuances in why certain units trade for what they do… not to mention which units receive competitive bids in the first few days and which units take weeks (or months) to sell.
THE PROCESS
The sellers of this property were a dream to work with. They were open to all of our ideas and guidance. Prior to listing, we worked hard with the sellers to shine the brightest light on this special unit. First, we had the seller hire an architect to come in and re-measure the space. We’ve learned a lot about square footage measurements in the South End over the years and not all spaces are created equal! The new measurement came in 200 SF larger than the measurement that was in place when they bought the unit… To say the least, that helps!
Next, we picked out new, aspirational outdoor furniture to show off the multiple outdoor spaces that seem all the more valuable in a post-Covid world.. We had a painter come in to brighten the kitchen cabinets. They replaced the hardware on the cabinets to something a bit more modern and added new backsplash for a touch of fancy! We pruned up the plantings in front of the house and added flowers in the house. Naturally, there was a large purge to get all the less necessary furnishings and belongings (read: lots of kids stuff) out of the unit prior to listing.
We listed 5 Bond Street, #1 on Wednesday 4/13 at $1,199,000 and scheduled open houses on Thursday, Saturday and Sunday. We scheduled a call for offers on Sunday evening at 6pm once all interested parties would have had a chance to visit the unit once or twice. We made sure to have all information available to buyers in the form of condo docs (master deed, declaration of trust, budget) so that buyers could feel like they had all the information necessary to make an unencumbered bid.
SO, WHAT HAPPENED?
The weekend was crazy! In the last seven years of listing property in the South End we have never seen so many buyers show up to see a property. The Thursday open house brought more than 25 unique buyers… and confirmed the spring market in the city is roaring! Over 50 buyer groups came through during the full process. We ended up receiving 6 offers once the deadline rolled around. All of the offers were at or above asking price but three of the offers truly broke away from the pack. We went back to those three buyers and offered them a chance to submit a “best and final” bid. Each of these prospects increased their offer with the ultimate winner eeking out a victory by the slimmest of margins with limited contingencies in place and a closing date on the exact date that was best for the seller. Not only is this a great result for our seller but it also equips us as a brokerage team with invaluable information on how these processes play out. When we represent buyers, we know almost exactly what to expect and can give invaluable guidance on how to bid given each unique opportunity.
Final sale price: $1,385,000!
Boston is an exciting place to call home and finding the right opportunity to buy in this area is no insignificant task. Be in touch if we can keep our eyes and ears open for you!