Why Hire Condo Experts? 2 Real Life Stories That Would Have Ended Very Differently

In Condo Trackerby Lori GreenlyLeave a Comment

Buying and selling a condo is very different from other types of homes. Hiring an expert will allow you to enjoy the process and focus on what is important to you. Our agents are experts! They are required to complete an intensive condo training program. This program, along with our partnerships with other industry specialists such as our Professional Advisory Board, provide a team of experts who will guide and support you every step of the way. Our goal is to ensure you are making the best and most educated decisions possible. Today we’d like to share a couple recent examples of how our service and knowledge was able to not only help make one client’s sale much better than he imagined, but it literally saved another client’s from falling apart.

This beautiful loft has one interior bedroom, one loft bedroom, 2 bathrooms, a large rooftop deck and 2 outdoor parking spaces. It is located at 15th and Ogden. If you know that area, you know there has been quite a bit of new commercial development along Colfax, but you will still find and feel the history surrounding this neighborhood, just south of Denver’s Uptown. Like all areas of downtown Denver, it is continuously growing and changing, so it’s a challenge to simply use basic comps to price a condo. It’s almost like pricing a custom home. When we met with the client, we were not the first brokers to discuss listing his condo. After previewing his home, doing our research, and returning with our number of $835,000, he was notably excited but extremely skeptical. It sounded better than the other broker’s number that was over $100,000 less, but of course that large difference was concerning to him. He ultimately chose us, and he also decided to list at $835,000. We also received feedback and pushback from other colleagues in our office who didn’t have condo experience. However, within 2 weeks he had competing offers at asking price. We closed with one of those buyers today!

When pricing condos, knowing the market means more than knowing real estate is currently selling for. It means understanding the city, the economics, the neighborhoods, the growth (or lack of), the changes and developments, the legislation, the businesses, the trends, each condo building and the condos themselves. We work hard to stay current in all these areas, which is why we keep our focus specifically on condos in Denver. Another great success story for a happy seller and one very lucky buyer of this beautiful condo! It was an honor to serve this client…and what a fun home to sell!

This one almost didn’t happen because of a condo questionnaire that was completed incorrectly along the way. THIS is why we go through extensive condo training and why Denver High-Rise Living exists. We literally saved this deal. The buyer’s lender told her she needed more money down because the property was unwarrantable based on that questionnaire. She couldn’t afford to put more money down. The deal was dead.

We went through the questionnaire in detail and found that the 2 items they were questioning did not make sense. We challenged them. The lender ordered a 3rd party review, and we were right! The property was indeed warrantable, and we closed the following week. On top of it all, Katie was originally able to get it under contract in 3 days (the only delay was the battle of bidders which is not typical in condos these days) and with a final offer 10.5% higher than asking (which was aligned perfectly with the market). This also means the appraisal gap had to be covered …and Katie made sure it was! That’s all about knowing the market, the building, the HOA, proper negotiations, all condo related processes, and providing appropriate staging for style of condo.

We are extremely happy for the seller and the buyer and are honored and grateful for this referral. To learn more, contact us at info@DenverHighRiseLiving.org

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