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FAQ with Joann Edwards
FAQ with Joann Edwards

 
Wednesday, March 12, 2014
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It is with pleasure that I am introducing a periodic Question and Answer session for real estate buyers and sellers with frequently asked questions. I encourage you to submit your questions online and I will answer with frank advice from years of real estate experience. I hope you find this informative and useful in the sale or acquisition of your home!

I Found the Perfect Building, But not the Perfect Unit, Now what?

Recently, I have had two different buyers who were looking for a particular residence in a particular building, The Berkley South Condominium. Since I specialize in Berkley South properties and have worked in the acquisition and sale of hundreds of residences within the building, I was able to successfully sell two off market transactions. What is an off market transaction or “pocket listing”? A pocket listing is a residence which is not officially for sale through the multiple listing service, which means it is not accessible to realtors in any search function. Many sellers may have thought about selling but are not sure as to when is the best time to get the best price. Both of my buyers were interested in  particular stacks/floor heights  in The Berkley South, and I negotiated with two different owners to arrange a mutually beneficial sale for my buyers. This was an instance of a win win situation in which both buyers procured the condo they were looking for and the sellers obtained a great price.

In another situation, buyers who had looked at one of my listings in Park Tower Condominium with another Realtor several years ago but didn’t buy because they wanted a higher floor, knew of my expertise in the building and called to let me know they were in the market to buy if something on a high floor came available. I knew of a recent foreclosure sale in the building, and immediately called the new owner to see if he would be interested in selling the unit to my buyers. We had an executed contract in 3 days.

When you are in the market for a condo and fall in love with a particular property, but have not found the residence you are looking for, make sure your agent is an expert in that building. Agents who have worked in particular buildings often know the owners, and who might be interested in selling. Conversely, if you are a potential seller, evaluate which Realtor sells the majority of units in your building and determine if they have the knowledge and skills to get your property sold.

If you are interested in The Berkley South Condominium, Park Tower Condominium, or the Corinthian on the Intracoastal, please contact me today!

 

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