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Staying the Course

3011 MARINA Drive | East End | 3 Beds | 3 Bath | 2,104 SF

| PROPERTY |

3011 Marina | East End | Alameda

 

| TYPE OF SALE |

On MLS Sale

 

| SCENARIO |

The sellers originally reached out to us a year earlier (to make it more timeless) to discuss selling their home. The timing wasn’t right for their lives, so they decided to postpone the sale for one year. When they were ready to sell, the market had seen dramatic shifts due to the rising interest rates that had doubled in only 4 months’ time.

After their marketing period, we received no offers on their home. After extensive outreach to agents across the entire Bay Area, the feedback was clear that the interest rates were deterring buyers from making a strong offer. After encouraging all of these agents to write their best offer, two weeks after our offer date, we received an offer from a San Francisco agent with buyers looking to relocate to Alameda. They loved the water location and were very committed to the purchase. However, their offer was at $1.6m. A comparable home had sold in July of that year for $2m, when the rates were substantially lower, however the rates were reaching 7% by October. Therefore, an offer at $1.6m was actually comparable given the higher rate when considering the monthly payment for the home. Regardless, KMG advised the sellers not to accept this offer and to hold out for stronger offers.

Why did KMG advise the sellers to hold out when it was already 2 weeks past their offer day? ​ As the #1 group in Alameda, we have the largest market share, which provides us with extensive data and market intel; we knew from other active listings that there was still a lot of buyer activity and we were seeing other properties sell for strong amounts based on the comps.

| OUTCOME |

Within a few more weeks, we were able to get two more offers, and we were also able to get our initial offer of $1.6m re-engaged and interested in the home again. After extensive negotiations and multiple offers on the table, we were able to get to a final sales price of $1.925m. A very strong price given where interest rates were at this time.

​ Had the sellers listed their home with another group or Brokerage, they would not have had the extensive insights and data to support a longer marketing period in order to solicit a higher price. KMG provided an advantage to our sellers as we were able to advise them to stay the course and to hold out for better offers. In the end, they made an additional $325,000 over their initial offer by listening to our advice and market intel.

Listed for $1,695,000

Sold for ​ $1,925,000

14% Over List

$915 $/SF

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*#1 Agent in Alameda Since 2014 / #2 Team in the Inner East Bay Source: Bay East/Paragon MLS 2023

Bay East ©2022. CCAR ©2022. bridgeMLS ©2022. Information Deemed Reliable But Not Guaranteed. This information is being provided by the Bay East MLS, or CCAR MLS, or bridgeMLS. The listings presented here may or may not be listed by the Broker/Agent operating this website. This information is intended for the personal use of consumers and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data last updated at ​ August 1, 2022. Compass is a real estate broker licensed by the State of California and abides by Equal Housing Opportunity laws. License Number 01527235. All material presented herein is intended for informational purposes only and is compiled from sources deemed reliable but has not been verified. Changes in price, condition, sale or withdrawal may be made without notice. No statement is made as to the accuracy of any description. All measurements and square footage are approximate. If your property is currently listed for sale this is not a solicitation.