Strategic Pricing and Negotiations
1333 Bay Street | gold coast | 3 Beds | 1.5 Bath | 2,026 SF
By hiring KMG, our clients were able to make quick upgrades to their home, utilize our in house market intel and data to strategically price and market their home, and ultimately sold their home for more than any other sale in the Gold Coast on a price/SF!
| PROPERTY |
1333 Bay Street | Gold Coast
| TYPE OF SALE |
| SCENARIO |
Our clients had decided to move out of state to be closer to their family. While they had purchased their home less than 3 years before with another agent, when it came time to sell their home, they chose to work with KMG as they felt KMG would be the best team to get them the highest price for their home. KMG brought in our design and staging team and identified ways to improve their home so that it looked different than when they had just purchased it, but without breaking the bank.
Minor renovations included a kitchen refresh, exterior painting, landscaping and staging. Improvements to the kitchen had the highest impact. While large, the kitchen had an unusual layout, making it feel smaller and not welcoming to the home chef. The KMG design team was able to reconfigure the kitchen layout to create a space that felt much larger and much easier to see the huge potential of the space.
The week before KMG planned to bring this beautiful home to market, the neighbor two doors down listed their home for sale with another brokerage. The neighbor's home was 2207 SF larger than 1333 Bay Street and was priced at $1,495,000. Given KMG’s exclusive market intel and data, we advised the sellers to push forward with listing the very next week and we adjusted our list price in order to better compete with the neighboring home.
| OUTCOME |
After only 12 days on the market, KMG received 11 offers on 1333 Bay Street. Through our experienced and strategic negotiations, KMG was able to ratify one of the offers and ultimately sell 1333 Bay for $2,600,000. This was an 86% gain over the listing price! In addition to how high over the list price this home sold, it also sold well above the price it should have sold for based on the comparable sales data, which reflected a sales price closer to$2,200,000. The sale price of 1333 Bay Street also broke the record for the highest price/SF in the Gold Coast since 2011 at $1,283/SF. The neighboring home that KMG was competing with ultimately sold for $2,685,000, but given the SF of this home was 4,233, 1333 Bay Street ultimately achieved a much higher price/SF sale of $1283/SF vs. $634/SF.
| CLIENT TESTIMONIAL |
Kate and her team truly set the standard for what flawless and precise execution looks like. They have mapped this down to a science, and each team member is exceptional at their role. The communication was impeccable, alerting us to potential issues to avoid, reminding us of critical deadlines, and tackling last minute problems that pop up along the way. They have even sent us our mail on one or two occasions... doing whatever it takes to not only maximize value for the seller, but also ensure the highest level of customer service and integrity.
This is the first house that we've sold, and moved out of state months before the transaction completed. The team met with us months in advance of our move out date, walked through with their experts and provided design and staging advice on what was the best return on investment to prepare the home for a sale. They gave us a detailed and highly organized list of recommendations and worked with us to preserve details we thought were important to the home. Once agreed upon what work was to be done, their project manager kicked into gear and created schedules, arranged vendor quotes and oversaw the execution of the individual contractors. They have an extensive network of high quality craftsman who are equally cost effective. All I had to do was occasionally answer a few questions as issues popped up and the rest was fully managed... completely indispensable given we moved out of state!
In the end, all the effort and advice they provided was spot on. Their deep market knowledge helped us identify the right timing, strategy, and preparation work.... as we sold our home for well above asking and exceeding our very high expectations. This is one of the best companies I have ever interacted with and experienced... the combination of professionalism, performance and service is astounding. They are a truly remarkable team!
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*#1 Agent in Alameda Since 2014 / #2 Team in the Inner East Bay Source: Bay East/Paragon MLS 2023
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