Grand Gables Realty Group, Inc.
Moves Market Expectations Up with Recent Scituate Sale
Grand Gables Realty Group, Inc. has moved the real estate market expectation bar up with its recent sale of 103 Tilden Road in Scituate. The beautifully renovated, expanded Cape Cod style residence, located at the edge of the Scituate Harbor’s designated Cultural District has generated town-wide headlines after its posted sale on May 1st of $772,500 – a staggering $113,500 over the list price. Marketing agent, David Drinkwater attributes the success of their efforts to a combination of factors - a beautifully presented property by the Sellers, a choice location, low inventory levels in the price range coupled with a large number of buyers in the marketplace and a marketing strategy that encouraged participation from every interested party in the marketplace.
The property’s Opinion of Value estimate, prepared in late January, was based on sales in the prior six months. Some adjustment was given to advancing price expectation due to the upcoming spring market and the present low inventory level but, even with those points factored in, the price modeling suggested a selling price in the mid to upper $600,000s. The Sellers, who already had a home under contract to purchase, chose a list price of $659,000, which was at the lower end of the $650,000 to $680,000 range with a goal of affecting a quick sale with attractive terms so they could tie its closing in with the purchase of the new home and bringing as little disruption as possible to their lives as they transitioned between homes.
The listing was brought to market on Thursday, February 16th before the start of a holiday weekend and school vacation week. The Sellers accepted the following recommendations from the Grand Gables Team in terms of the roll out:
- Grand Gables hosting an area Realtor® Tour luncheon on Friday February 17th;
- Showings to commence Tuesday, February 21st (after the holiday) and continue through Monday, February 27th;
- Offers entertained as of Tuesday February 28th.
- No public open houses to be held; all showings by appointment.
The pricing and marketing strategy was a terrific success: In all, 50 parties viewed the property; 14 offers were received - all at or above the asking price with several of the offers in the $700,000s. The winning bid brought with it a closing date in early May with an opportunity for the Sellers to remain in the property after closing until the end of June. This enabled the Sellers to purchase their new home in June with enough time to have a few things done to it before moving in - A Transition Made Simple. As expected, the appraisal of the property came in well under the sale price but because that was anticipated, Grand Gables and the Sellers negotiated terms of the sale so that the appraised value threshold was easily attainable. Both the Sellers and Buyers are thrilled and each cannot wait to move into their “new” homes in June!
Initially published on the Who's Who in Luxury Real Estate blog on May 30, 2017
About the Author: Mary-Ellen Drinkwater is the company's Senior Vice President; in charge of all major aspects regarding the administration of the firm. A graduate of Northeastern University's school of Business Administration, Mary-Ellen received her license as a Certified Public Accountant in 1985. Since that time, Mary-Ellen has earned an exceptional reputation in Greater Boston's financial community both in the fields of public accounting and private industry. Through her work experience, she has developed a strong, diversified administrative background in the financial accounting, auditing, operations management and business consulting fields. Mary-Ellen is responsible for the administration of corporate business affairs, staff management and coordination of client services for Grand Gables Realty Group, Inc. For an expanded resume on Mary-Ellen, click here.