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🧵 The Deal that Signaled a Changing Market.
The sale of this development site changed so many things for our development site sales practice. The property was put on the market at a time when the market was rapidly changing.
#TestimonialTuesday #retwit
The sale of this development site changed so many things for our development site sales practice. The property was put on the market at a time when the market was rapidly changing.
#TestimonialTuesday #retwit
2/7 We anticipated a price in the mid $400s per square foot and quickly the bidding escalated to the point where we obtained over $600 per buildable foot. Based on this, we went to several other sellers, letting them know that they could get prices that were well in excess
3/7 of what other brokers were telling them. We went on to sell several of those sites at these escalated prices and soon thereafter developed a reputation for being able to hit the highest prices in the marketplace.
4/7 This site was one that we thought was an excellent Upper West Side site with good frontage and in a great location, but we did not think we would be able to get the price that we achieved. However, it became very apparent early in the process that the financing markets
5/7 were very robust for this type of development, and the expected sales price of the condos was higher than anticipated. This allowed us to get pricing significantly in excess of the expectation and set a new benchmark for what we anticipated being able to achieve
6/7 for similar sites in Manhattan given that we were at the cutting edge of this change in the market. It also enabled us to price and obtain results on other sites that no one else anticipated, giving us a significant competitive advantage.
7/7 Being ahead of the curve in terms of price movements provides a significant competitive advantage to those who are ahead of the curve. Here is what the seller had to say:
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