The Scenario:
The clients that owned this lovely condo in the heart of downtown, bought it as an investment property, held onto it for a number of years, and now decided it was time to cash out for other investment opportunities.
Challenges:
- Market Conditions: The condo market had increased in value significantly over the previous years. However the government just introduced the “Ontario Fair Housing Plan”, which intended to put the brakes on the escalating prices and frenzy. These new regulations also targeted foreign buyers and investors – two groups of buyers that would typically be interested in properties such as this. Needless to say, there was a fair bit of uncertainty in the market at the time.
- Tenants: The property was tenanted by two young males living the stereotypical ‘bachelor lifestyle’. This meant, there was mismatched furniture, clutter, and an added challenge of having to schedule showings around two separate schedules.
- Prior Damage: There was a leak a unit above our clients’ that had damaged the flooring. It wasn’t fixed, so we had to decide what would be more beneficial: replacing the floors before listing, or selling as-is. We knew re-doing the floors would cause a major disruption in the tenants living situation and we wanted to ensure the sale was as seamless as possible.
Result
Sold over asking for $638,000… and with multiple offers!
Inside Scoop
We knew we had to address the issue of the damaged flooring to attract buyers. So, we got our contractor to provide quote samples of flooring. And, we notified all viewers that we could replace it with the flooring of their choice…after the sale. This meant we didn’t have to disrupt the tenants, and managed to stage/ store their furniture with minimal inconvenience!
Take Your Pick: The selection we offered to potential buyers.
How We Did It
Before: The front hall was cluttered and uninviting.
After: Simple artwork and a little clean-up gave potential buyers an inviting feel.
Before: Despite the great floor-to-ceiling windows, this room looked dark and dreary.
After: Sleek furniture and classic artwork brightened it up.
Before: The living room looked bare and stale.
After: More furniture, modern touches, and cozy touches showed the room’s full potential!
Before: This bachelor’s bedroom was cluttered and dark.
After: We brought in classic furniture, crisp bedding, and opened the blinds to showcase this room at it’s best.
