October is Luxury Month at Inman. All month, we’ll be talking to top producers from across the country, offering advice on how to join their ranks, and more. That all leads up to Luxury Connect at the Aria Hotel (Oct. 25-26, 2021, join us) and the live presentation of the Inman Golden I Club honorees for this year.
Pulse is a recurring column where we ask for readers’ takes on varying topics in a weekly survey and report back with our findings.
Sometimes, things just fall into place. You find the right buyer for the right property at the right price, and the deal closes without a hitch. There are other times, however, when everything comes to a standstill, and a luxury listing lingers in real estate limbo for too long.
So last week we asked readers: What’s the longest time one of your luxury listings stayed on the market? What happened, and what did the outcome look like? Here’s what readers had to say:
We had a magnificent Mid Century-meets-Lowcountry estate home in a very exclusive community, situated on one of the most beautiful pieces of deepwater property in the South Carolina Lowcountry — stunning, but specific. Very specific.
This property had been on the market for about two and a half years with another agent before being referred to us by a past client. This agent is a wonderful, longstanding player in our local market; but unfortunately, he was completely out of his depth with this architectural style, and who the buyer would ultimately be.
The only way he knew to market it was to continue reducing the price. After the seller elected to remove it from the market and subsequently hire our team, we planned and oversaw roughly $120,000 in renovation and key updates, including a new landscape plan.
We crafted a story and developed the emotional narrative, leaned into the style and staged it appropriately, named the house to pull it all together, held a fabulous launch party with nearly 300 attendees, and ran a major print and digital campaign.
The end result: After all of that, and raising the price by half a million dollars, we closed it within six months (very fast in our market prior to COVID). This remains one of the greatest wins on behalf of our clients to date.