Every once in a while, a property is able to be marketed twice and the second attempt is for a higher amount. This stacked townhouse condo with a one car garage in Gainesville’s Parks at Piedmont South at 14443 Macon Grove Lane is one of those instances.
Originally listed on April 30, 2022 for $325,000, this condo had been tenant occupied at that time. While the seller did everything in their power to make sure the home looked fantastic by de-cluttering and cleaning, even getting the tenants a hotel room for the first weekend on market, the level of wear and tear on the carpets and walls left the buyers that had gone under contract with it feeling remorseful. At least that’s the conclusion that the seller and I came to after those buyers voided their contract over a gas fireplace not igniting that cost less than two-hundred dollars to fix. After that, the seller waited for the tenants to vacate, had the home painted and new carpet installed. They fixed the fireplace and even ordered a new refrigerator. Those improvements warranted an improved list price as the home was in move-in ready condition. On June 23rd, it hit the market again at $350,000.
No seller of mine hits the market under prepared, relying solely on conditions to get their price. They get preparation advice, light staging and professional photography. Even though professional photos had been done during the first listing period, new photos were ordered AFTER light staging to increase buyer enthusiasm on the improved offering. It is not my business practice, even in a seller’s market, to do what is easy or cheap.
Even with the mortgage interest rate increase that buyers have had to cope with, they still find themselves in a seller’s market. There is no real estate crash on the horizon, despite some buyers making offers that are trying to will it in to existence. Inventory is still not meeting buyer demand. In fact, at the time that the first offer came in on this Gainesville condo, it was the only non-age restricted condo on the market in Haymarket and Gainesville below $400K. The only competition it had was a one bedroom condo. Yet, buyers still called with low offers and one made a written offer so low it made me think their agent had made a typo.
A serious buyer whose agent was advising them of the true market conditions and not a pipe dream of a buyer’s market coming to fruition made an offer that, with mild tweaking from the seller, hit the spot. On this 4th of July holiday, my seller is celebrating that she is under contract and is on track to close before another condo fee or HOA fee is due.
The hard reality for buyers is that, while many have been priced out of the market due to the continued rise of home values and now the steep increase in mortgage interest rates, there are still many buyers out there that can afford to buy. Affordability is not the problem of a seller. Smart buyers who hire experienced agents know that. They are making deals and taking advantage of what are still, historically low mortgage interest rates.
If you are a seller looking to sell in seller market conditions, don’t listen to the doom and gloom the news feeds you day in and day out. Get in touch with me. I’m a full-time licensed agent that has been at this since 2005. I have seen market crashes and know the signs. Buyers are more deliberate now, but there are still not enough homes to meet the demand in most Northern Virginia locations. My seller consultations are free and carry no obligation. Let’s talk!
In late January 2022, I listed a Parks at Piedmont South condo for $315,000 at 14530 Kylewood Lane. At the time, $315,000 was on the high end for what a condo there would get in a sold price. Imagine how delighted my sellers were to get $335,000 when they sold. That leap up $20,000 over list price in sold price got the attention of the seller of my latest seller at 14443 Macon Grove Lane.
With tenants in place through June 30th, the owners had to make a quick determination. Do they list before the lease is up, for fear that rising interest rates may hinder a future sale, or list with tenants in place? Knowing that no two scenarios in real estate are the same, I advised the owner that if they listed with the tenants in place, it would behoove them to somehow get the tenants to buy into the process. Tenants in a listing have nothing to gain and their residence to lose. How do you get them to help with showings and make the house neat?
After deciding to move forward with listing sooner, the owners took the listing preparation on themselves as any other seller would have to do in the sale of an owner occupied home. They went in and took care of patching and painting, decluttering and cleaning. Best of all, they graciously paid for the tenants to have a weekend in a hotel during the first weekend of showings. Buyers and their agents are able to see the home this opening weekend from 10am-8pm with ease.
This three bedroom condo is the same floor plan as 14530 Kylewood. The floor plan is simply reversed and with different finishes. The floors on the entry and main level are hardwood, with the exception of the kitchen. There you find ceramic tile floors and granite counters.
The open main level floor plan, located on the second floor of this Linden model condo is the top feature of this home.
The second best feature is the owner’s suite on the third floor. It is an expansive space, large enough for any size bedroom set. Attached owner’s bathroom offers double sinks, oversized soaking tub, separate shower and water closet.
The fourth level is where a loft living area separates the second and third bedrooms from each other. It also offers a second full bathroom.
With a one car attached garage and convenient Gainesville location, close to many shops, restaurants and major commuter routes, this condo is sure to please. If a buyer closes on this sale before June 30th, the monthly rent of $1,930 will be pro-rated or paid in full to the buyer, as they will become the temporary landlord. If a buyer does not to deal with tenants for even a month, the settlement would have to occur in early July.
Community amenities in Parks at Piedmont include a community pool, playgrounds, basketball courts and walking trails. Condo fees include snow removal, trash removal, road maintenance, exterior building maintenance and master insurance policy for the structure. Owners need only a condo insurance policy to cover everything from the walls in.
If you are interested in this home, don’t hesitate to reach out.
Bringing my first listing of 2022 to the market on January 24th, I knew things were going to be busy. My seller had received a pre-market offer on 14530 Kylewood from a buyer that was well above list price. That was enticing, but in the end, they wisely elected to see what the market would bear if that was an offer someone made without even seeing the home. Boy did the doors get blown off on this one.
Three full days on the market, plus the pre-market offer, left the seller with a total of fifteen offers. Fifteen offers! All of them were above list price. Some were even higher than what the seller ended up accepting. Why would a seller take a lower offer? Allow me to explain.
This four level Parks at Piedmont condo was listed at $315,000. The highest most recent sales were $320,000 and $330,000. The higher of the two had a floor plan where the main level with the kitchen was the entry level. Ours was one where the main level was the second level. Might not be as attractive. Plus the higher priced recent sale had upgraded flooring on the main level, more so than what my seller’s unit had to offer.
The highest offers we had were at $350,000. However, not one of them gave up the appraisal contingency. The best one offered a low appraisal guarantee of only $3,000. That’s not much considering the most likely appraised value would land between $320,000 and $330,000. Talking it over, we made a call to an agent with a listing under contract. Their appraisal had been lower than $330,000. Hmm. The path to which offer to choose became very clear. The seller chose the offer at $335,000 with no appraisal contingency and no inspection contingencies. They knew they would get the sales price. There would be no low appraisal consequence.
This sale now becomes a comparable for Parks at Piedmont South, rising values a tad higher. Maybe the next well prepared, professionally marketed condo will sell even higher. In this frenzied market with very little for buyers to choose from, it is nearly a given. Ready to sell yours? Get in touch for a no obligation market analysis.