Selling and Buying with MSRE;
a case study
Client need: Sell his Westlake Village home for top-dollar and position himself to upgrade to a larger home in the North Ranch / Westlake area.
Results: Sold for $61,000 over the asking price in one week. Found and purchased a move-in ready North Ranch estate for $150,000 under asking price.
PREPARATION
We had a few weeks to prepare the house and be ready to list in early fall so we could go live and beat the holiday/winter market pullback. The house had been remodeled in 2019/2020 and had a lot of great selling features. However, we knew freshening it up a bit would go a long way with potential buyers. We advised to paint the exterior stucco, garage door and front door, brought in the crew and advised on colors. We also brought in our landscape team to freshen up the side and front yard.
PRICING
Pricing was very critical with this particular listing. This tract historically has minimal turnover and did not experience the 2020-2022 spike at the same rate as some of the other Westlake Village tracts. We wanted to break through the tract’s pricing ceiling but we did not want to “overprice” it and negatively affect buyer perception. We wanted a listing price that the seller would be satisfied with and at the same time position the listing for potential multiple offers to bid up the sale price.
PRESENTATION
We held the listing as “coming soon” for a week and showed it to a number of potential buyers through our network. This helped build a buzz around the listing leading up to our first weekend of public open houses. After preparing the property we utilize professional photography/video/drone.
Listing Results
The Purchase
Leveraging a local agent relationship, MSRE was able to anticipate the seller’s upcoming price reduction and negotiate a purchase price of $150,000 below the last asking price and $300,000 off the original asking price. We were able to negotiate and structure a seamless concurrent/contingent escrow which allowed for an easy transition into his beautiful new dream estate. After the close, MSRE assisted with bringing in vendors to paint the interior and exterior of the home as well as installing new garage doors.
2480 Featherwood St. Westlake Village
5 bed / 5 bath / 4481 sqft
Gated Community
Purchase price of $2,650,000
