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Covid-19 – part 3

Posted by John Hathorn on May 1, 2020
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A quick story about a recent sale of mine on 17th Street and why I might never return to my pre Covid-19 business practices.
 
Just after the lock-down last month, I received a call from a woman that knew of me from my sales success in-and-around the North of Montana Ave marketplace. She was looking to sell her deceased mother’s home.
 
We chatted for a bit about the specifics and I agreed to send her a digital listing presentation and set-up a video call. The call went well, and we met a few days later at the property – masks, gloves, and 6’ distances were all carefully implemented protocols.
 
I’m not gonna lie – this was my kind of appointment! No bs, all business! I asked if they knew of the most recent sale price for the most comparable property – they did. I asked if they were ok with listing theirs for a tad less than that one, because it’s unclear what anything is worth given the current climate – they were. As the meeting was wrapping (only 20 mins later!) I asked if they were in agreement that if there were not enough interested Buyer prospects when we launch their listing, we would pull it off the market and try again when times might be better – they were. Smart couple, both lawyers and live in the neighborhood.
 
Around the same time that this was unfolding, real estate was deemed an essential service and with certain precautions, homes could be sold.  I got to work with photography, ad copy and the whisper campaign.
 
I really had very little feel for how much activity I might get on the offering. PHS had just lost about $23 million in canceled escrows! We were closing sales that had been in the pre-pandemic pipeline, but new deals were few and far between, not just for Pence Hathorn Silver, but for all of the Westside agents.
 
In the ad copy, I stressed the location and the accurate pricing, age and condition and that showings would be virtual and after the VR appointments, actual in-person appointments would be extremely limited to only those prospects who sent proof of the funds necessary to complete a purchase. (I might continue this practice even after the pandemic has ended! It weeds out people who are not serious buyers).
 

To say I was surprised by the response is a bit of an understatement. As soon as the property hit the MLS I began fielding calls, texts and emails throughout the week.

 
The Sellers and I agreed that we would have a 1-week virtual marketing period and a deadline for offers the following week, which meant approximately 10 days of MLS exposure.
 
The PHS system generated around 7 offers, some not worth considering and some that were outstanding. The house is scheduled to close escrow next week, only 10 days after opening escrow!
 
Again, my kind of transaction!
 
In other real estate news:
 
There are just 12 active listings North of Montana right now! The least expensive is 217 17th Street, listed for $3,995,000. The most expensive is 436 Georgina Avenue, listed for 11,995,000.
 
There are 4 currently in escrow (two of which are Pence Hathorn Silver transactions) with list prices ranging from $2,995,000 – $7,195,000.
 
Three houses have closed escrow this month-
 
326 9th Street Sold by Pence Hathorn Silver for $3,402,000. Originally listed for $3,188,000.
 
621 17th Street Sold for $3,250,000. Originally listed last fall for $3,900,000.
 
516 22nd Street Sold for $4,369,792. Originally listed for $4,399,000.

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