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Help a reader sell his place at the Braeburn

By February 8, 2007

Braeburn

You all rarely e-mail me so when one you does I’m more than happy to entertain your requests. Especially this rather interesting request since it is from an owner/agent. He’s a friend and while this may just be a desperate plea for more traffic to his listing, given how real estate obsessed we all are I’m sure we have all seen this unit on Redfin/Windermere/John L Scott/Shackprices and passed it over, so I really do believe he wants to understand what’s going on here. Is it the unit? Or is it the market? And needless to say I do not get a referral fee just like I don’t get one for all the traffic I drive to Trace/Meritage/Domaine/Lumen or whatever development I’m currently ranting about.

By Donald,

My unit at the Braeburn (#202) has been on the market for three months now without a sale. I wanted to tap into the analytical side of my fellow Urban Living readers because, quite frankly, I’m at a loss. I’m hoping that some kind of wiki-wisdom will help me figure what I can do to get this thing sold.

Right now the unit is vacant and staged. It shows great and every agent through has said it’s a good price and shows nicely. But no offers! This is what I know…

Buyer feedback:

  • Buyers don’t like the placement of the concrete post separating the living room and dining room. I understand this. However, the post is there because this floor is concrete and steel, which is a huge strength! Regardless, buyers don’t like it. I can’t really do anything about this.
  • Too small. This one confuses me, because the unit is so much larger than comparably priced 2 bedroom condos on the hill.
  • Buyers prefer a metal balcony to the concrete balcony this unit has. Again, nothing I can really do about this.

Strengths (in my mind):

  • SW corner, lots of light.
  • Cool building.
  • Size, 1,126 sft.
  • PRICE!

The price is what really throws me. I originally had it listed at $469,950, or about $417 per square foot. I just dropped it to $459,950, or $408 per square foot! The same floor plan (with a killer view) sold in November for $540,000 or $480 per square foot. Now a view certainly adds value, but look at the spreadsheet below. My unit is highlighted in orange. To me, it looks like a steal!

(Click to enlarge)

BraeburnCompsBraeburnComps Hosted on Zooomr

Again, I’m hoping that fellow readers can shed some light on getting this thing sold. So, with much humility, I’d love it if my fellow Seattleites could tell me what to do! It’ll probably be a fun exercise for everyone too. The market has the chance to directly tell the seller what to do.

Braeburn FloorplanBraeburn Floorplan Hosted on Zooomr

Matt: I uploaded the photos he sent, Braeburn unit #202 photos

I’m the founder and managing broker of Urban Living. I love lofts, floating homes, new construction and mid-century moderns but will help you buy or sell just about anything.

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