Time is of the essence---Living Proof!

By
Real Estate Broker/Owner with Yip Premier Real Estate

For the past few weeks, I've been blogging about a promotion currently being offered by one of my clients, The Gates at Williams Brice. www.thegatesatwb.com  The initial average pricing on this project was about $230K per condominium. Since we are nearly sold out, the developer decided to reduce average pricing to $158K--plus offer UNBELIEVABLE incentives in an effort to close out the project quickly. The incentives include up to $10K off the reduced price AND up to 6% in additional incentives for the buyer per lender approval. By the time you consider all of the incentives and reductions, it's nearly over $85,000! 

The traffic to the site as well as contracts have been swift, with nearly 10 contracts in just a few days time. Throughout this promotion, I was sure to point out that units were to be sold on a first come, first CONTRACT basis further understating that "time is of the essence."  

In the current slow market, it is easy to lose track of this old adage often quoted in real estate. Just recently, this occurred with units at The Gates at Williams Brice. Agent 1 pledged to bring offer back the following morning, and it was to be a cash close. The following day, it was nearing lunchtime, and she had not yet returned. I called Agent 1 to followup and advise her that another agent was bringing clients to look at the same unit. By lunchtime, Agent 2 had brought clients.....you guessed it....Agent 2 ended up contracting the unit. Agent 1 was dissappointed and upset at losing the deal by just 20 minutes time!     

There was little I could do. I apologized that she missed out on this, but reminded her I did my due diligence in calling her. I encouraged her to consider another one of our remaining units.

This was a refresher for me in that "time is of the essence." When the market heats up again, and it will---it will be even more important to keep this often repeated adage in mind.

There's still time..........

The Gates still has 18 units* remaining at the time of posting. *Limited number of incoming producing units available.  The official closeout event is scheduled for tomorrow---

JUNE 13, noon-5pm

1085 Shop Road

Columbia, SC 29201

 

Comments (2)

Jason Romrell
Business Attorney and Success Advisor - Los Angeles, CA

Curious if the units are almost sold out, why such steep discounts now?  Doesn't that devalue the other properties?  Or is this just a quick exit to move on to other things?  Not making any judgements, just curious...

Jun 12, 2009 06:01 AM
Karen Yip
Yip Premier Real Estate - Columbia, SC

Developer paid off mortgage as a result sales within the first year of completion. Looking to wrap it up and move on at this point. As far as devaluing the other properties---it would further devalue the other properties even more if we still had new inventory to sell 2 years from now. Short term pain for long term gain. Worse, we could just lease out the rest of the units and then that would even further change the feel of the project as well. This way, at least the majority remains owner occupied units. 

Jun 12, 2009 06:24 AM