How We Set a Record Breaking Price in Venice (Again)!

Stylish, and so quintessentially California…..and tiny!
 
When I first arrived at 2377 Beach I was in awe of the design. I mean this place was the California-Scandi look that dreams are made of. The entire home had just been expertly designed by the one and only Natalie Myers as a personal residence for a successful tech client who wanted a LA pied-à-terre.
 
While the home was less than 900sqft, every square inch of space was strategically considered and utilized. No wasted space here! What I love so much about Natalie’s design (and I talk about this all the time so sorry to sound like a broken record but…) is that she designed for the local needs and taste. Inside and outside are expertly tied together, the light flows through the home in all the right places, and the finishes are high-end but low-key - effortless elevation. 
 
So here’s where I come in! Let’s break down how we sold a tiny house in the middle of a pandemic when we are seeing buyer preferences pivot from “I need to be able to walk to everything!” to “I just need more space!”.
 
We priced strategically for the Seller’s Goal. Often I’ll suggest pricing low to draw buyers who straddle price points into a sale. However, our client on this deal had paid for this very high-quality renovation thinking it was going to be his own home (oh how life changes) and wasn’t motivated to sell unless he hit a target price - the price low strategy wasn’t a fit for him. When sellers are committed to pricing a premium product above-market comparables I suggest asking the market for what you really want, listening to how buyers respond and adjusting strategically if needed. In our market today if you don’t have offers by week 3 you’re not meeting the market - you’re overpriced and you need to be responsive. The higher price honestly did attract fewer buyers- but those who came were all serious. Ultimately we negotiated with the right buyer to get a price and terms that worked for the seller and beat a neighborhood record.
 
We Marketed to the Demo. One of the fabulous things about being at Compass is that we have a national network. I was able to shop this property to both San Francisco and New York buyers who might also be looking for a landing pad in LA - they want to be by the beach but don’t need to stay here all the time so a smaller space is actually perfect!
 
We Fully Staged. This house is all about that beach lifestyle, hanging outdoors enjoying breezes and merging indoor with out. We sold the lifestyle and the vision. Not all houses are Instagram houses, this one is.
 
So now you’re asking who was the buyer? Well I never met her in person because she was out of town the entire transaction. She had a local agent looking for just this, a place to land when she was in town, and otherwise, rent out long term (months at a time). Through Facetime tours, and boots on the ground representing her she found an amazing, turn-key property that worked for her needs - which were exactly the needs of the seller who designed the home. In real estate…it only takes one buyer!