It’s been an interesting week! About 10 days ago I got an email from a dear friend and client with the subject line – “We are desperate!” Long story short, their North Shore / Waialua condo was not selling, and they were ready to throw in the towel. We had had the unit professionally staged and photographed. We got all kinds of positive feedback and compliments from the showings and at the open houses, but no offers. We all knew that the big California buying boom of past years that had driven prices to new records on the North Shore had dried up, and it seemed like everyone had forgotten how wonderful Waialua is … so quiet, friendly, and beautiful!

          So the seller decided to do something BOLD. She lowered her list price over $40,000 … which was way below the comps! As soon as I put the new price in the MLS, my phone started to ring. I held an open house days later and had the best turnout I’ve ever had up there. A delightful couple who had been renting down the street – and had been watching this particular unit on the internet (but had never come to see the unit) – came to check it out. They wrote a solid offer the next day, and we are now in a 30-day escrow!

          The seller is thrilled. They will make a nice profit – not as much as they had originally hoped for – but in this softer real estate market we have to revise our expectations. And the cool thing is my friend’s action is really having an impact beyond this single transaction. All the units in the complex have experienced a surge of showings because agents were showing our listing along with the other units in the complex. In fact I know of another unit in the complex that will be getting an offer because our unit was already under contract. And several renters who want to become owners have called to ask if there are other options for them at this price point, and of course we are showing them other “first time buyer” type properties.

          So my client’s act of desperation, not only solved her sale challenge, but energized the condo market in sleepy Waialua! What a valuable lesson … There ARE buyers out there! Give them a good value and they will come out of the woodwork!