Introduction
This case study illustrates the approach that Harlem Lofts, uses for properties in a difficult market, using as an example 111 W 119th St, a two-family Renaissance Revival townhome in the Mount Morris Park Historic District.
- Properties sold during the COVID-19 market downturn required videos, photography and virtual tours to bring them to the attention of stay-at-home buyers.
Stage 1: Preparation for Sale
- The key to successful sale was communication of the features of the property, which had been carefully renovated while keeping original details.
- In preparation for launch, Harlem Lofts Inc. conducted extensive Due Diligence and coordinated with our sister company Harlem Property Re+Development (HPRe+D).
- The house was professionally photographed, and a virtual walk-through tour and two promotional videos were created, allowing us to reach stay-at-home buyers.
Stage 2. Launch and Showing
- We marketed the property to over 6,000 clients via email campaigns and a mailer.
- Harlem Lofts released the listing to all marketplaces and public relations websites.
- We hosted private showings at a rate of 2-4 per week. All guest contact information and comments were entered into our database, allowing us to monitor response.
- Harlem Lofts received six offers from well-qualified buyers, and the property closed the property closed (virtually) for $3,175,000, to the satisfaction of all parties.
Summary
- This study highlights the approach that Harlem Lofts applies in a difficult market. During COVID-19 we met this goal using videos, a virtual tour, and a virtual closing.