Lesson
When deciding on the right property to purchase, whether for investment or primary residence, it is important to look for unique and desirable features that set a home apart from the rest of the market. Buying a home is always an investment and should be treated as such.
Situation
Long time investors of ours were looking for an investment property along “Billionaires Row” – a segment of the market along 57th street that has become popular as of late due to the development of ultra-luxury high rises with grand floor plans, dramatic views and lavish amenities and conveniences.
Upon their arrival, we identified a building that struck a chord with their wish list. The challenge was that our purchasers were interested in two very different properties in the building. The first was on a high floor with unobstructed city views. But it had a standard two bedroom footprint found throughout the building. The second was on a lower floor, but had uniquely high ceilings for the building, beautiful views of a landscaped garden and custom finishes that the previous owner had installed.
Our customers were torn between the two apartments. Therefore, the decision came down to what had better value long-term, and which property would be most desirable for prospective renters. After discussion, they had decided to take our recommendation and submit an offer on the apartment located on the lower floor, knowing that the custom details and high ceilings unique to that particular floor would make the difference.
After closing on the apartment a month later, our team listed the property for rent and began our aggressive marketing campaigns.
Results
After just two weeks, we received an influx of interest in the apartment and where we were able to obtain a full ask offer from a qualified and courteous tenant. Meanwhile, the other apartment that our customers showed interest in remained for sale and languished on the market months later.
