At 9:49 am, August 30th, 2007, I sent the first email. For the next 32 months, I’d encourage visits to the lake, update them on the status of inventory and sold activity, and one cloudy day in March, ultimately end up standing with them at the steps of a Clear Sky Lodge home on the south shore of Geneva. My buyers from a northern suburb would look at the property one more time, and then embark on a harrowing negotiation that unfortunately involved another buyer. Their efforts were rewarded last Friday, when we once again stood on the steps of the property, this time with keys in hand and a copy of the signed deed in the car. These buyers persevered (I’d like to think I did too), and ultimately paid $2.475MM for a magnificent estate property complete with tennis court, swimming pool, greenhouse, and lakefront pier. The structure itself is simply magnificent, and in staying true to my architectural wanderlust, I’m a huge fan of the massive logs that make up the exterior of this home.
The deal was a big one for me. As much as I’d like to think otherwise, I don’t exactly sell many homes in this price range. That’s all about to change, but for the past 14 years, sales like this have been a glaring exception to the obvious rule. You may not believe me, but as I stood in this fabulous couples new fabulous kitchen, I actually felt a little emotional. Not because I finally sold them a house. And not because I’m going to be able to make next months mortgage payment. Rather I felt a bit verklempt because I knew exactly how this purchase was about to change this family’s life. I tried to tell them as much, but between all of my ribbing and sniping, it’s hard for some people to tell when I’m actually being serious. This was one such moment, and as I blabbed about how excited I was for them, I could tell that they didn’t truly grasp how I actually felt. Friday was a moment that I’ve experienced many times before- a moment where I understand how this will impact my clients’ lives more than they do.
I’m not clairvoyant, but I can draw on my own memories and examine my own life to see how important a lake home has been to me. Sunday afternoon’s spent at my parents pier provide me with such joy that it’s impossible to put that emotion into words. The thought of this couple and their children finding their way on Friday afternoons to their new oasis by the lake warms my pithy heart, be it a summer trip to enjoy the lake and their new amenity packed estate, or a winter trip to drive down their snowy drive and light a roaring fire before settling in for movies or games. Either option fills me with excitement.
The sale was a good sale, but the sales price of $2.475MM was hardly much of a discount from the $2.495MM list price. The final sale price was a result of a rarefied occurrence in this market- a bidding war. With our interest intact, another buyer had the audacity to write a bid of their own, a move that prompted us to escalate our interest and write an offer of our own. What ensued was real estate drama befitting of the most sensationalized real estate TV show (Madison- I’m staring right into your hollow eyes…) After a frenetic series of counter offers- counter offers made difficult owing to the fact that my client was afloat on the seven seas enjoying a family cruise- we were declared the winner. The seller was undoubtedly pleased, but in his previous actions there is a lesson to be learned.
This property had been for sale last year at a price of nearly $3MM. The property was off the market in the late fall, only to be re-listed in February. The seller showed some solid market savvy, and instead of re-listing the property at the same old stale price he listed it for some $500,000 less than he was asking mere months earlier. This price cut stoked buyer interest, and instead of finding one buyer he found two, and the result was an increase in his ultimate sales price. The teachable moment here is that in order to ignite buyer interest in a property that hast a bit of staleness to it, price cuts are the most important thing a seller can do. Sure spiffing up the joint is nice, and broker bonuses are nice too, but beyond all the fluff there is a price, and the price is the only thing that really matters.
For now, I’ll await my first invitation to my clients new summer home. I’ll drive by on the boat and hope to see them in full lounge on their pier. I’ll hope to see them living the life that they now have complete and unfettered access to. I hope to see them out at restaurants and walking down the shore path. Above all, I hope to see them enjoying their new home and each other, in a way that can only be understood by those who own vacation homes at Lake Geneva. To those buyers, I am incredibly grateful, and most appreciative of their willingness to let me help them in this important process. See you (and them) at the lake.