Real Estate

$1 Luxury Condo in Clarendon Sells for ...

A condo listed for just $1 in June has sold, but not the way the Realtors expected.

A condo in a luxury building in Clarendon that was listed for $1 is under contract for about $450,000.

The low price marketing effort was something of an experiment for Realtors Dan Lesniak and Gabe Deukmaji, founders of the City Smart Living Team.

“We believe many people, when selling their home, focus too much on the list price rather than the marketing effort and the distribution channels,” Lesniak told Patch back in June. “When people list places … too high, it often limits the amount of buyers who will consider it and leads to an overall lower sales price.”

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The condo was only accepting higher-than-$1 offers for a few days—unfortunately, none of the offers received were acceptable due to problems with lenders and offers that were just too low for the seller to accept. The same weekend, competition really heated up with six other very similar one-bedrooms condos hitting the market.

The seller re-listed the property at $449,999 and received two offers in three weeks.

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Lesniak told Patch this week:

“The big take aways from would be the following:

  • For homes with a good amount of recent comparable sales, listing too high can hurt the process. 
  • No transaction is ever the same. Had we listed a week before, I believe this condo would have sold right away. Then after 3 weeks on the market, it received multiple offers at one of the highest prices ever for a 1 bedroom at the Phoenix condo.”

The condo is at 1020 N. Highland St., Unit 611. It has one bedroom, one bathroom, a balcony, and the building offers a rooftop pool, concierge service, assigned parking, a fitness center and other amenities.

You can still take an online tour of 1020 N. Highland St. Unit 611 here.     


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