SELLERS

Beachfront beyond belief from this penthouse!
474 Revere Beach Boulevard
Unit 1103, Revere
Asking price was $389,000.

UNDER AGREEMENT in just 4 days!!!!
Offered at $389,000.
Sold for $381,000.

Click here for a map!

Click here for a listing sheet!

Click here for an ONLINE BROCHURE!

To the condo owners all along the "Boulevard" all the way to Winthrop, this transaction was SIGNIFICANT! And for the buyers, an investment that will only increase in value faster than most other units for several reasons.

Panoramic waterviews from every room! Open plan living, mood lighting, new kitchen, European floor tile, wall-to-wall carpeting, balcony. Indoor pool and sauna in a gated, secure high-rise. Just impeccable. A terrific opportunity to invest in beachfront property as developers continue to build more luxury condos at prices beyond reach.

The best way for me to sum up this case study is to include this letter sent to all the condo owners of The Breakers after papers were passed, June 1st.

Hello Homeowner!
Just wanted to drop you a note and let you know that Unit 1103 has SOLD for an unprecedented $381,000. It has been on the market for only four days. I congratulate the buyers on a wise purchase. As they move in, I’m sure you’ll also say hello and congratulate them. I also want to thank Bob and Marianne Gearin for asking me to list their condo for them. I was taken by their reasons for using a Salem broker and flattered in their reason for choosing me specifically.

I write this letter with a unique story behind this transaction. When the Gearins invited me over to discuss the sale of their condo, I was in awe of the view and their condo was impeccable. I listened as they briefed me on the history of the complex. As you may know, no condo has sold at The Breakers, or the entire boulevard for that matter, for much over $330,000. I was already well aware of the boulevard, it’s real estate history and its future development. The Gearins biggest fear was the underselling of their condo by any of the many local realtors that regularly list along the boulevard. After my research and comps into The Breakers and other condos along the boulevard, I quickly related to their fear. From a realtor’s viewpoint, I explained the reasons for this underselling and how to overcome it, and they were in total agreement.

I offered them an all out effort in marketing their condo in a way no other broker would bother to do. Too much work for most brokers! Yet, for 4.5% commission, the Gearins would not just get a listing on MLS and an Open House, but a full blown marketing effort similar to big development projects. Without over-promising the Gearins, they put their confidence in my approach and it paid off.

My listing strategies have a history of paying off. A condo I recently listed in Salem, for example, has sold for $9.100 over asking price. And it was under agreement in just 5 days!

As for the buyers of 1103, I received a call from them on the first day it was on the market. They fit the profile of the buyer I was marketing to. Someone with an acute sense of what the future real estate market will be as the boulevard begins it’s renewed development. Someone who can see the unique position The Breakers has in this renewal, adding to the relationship the boulevard has to Boston. Their interest quickly evolved to an offer and the negotiations began. After a few days, the condo was under agreement—well before the first Open House.

The weeks went by through to closing without a hitch, except for one broker close to The Breakers who tried to derail the transaction by calling the buyers and steering them to another listing within the complex. A foolish thing to do as it would’ve brought the value of every condo in the complex down to what the average condo value was prior to 1103’s listing. But I saved the transaction despite the dirty politics of that real estate broker.

Over the next few days you’ll probably get a lot of mailings from brokers claiming fame to the work I did to sell 1103. Believe me, they were all waiting on the sidelines, betting against me and the sellers.

Yesterday, I got a call from a Century 21 broker asking me if the asking price for 1103 was a typographical error. that's how unbelievable this sale was to competing brokers. My efforts will certainly change the comps that brokers will be showing you. Yet, the successful sale of any real estate goes way beyond comps of past sales. Brokers who have regularly listed condos in The Breakers and all of the boulevard have continually failed to see that.

Although local brokers will be all over this to win a listing, I ask that you credit me with this breakthrough sale of 1103 and call me if you are planning to sell soon or in the future.

Sincerely,
Jim Barina

Panoramic views of the
Salem Common from this one bedroom condo. Spacious like the Common itself!
78 Washington Square, Salem
Asking price was $275,900.

UNDER AGREEMENT in just 5 days!!!!
Offered at $275,900.
Sold for $285,000 — $9,100 OVER ASKING PRICE!!!

What more can my seller ask for? Perhaps a ride to the bank?

One bedroom condo, hardwood floors, open, sunny and spacious. Panoramic view of the Salem Common. Ornate mantle piece, large eat-in kitchen, walk-in closets. Well kept and managed building with classic staircases. Step out on the Common for a quick run or a slow walk. Walk to all the top spots in Salem including the wharf, downtown and commuter train.

The refrigerator was excluded in the sale, no off-street parking, no dishwasher or garbage disposal. You had to walk through the bedroom to get to the kitchen which was in the back of the unit. Other than that, it was a charming unit, yet I knew that any prospective buyer would need to be able to see through all the above and fall in love more with the location and the general charm of the condo.

I listed the condo well before the first open house with the hope of getting the attention of a young buyer, first-time buyer, who also uses the Common and surrounding area as part of their lifestyle, like a walker or jogger. If the condo was priced any higher, I knew the condo would be beyond the reach of most, if not all, first-time buyers. Anyone with a dollar more in their pocket would certainly go for more square footage than the 945sf that this one had and look for a condo with a second bedroom.

The same day it was listed I got a call from a buyer's agent with a client who had put offers on other one bedroom units but was beat out by competing offers. She also was a jogger and used the Common for her morning runs! She fit my profile perfectly and was anxious to offer before someone else beat her to it.

Then another call from another broker with a client of similar background. I had 2 offers that evening, ironically, both offers were the same, to the penny. So, I advised the sellers to reject both offers and invite both buyers to re-offer. I expected both to do so, but one backed out. The buyer didn't want to offer more money when she would need to go out and buy a refrigerator and dishwasher. I knew that a unit with no fridge or dishwasher would work against me, but I also had a hunch that the other buyer had gone through enough offers with other condos to really make a great offer this time around. I expected a grand or two over asking, but I didn't expect $9,100 over asking. Needless to say, I was thrilled!

It was a little rocky up to the closing. The buyer had some shmuck of a mortgage broker in Rhode Island getting her loan. The buyer was in default for about 5 weeks after the financing committment was due. The sellers and I could've filed for default and kept her deposits. But I warned the sellers that it takes a bit of litigation to keep it and if the condo sat on the market afterwards, they would be stuck making mortgage payments on that condo AND the house they just bought in Peabody. Wisely, they took my advice and waited the buyer and her financing out. The buyer wanted the condo too badly to screw up her financing and default. So I knew it really wasn't in jeapordy. For that extra $9,100, it was worth being patient.

The sellers asked me to locate and represent them in the purchase of a single family home. In appreciation for their confidence and extra business, I listed their Salem Common condo for 4.5%.

Click here for a map!

Click here for a listing sheet!

3-Family! Rare and in demand!
Waterview from 3rd floor deck!!!
7 English Street, Salem
Asking price was $549,000.
SOLD for $520,000

Just when you might think there are no good multis on the market, up comes this jewel. And a gem it was! But it needed a lot of work.

Now sold, this investment property boasts 6 rooms including 3 bedrooms and a den/office/family room per unit. Waterview of Collins Cove from the 3rd floor deck! Great condo conversion potential. After 81 years living here, the owners decided on an easier life at a downtown Salem condo complex. (See Barton Square by scrolling up.)

Multi-family homes, whether 2- or 3-units, are in strong demand as condo developers rehab them to their full potential. Many owners are selling just in time as interest rates continue to rise. Some owners are undertaking conversions themselves, then listing them for maximum returns.

You know, selling a house is never easy. When an investment property needs work, updating, or has no off street parking other than tandem, boy do I have my work cut out for me. To get the highest possible price for the only asset the sellers have to retire on and at the same time give the buyer value to purchasing the house, I approached prospective buyers with the fact that the house would be delivered empty with no tenants. For landlords, that meant fresh rent prices, avoiding the mixed feelings of increasing or even doubling someone’s rent. You’d be surprised what tenants do in retaliation.

And for investors looking to convert to condos, an empty building meant saving thousands in court and lawyer fees for 3 evictions. Clearly, the conversions can be accomplished in a timely manner. Then, I pointed out layout possibilities if converted. Once the prospective buyer saw my vision, I was getting some great offers. Too great to be honest. And this is what I mean....

We accepted an offer on the first open house who later backed out after a passing inspection with a better than expected grade, believe it or not. Just a case of a first-time investor afraid of the task that laid ahead of him.

The sellers then accepted an offer from two brothers experienced with conversions. The parties also were acquainted through business.

Click here for a map!

Click here for the listing!

3-Family!
44 Cedar Street, Salem
Asking price was $479,000.
SOLD for $460,000

I listed 44 Cedar St., a 3-family with no updates, not even a dishwasher in any of the units. Knowing it would be tough to meet the goal of the seller, I listed it for $479,000 as I knew any high offers coming in would be about $20,000 below asking price. The holidays were uneventful, but once January hit, the phone started ringing.

I stuck with my strategy of locating a first time buyer who may not afford the payments on a single family, yet can afford to purchase a 3-family for the rental income to help pay the mortgage.

Finally, someone came in who started out with a low offer. I advised the buyers to shop around knowing my listing, despite its quirks, was the best buy for their buck. After a couple of counter offers, they came back a week later to settle on $460,000, the seller’s goal. It wasn’t easy, in fact, the buyers walked away after my seller declined their second offer.

Seaview Towers
510 Revere Beach Boulevard, Revere
Asking price was $316,900.
SOLD for $298,500

Case study to come.....

TESTIMONIALS

When we decided to list our waterfront condo, we looked for a realtor who would go the extra mile, come up with a unique approach and market our condo to compete with the newer developments going up around us. We heard of Jim through a friend of ours and called him for a chat. We knew we were asking a lot of any realtor, especially our asking price, but Jim understood the investment potential of our penthouse unit over the higher priced new construction competition.

He had our condo under agreement in 4 days. And so close to our asking price we couldn’t wait to sign the P&S.

Jim made this sale and coordinating our new home purchase seem easy and was very timely. We can’t thank Jim enough for what he’s done.

Marianne and Bob

Thanks, Jim, for your help!

I really like my new home and look forward to being a happy Salemite.

You and your wife will have to come over for a glass of wine sometime this summer when I am a little settled in. Just ring the doorbell when you are in the neighborhood!

Best to you,

LS

In as much as I like to trust my own instincts and suspect the motives of others, Jim has impressed me with his honesty, friendliness, and help.
He has also opened my eyes to how much I don't know, and believe me when I say I've made enough mistakes to know when to depend on the expertise of others.

I realize his guidance
was invaluable.

Thanks again.

Mike and Nancy

Jim!
Great stuff in your Quarterly Market Update!

My wife and I will be making plans this spring for a move to Florida. We'll let you know when it's time to list our house.

Mike,
South Salem homeowner
Online subscriber to my Quarterly Market
Updates