SALES
Pricing is key in this market. Taking into consideration the available for sale stock which is not advertised, in addition to the stock on the web portals, there is oversupply which means that this remains a buyers market. This does not mean however that the lowest price wins.
At this point in the cycle, experienced agents come into their own and through carefully crafted pricing and marketing strategies, we have been able to achieve a number of sales this month including 2 on Redburn Street in SW3, and in so doing achieving the highest price paid per square foot on the street. Understandably we are reluctant to share our process in writing (why give the competition a leg-up?) but we would be happy to walk you through how we are doing it by phone or in person.
Our applicants are 60% domestic and 40% overseas investors, arriving from Europe, the Middle East and Asia. We are seeing little to no interest from The Americas even with the more favourable exchange rate. Our US Licensed Realtor (based in our office) reports that her clients are simply not prepared to pay stamp and agents costs of over 12% up front when the equivalent in the US is 7% (Plus 6 monthly property tax at 1- 1.5% per annum). The upfront amount is psychologically too much.
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