From $1,275,000 to $650,000

A client of mine purchased a condo on Longboat Key last week. He paid $650,000 for the 2 bedroom, 2 bathroom, 1,503 square foot beach condo. While you might think that is a hefty price to pay. How would you like to be the seller? Back in 2006 the seller paid $1,275,000 for the Beachplace condo.

Short Sale in Beachplace on Longboat Key

What is interesting about this transaction is that my client put an offer in on this condo in November of 2010. We never came to an agreement with the seller and another buyer got it. That buyer had it under contract for several months and eventually walked in April of 2011. Another buyer put it under contract a few days later. This buyer waited about 7 months until November of 2011 before Chase Manhattan Bank approved the sale at $650,000. Unfortunately, this buyer walked on the contract as well. It just so happens that my client was back in town looking at condos on Longboat Key. Once I heard that this Beachplace condo came back on the market my client viewed it again and took over the contract.

The Value of Relationships and Facebook

Before it camr back on the MLS I found out about this condo coming back on the market via Facebook. I happen to be showing property to a different client and snapped a photo of the home we were viewing. I uploaded the picture to Facebook. The listing Realtor of this Longboat Key condo happened to see my post and sent me a message via Facebook telling me about the Beachplace condo coming back on the market. I immediately made a call to my client. Facebook was the catalyst for this transaction. It may not have occurred if I had not been Facebook friends with the listing Realtor.

For those of you who don’t want to get involved with social media you may want to rethink that strategy. You could be leaving money on the table.