There's reality TV, and then there's reality.
Our Magnetic deal of the month comes courtesy of our star agent, Chloe Chasanoff. It shows what it actually takes to close six-million-dollar deals in New York City.
It's Not A TV Show
The TV show would have you believe that we just sit down once with a buyer and go on one tour. Boom! The deal comes together and that's that. The truth is that over a period of a year, Chloe showed this buyer more than 15 properties in Tribeca. They were looking for a special 3-bedroom property, and nothing was coming up. It needed to be in the right building, at the right price, and in the right condition; they were planning to update a property and didn't want to pay for someone else's renovation.
What They Found
The property they ultimately pursued is in the heart of one of Manhattan’s most sought-after neighborhoods, in one of the most premier Tribeca Condos. What made this unit so special was the soaring 11'3" ceilings.. which not all the units in the building have. The building was originally built in 1905 and converted to a condominium in 2015.
What Was Unusual in the Negotiation Process
Normally, negotiations go as follows: Either the buyer offers the asking price, or less. If it's the former (asking price), it's not uncommon that another buyer might to the same, sparking some kind of bidding war. In this case, the buyer, through Chloe, offered a bit less than the $6.15mm asking price. And the seller would normally be expected to give a counteroffer at some slightly-higher level. Here, the seller simply accepted the below-asking-price offer. Would that spook the buyer? Should they have offered less? It's a weird psychological moment, when a buyer thinks that they could have gotten an apartment for less money. It's like a greyhound catching the mechanical rabbit at the track. The dog doesn't exactly know what to do (Scott Harris, the founder of Magnetic, talks about this in his upcoming book release, The Pursuit of Home—available for presale here!)
The Result
Chloe was able to deftly navigate this potentially awkward moment with her buyers, and they soon signed contracts at the agreed-upon price. In her words, "The process was great, and I am so happy for my buyers' next chapter."
Congrats to our buyers. If you're looking for a new home, and want someone to guide you to something as beautiful as this, be in touch! - The Entire Magnetic Team
