Into the Weekend 07.12.24

There’s a lot you can do with a million dollars.

You could take 20 cruises around the world; you could buy your own yacht and sail the world on your own; you could acquire one parking space in New York City; you could buy a (mildly used) Birkin handbag; you could pay half of my kids’ monthly cell phone bill; you could indulge in a couple of appetizers at Alinea; you could hire a full-time masseur for the rest of your life whose sole purpose is to give you foot massages 24/7, 365 days a year, on demand, even if you don’t shower; and, finally, you could invite three of your favorite people (or least favorite people, as the case may be) to join you on the next OceanGate submersible tour of the Titanic. 

No matter the size of your portfolio, there is no doubt that an extra million is a good thing to have in your pocket. And here’s the story of two empty-nester couples: one couple who has it - and another couple who won’t. 

Couple #1 (also referred to as “fantastic clients who listen to me”) approached me in the Fall of 2022 in anticipation of putting their house on the market. The 20-year old house had a couple of cosmetic issues which required attention.

Even though the wife is a designer herself, we reviewed the changes together and discussed what tweaks they should undertake to maximize their return on the house when we brought it to market in Spring 2023. Although I couldn’t guarantee a price or project the market 5 months in advance, Couple #1 trusted my judgment; and we devised a specific plan to showcase the house in the best possible way.

After spending the Winter and early Spring 2023 making each and every change I recommended (floors, paint, carpeting, minor repairs, staging), the house looked fantastic and was ready for the Brad Lippitz Group market push. Taking advantage of the low inventory in the neighborhood, we pushed the price pre-market.

And within a week, we had a cash deal at full price - a deal which far exceeded anyone’s expectations and hit a record for the neighborhood. 

Fast forward to Fall 2023 when Couple #2 (also referred to as “nice but misguided folks”) approached me and asked me to evaluate their home (which - like Couple #1’s house - was also about 20 years old).

After giving them my candid assessment, they then asked what it would take to get the reach price I fetched for Couple #1 (I didn’t even know that these couples knew each other).

Always the straight-shooter, I reviewed the alterations which I thought were necessary if we were to potentially get the same return: mainly floor stain, paint, carpeting, some repairs, and staging.

Well, Couple #2 was apparently not happy (even offended, possibly?) with my suggestions and listed the house with another agent. With only a few minor changes made, the house now languishes on the market - at a list price nearly $1 million less than the reach price we garnered for Couple #1’s house.

Even though I can never guarantee an outcome, I know what it takes to maximize the likelihood of the best result in the marketplace. And although I'm delighted that Couple #1 can now enjoy the extra $1 million, it's a bummer that Couple #2 will ultimately come up far short. 

Who needs another Birkin anyways?

Have a great weekend!

Best,

Brad