Guest post by Phoenix Rising Interior Design
The impact of Home staging: 1625 W North Shore, Chicago IL
I can remember the first time I walked through 1625 W North Shore Drive, inChicago. This was a busted condo rehab project. 3 out 15 units were completed and sold. The 12 remaining units needed work, lots of work. Living out in the suburbs my entire life I couldn’t imagine how one could even fit a bed in the so called “bedrooms”. Although our company needed the work, I told our client we needed to take a pass on this project. He insisted, we finally agreed, and began work in late December 2008.
We finished the rehab in March of 2009. Although the units looked great after our crew installed back splashes and corrected some obvious flaws made by the original contractor, I still could not imagine how one could live in the spaces layouts. The floor plans made no sense, and there seemed to be no real room to “live”.
Fresh Horizon Realty, our partner company then took on the project. I had our Agents tour the property … no one volunteered to work the project. Our real estate company holds open houses almost every day of the week, literally installing a sales office at every project… So to commit to a project, the Agents must have confidence it will sell. At this point, there was no confidence … even veteran city Agents could not imagine how one would live in this space.
Fortunately we have our own Interior Design Company that has staged hundreds of homes all over Chicago. Phoenix Rising Interior Design LLC has staged multi Million Dollar homes, and $150,000 condos, and everything in between.
We elected to stage two of the most challenging floor plans 1625 W North Shore had to offer. Wow, what a difference. After the staging process was complete for the 2 units, I walked the project with the same Agents. whom just weeks earlier vowed to have nothing to do with this project. After visiting the staged units these same Agents began fighting over who could work the project. The client was amazed, going out of his way to send other developers to view the units that Phoenix Rising Interior Design Staged. Even the President of the Bank holding the loan couldn’t believe the transformation, and he too sent other struggling developers to view the completed units.
In Real Estate, the proof is in closed transitions. Three different Real Estate Brokers struggled to sell 3 units in three years, all with parking. After the units were staged Fresh Horizon Realty sold 9 units in 12 months, for more money, and most without parking! This took place in 2009 …. Arguably the worst real estate market in our lifetime.
How did they do it? Why did the units sell faster and for more money?
Bottom line …. If your home or listing isn’t selling, and you have not considered professional home staging, what are you waiting for? The longer you have a home sit on the market the less you will ultimately sell it for. There is more inventory than most of us have seen in a life time … what is setting your home apart from the 30 other homes your potential buyer is looking at?