The statistics are gloomy. There’s a glut of unsold condos in downtown Chicago. Selling one is a difficult task.
Surprisingly, though, moving a condo isn’t quite the impossible task you might think. Just ask the Ferrazza family.
Joe and Angela Ferrazza last summer sold their investment condo in Chicago’s River North neighborhood in about two-and-a-half months. And they didn’t even do it at a loss. Granted, the couple, who live in Arlington Heights in a single-family home, didn’t make a huge profit. Joe told me that they basically broke even on the transaction when commission fees were taken into account.
But to sell a city condo today without taking a loss? That qualifies as a success story.
How’d the Ferrazzas do it? According to Joe, they priced the condo right, made sure it was neat and removed as much clutter as possible. These are far from trade secrets. But they are strategies that work, even in a down market.
Setting the right price was the true key, Joe figures.
“We set what I think was a fair price,” he said. “We didn’t give it away, but we didn’t overprice it, either. We priced it to move.”
Joe said that the couple priced the condo in the $290,000 range. They had bought it two about two years earlier for nearly $275,000. During the time they owned it, the couple used the condo solely as an investment, renting it out to city visitors.
The process of selling the condo was so painless, that Joe struggles to even remember the exact date on which he and his wife officially sold the unit.
“You’d think that would be something I’d be able to remember off the top of my head,” he said. “But the process went pretty quickly. It’s a bit of a blur.”
It’s a problem that other condo sellers in Chicago would love to have.