Selling Tactic Ticks off Neighbors
Both of the penthouse condos at Charlotte's iconic “pink building,” The Arlington, are for sale. The market is tough, but especially for luxury real estate. So the owners of one of the 23rd floor condos just did something drastic. They cut the price of the incredible home nearly in half. It's got 4,000 square feet, three bedrooms, 2 and a half bathrooms and an office. As for the view, it's nearly 360 degrees and reminds you why Charlotte is known as “The City of Trees.”
Built in 2003, it's only had one owner. Real estate records show he paid $1.56 millIion for it. He put it on the market at the end of October for $1.99 million. This week, he slashed the asking price by nearly 50% to $995,000. McDevitt Agency Broker Sandra Godley says of the seller, "He just wants to be aggressive and reduce the days on the market."
The penthouse next door is also on the market for a much steeper $1.65 million. Residents aren't pleased with the now half-priced penthouse. "I think all of the homeowners here are ticked off, to be honest with you,” says Tom Harp. Harp rents at the Arlington, so he's not worried about the impact falling prices will have on the other units. He calls the so-called price slashing a realistic market adjustment. "You have to come to some point where you say, 'I'm gonna cut my losses and get out from underneath this huge payment,'” says Harp.
Godley says the penthouse is the "best deal in Charlotte,” she doesn't think other sellers can offer. "I would be surprised to see that happen. I'm not sure other people are in the position to be so aggressive,” says Godley.
Since the price slashing on Monday, traffic has picked up tremendously at the condo. Agents say they hope to have it under contract by the end of the week.
Another selling tactic: agents have brought business tour groups through the half-priced penthouse. Businessmen and women from San Diego and Philadelphia were amazed at everything a million dollars could buy them in Charlotte.