Name: Eddie and Michelle Stroup. Eddie is a foreman/superintendent for Mulkey Enterprises; Michelle is an executive assistant to the president/CEO for KIDS II.
The home: A two-bedroom, 2 1/2-bath condo on the 25th floor built in 2004.
Where: Buckhead Grand, Atlanta
Why they sold: The couple bought the condo as a foreclosure for $251,000 in April 2012. They moved from Forsyth County to Buckhead desiring to downsize to a city lifestyle. Michelle's employer also moved its headquarters from Alpharetta to Buckhead. After spending 15 months renovating the unit and noting fewer condos for sale and potential buyers returning, they decided to try to profit from their hard work and investment.
Time on market: 3 days
Original price: $399,900
Sale price: $380,000
What it took: Spending $25,000-$30,000 to completely renovate the unit, including all new items: hardwood floors, granite countertops in the kitchen and bathrooms, sinks, toilets, faucets, bathroom tile and a frameless shower door. Pantry shelving was added and they painted the entire unit. It was challenging to redo the condo in a high-rise community, from planning when to utilize the elevators to following complex rules. The redone unit, which was slightly more than 1,500 square feet, was clean, organized and clutter-free, Michelle said.
Working with Margie Yondorf of Atlanta Intown Real Estate, the condo went under contract to the first people who viewed the unit within 24 hours of listing the property.
“One of the things that I think was awesome about it was just a really great view of the Atlanta skyline,” Michelle said. “I feel like we did a really good job with renovating it and choosing a design and colors that kind of brought in (the views). We didn’t put any window treatments. So it was almost like the outside of the city skyline blended with the whole decor of the inside.”
Potential stumbling block: The contract price was for $395,000, but they agreed to drop the price to $380,000 after the condo did not appraise high enough. They closed on the condo in August. The buyer also ended up buying the furniture (mostly from Crate & Barrel) and other items in the condo, including the silverware and linens, for an additional amount.
Seller's hint: If selling a condo or townhome, change at least one of the original features to make it stand out among other properties for sale in the same complex, Eddie said. The couple, who is looking for another Buckhead condo to renovate, can tell during their own searches which units have the same granite, hardwood floors and other features. "I'm still kind of pinching myself that we did it," Michelle said. "We felt like it was a once-in-a-lifetime opportunity and we felt like no one else was cashing in on the opportunity of finding a fixer-upper. Our goal is to find another one that needs TLC and build upon that."
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