5 hours ago
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In for a buck, in for $550,000.
A Newark, New Jersey real estate broker raked in more than half a million dollars yesterday on a listing asking just $1. The colonial-style home, located in a quiet suburban enclave of the city, was on offer for a mere seven days.
Brendan DaSilva made headlines last week when he listed his own three-bed, two-bath investment property on the outskirts of Newark for that pocket-change sum. His plan, as reported by NJ.com, was to let the market decide on a fair price.
“Thankfully, it worked out very well for us,” DaSilva told The Post, saying he received three $550,000 offers.
DaSilva’s ambitious sales tactic was more than just a clever gimmick — the endeavor was an experiment in markets and marketing.
Although he’s never seen a broker list a home for $1, DaSilva said, he’s seen plenty of homes under-priced for the sake of optics.
“What winds up happening is you go, ‘Oh, my God, this house in New Jersey sold for $200,000 over ask,’” he said. “It’s make believe.”
So, DaSilva leaned into the fantasy.
He decided to take a gamble on his own $300,000 investment property — into which he poured an additional $100,000 in renovations — and gave it that $1 price tag. Interested buyers had just seven days to bite. The sale was a re-packaged auction, without carrying the same connotations of distress and dereliction.
“Every 10 minutes I was getting a call,” DaSilva told The Post.
By the time the offer period closed on Tuesday, DaSilva said he lost count of the inquiries.
“We do get people literally thinking they could buy for $1,” he said. “I’ve gotten a few people calling me saying, ‘Hey, I have $1 right now. I’ll come.’”
The home offered buyers more than just a thrilling gamble. DaSilva’s months-long renovation on the home included a new kitchen with quartz countertops, as well as handsome upgrades to bathrooms and plumbing. The home also boasts a finished basement, a screened-in porch and a two-car garage.
When the auction ended on Tuesday, DaSilva told The Post had three offers of $550,000 on this desk. The broker hoped for more than $500,000 on his investment, and called the $550,000 offers “a home run.”
DaSilva’s team at Keller Williams NJ Metro Group is based in Newark, where the median sales price in May was $560,000, according to Redfin.
The winning bid belonged to a Newark family that operates a food truck business, NJ.com reported.
Not all of DaSilva’s fellow brokers were a fan of his creatively packaged auction.
“Some people thought it was unethical,” he said. “Some of them thought it was the coolest thing ever.”
English (US)