The Challenge
Sometimes a story is the solution to explain a complicated property or an unclear opportunity. This Mediterranean-style home on Browns Point in Tacoma fell into both camps. Set along the water’s edge, the sprawling property was a long, thin lot with a mixture of individual buildings stacked from the street to the Sound. Its style, reminiscent of an estate on the Amalfi Coast, was disconnected from the neighborhood character. And, while the residence checked every box on a luxury checklist, including features such as an elevator, a sauna, a pool, and a car collector’s dream multi-car garage, the seller’s desired price point far exceeded values in the surrounding community.
The home had been listed in a previous market at a lower price point and had not sold. Talking to buyers’ agents in the market, we learned that prospective buyers had several objections to the property. They could not make sense of the jumble of buildings on the property, and how to move from one space to another. Buyers disliked the narrow lot, and were uncertain about the home’s strong aesthetic, but were drawn to the waterfront experience of the property. That said, Browns Point didn’t equate to a high-end location in their minds.
Our Strategy
We realized that crafting a story would help bring the property to life in the eyes of its prospective buyers, connecting its varied spaces into a seamless experience while elevating its market position. Leaning into the home’s detailed and elegant Mediterranean exterior and interior design, we chose to present the residence as an Italian enclave, comprised of a series of unique and highly desirable spaces. The property was transformed with a new brand, Il Palazzo Incantato (the Enchanted Palace), providing buyers with a new perspective from which to consider the home. We then broke the property into zones and provided each with a fanciful Italian name, such as La Terrazze All’Aperto (the terraces to the Sound and Le Cassette (the guest houses). What once was a series of disconnected buildings was now experienced as a sprawling estate property comprised of intimate private spaces, each with its own purpose.
Research into the location on Browns Point unearthed an additional story element. In 1905 a Scottish steamboat owner Matthew McDowell bought 80 acres of land on Browns Point and built a home, a dock and a dance hall on the waterfront. McDowell named his new estate Caledonia, a reference to the poetic name for Scotland. Locals and tourists alike were drawn to McDowell’s business which became commonly known as Caledonia Cove. A cove, of course, is a safe place, and a destination to retreat to. To further differentiate the property, the historic name for the area was adopted, and the residence became Il Palazzo Incantato at Caledonia Cove.
The Outcome
Repositioning the residence from Browns Point to Caledonia Cove moved it from a comp set with lower price points to stand alone as a property without competition. Weaving a romantic story about the property and helping buyers to envision themselves living on Caledonia Cove created interest and then demand. While local brokers noted that nothing had, nor would sell for over $2 million in this area, Caledonia Cove prompted a bidding war with a sales price of $3.6 million. Creativity created value on the shores of the Puget Sound.
