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Old 01-10-2012, 07:24 PM
 
50 posts, read 53,228 times
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Default Slow real estate?

Dallas real estate hasn't slowed down as bad as the rest of the US?? My condo has been on the market 60 days and only one look....? That was for a lease not to buy. Most of the looks have come from the open houses we had. Bad advertising?? Or just slow?? It's listed on all the websites....
Any thought?

Thanks in advance
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Old 01-10-2012, 07:48 PM
 
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Condos move slower than houses. Could be your price. Could be your location? Are you in Victory Park or next to a meat packing plant?
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Old 01-10-2012, 07:50 PM
 
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Behind the pink wall........aka northwest highway & preston
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Old 01-10-2012, 07:53 PM
 
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Quote:
Originally Posted by ramz003 View Post
Behind the pink wall........aka northwest highway & preston
Tricky area. Doesn't really attract the Uptown condo crowd (which has still taken a hit) or really appeal to folks looking to live in Park Cities unless it's the divorcee on a budget crowd. So a small target market and likely harder to price aggressively vs. condos within walking distance of bars/restaurants that you'll find in State Thomas or Uptown.
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Old 01-10-2012, 08:21 PM
 
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I'm priced the same with the other condos..... just updated kitchen too so thats a plus!
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Old 01-10-2012, 08:27 PM
 
Location: Dallas/Fort Worth, Texas
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Condos don't do well in Dallas at all, a year on the market isn't very shocking. Pricing and location are key. Obviously you are in a great location but the HOA dues are pretty high Behind The Pink Wall. Know your competition, may be even go visit them so you can compare. Despite your condo being listed on several websites, make sure the pictures are professional and high quality.

Naima
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Old 01-10-2012, 08:30 PM
 
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Undercut everyone else's price, sell before it becomes a race to the bottom.
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Old 01-10-2012, 09:12 PM
 
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Quote:
Originally Posted by ramz003 View Post
Dallas real estate hasn't slowed down as bad as the rest of the US?? My condo has been on the market 60 days and only one look....? That was for a lease not to buy. Most of the looks have come from the open houses we had. Bad advertising?? Or just slow?? It's listed on all the websites....
Any thought?

Thanks in advance
My Uptown condo leased in 1 day this summer. I had about 3 showings the first DOM and one of them leased it. We used comp rentals in my building from the past 90 days and priced it $50 under the closest comp unit on the market (same view & floor plan). Mine leased; the other is still on the market (and now priced at what mine leased for).

Couple of suggestions:
1. Is your realtor an EXPERT in your neighborhood? You want to use someone who has leased and sold dozens of units behind the wall, not someone who is a personal friend or someone who specializes in another area. An expert tends to have a network of clients who want to live in your area or already do live there but may want/ need to move.

2. How did you price it? It's entirely possible that market rate rent won't cover your mortgage + taxes + insurance + HOA every month. I know some of the oink walk complexes have hefty HOA's or may be in assessments right now. Price for the market; not what your monthly outlay is.

3. How does it look? Be HONEST. Have you hired a housekeeper to do a "move out clean" where every surface is scrubbed, dusted, and squeaky clean? Does your paint look fresh? Are your kitchen and bathrooms updated? You can do relatively inexpensive things like re-porcelain a tub/sink or change the metal hardware to freshen things up.

Good luck!
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Old 01-10-2012, 11:06 PM
 
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Quote:
Originally Posted by GreyDay View Post
Undercut everyone else's price, sell before it becomes a race to the bottom.
Or not.

In the face of an improving employment picture panic price slashing is likely a bad move. Life is a poker match and the scared get killed.
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Old 01-11-2012, 05:32 AM
 
50 posts, read 53,228 times
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Thanks for the replies....
The lease price is compared to another unit in the complex (and other units behind the wall) that seems to lease all the time and it will cover my mortgage, etc.
The realtor is an expert in this area and the condo is spotless. We just painted, (everything) put new crown molding, refinished wood floors, and remodeled the kitchen along with new appliances.
I know some the HOA behind the wall are HIGH.... We have one of the lowest HOA (below $500) behind the wall which included all utilities.
Moderator cut: see DM

Last edited by BstYet2Be; 01-11-2012 at 08:56 AM.. Reason: edit
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