U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > New Jersey
 [Register]
Please register to participate in our discussions with 1.5 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Jump to a detailed profile or search
site with Google Custom Search

Search Forums  (Advanced)
Business Search - 14 Million verified businesses
Search for:  near: 
 
 
Old 04-01-2010, 05:43 PM
 
69 posts, read 209,366 times
Reputation: 50

Advertisements

Like others said, you are COMPETING in a BUYER's MARKET against 265 other condos......and guess what, 90% of offers in a BUYER's MARKET are BELOW asking price..

So, quick sale = 500k list, sell for 475-500k

or Just wait for the "right" one (heh)
Quick reply to this message

 
Old 04-01-2010, 06:05 PM
 
Location: Northern NJ
3,278 posts, read 3,046,638 times
Reputation: 3397
What are similar 4th-6th floor walk-ups with 2BR and 1 Bath selling for over the past 6 months. That's what matters. Listings mean nothing, what do the closed sales of 4th floor to 6th floor walk-ups with 2BR and 1 Bath show? Answer that question, and you'll know what to tell your agent.

By the way, if your unit is truly priced too low by $30,000 you will get multiple offers. Better that than being priced at parity with the other 265 units which are sitting on the market.

The value of your unit is not determined by you or your agent. It is determined by the market. Trust the market.
Quick reply to this message
 
Old 04-01-2010, 06:31 PM
 
Location: New Jersey
478 posts, read 1,028,320 times
Reputation: 110
Quote:
Originally Posted by manderly6 View Post
I think the OP is going to have a difficult time finding selling agents willing to go with a 30 day contract.
Thats the problem..RE agents seem to have their own rules..and that we can change easy.

If they can't sell in 30 days..they can have it renewed for another 30 days (up to seller or forget about it..no dealing with that RE agent).
Why the hell stick with one who might be a POS for 6 months?

There is no law saying it can't be for 30 days.The time will come or even here now.. when even most RE agents will accept the 30 days..just to stay alive!

Sellers also have the choice of self-sell..its not rocket science!

Last edited by carlo2009; 04-01-2010 at 06:40 PM..
Quick reply to this message
 
Old 04-01-2010, 07:19 PM
 
6,776 posts, read 4,784,511 times
Reputation: 9320
4th floor walk up? I actually believe that is a huge disadvantage to yours, with so many on the market. Even just moving in would sound like a nightmare to me, let alone weekly food shopping, especially if I had that much money to spend and so many options these days. Have you seen others that high up in a non-elevated building sell for what you're asking?
Quick reply to this message
 
Old 04-01-2010, 07:32 PM
 
Location: Weehawken
316 posts, read 692,624 times
Reputation: 63
Even though the location seems very good, I'm not sure it's as good as the more residential blocks like Bloomfield and Hudson (uptown). I also agree that the 4th floor walkup situation is a major factor. The price seems a bit high to me.

But perhaps I'm influenced by my situation. We bought a whole house in Weehawken for $530K 16 months ago. Today it's worth less than $415K. I would like to move, but it's hard to swallow such a huge loss.

Also, keep in mind that anyone can access the price you paid for it and the date you bought it, as well as its current value on Zillow (which several agents have told me is reliable), so they can see your profit (if any), or at least what they think is your profit (since they don't know what you spent on improvements).

The monthly charges are a factor too. A higher price might be offset by unusually low fees. If they're high, that might affect what you can get.
Quick reply to this message
 
Old 04-01-2010, 09:05 PM
 
Location: Montgomery County, PA
2,771 posts, read 3,761,480 times
Reputation: 594
Quote:
Originally Posted by kimchee View Post
My agent has asked me to lower my listing price by 35k when homes with my square footage are selling from 535-550k! I'm hoping to list at 535k.

My condo is in great, move-in condition and has alot of charm. Granted I have the following working against me:

- the condo is a 4th floor walk-up
- there's only 1 Bath
- the 2nd Bedroom is on the small side
- there are 265+ 2BR condos and counting on the market

But is it worth 30-35k less?

I'm not sure how to answer her since I know it's in her best interest to sell asap, while it's in my best interest to get the most out of the condo....
You need to compare like with like. If buyers have 265 comparable condos to choose from, they're not going to choose the one that requires them (and their movers!) to climb 4 floors worth of stairs.

How much less ? Check the comps, see how much places more like yours are selling for. Try to get a feel for how much $ the extra bath room is worth. As Marc points out, comps mean "closed sales". List prices only tell you that the lister is willing to part with the place at the list price (not that they will actually get that price, or that they are willing to sell it for its market value)
Quick reply to this message
 
Old 04-01-2010, 09:07 PM
 
27,680 posts, read 21,667,203 times
Reputation: 25360
Quote:
Originally Posted by ocnjgirl View Post
4th floor walk up? I actually believe that is a huge disadvantage to yours, with so many on the market. Even just moving in would sound like a nightmare to me, let alone weekly food shopping, especially if I had that much money to spend and so many options these days. Have you seen others that high up in a non-elevated building sell for what you're asking?
I got tired just reading that! But younger buyers might think nothing of it if they have their heart set on Hoboken.
Quick reply to this message
 
Old 04-01-2010, 09:35 PM
 
Location: Tri-State Area
2,922 posts, read 3,075,808 times
Reputation: 1747
Quote:
Originally Posted by Mightyqueen801 View Post
I got tired just reading that! But younger buyers might think nothing of it if they have their heart set on Hoboken.
If the condo is on Washington St and buyers don't mind the noise/beeping horns and the occasional fire truck run for donuts and coffee, then yeah, not an issue. If they do mind, then less potential buyers come walking in the door.

Sure, like my former neighbors, until they had their first kid and then the b*tchn and moaning began. Dragging up groceries and a carriage, or having to bring down the bags and carriage first, then go back up and get the kids.

The one's set on Hoboken - are either going to rent or wait for the right opportunity to come along. This isn't the hopping market it was back in '04 - '06, where as soon as you listed, it practically sold. What was the line back then? - get in while you can, prices are only going one way. Now, it sounds like the opposite - get out while you can, taxes and maintenance are only going one way, while property prices are going the other.
Quick reply to this message
 
Old 04-01-2010, 10:49 PM
 
Location: NJ
17,580 posts, read 20,757,045 times
Reputation: 15413
Quote:
Originally Posted by carlo2009 View Post
Thats the problem..RE agents seem to have their own rules..and that we can change easy.

If they can't sell in 30 days..they can have it renewed for another 30 days (up to seller or forget about it..no dealing with that RE agent).
Why the hell stick with one who might be a POS for 6 months?

There is no law saying it can't be for 30 days.The time will come or even here now.. when even most RE agents will accept the 30 days..just to stay alive!

Sellers also have the choice of self-sell..its not rocket science!
Good luck with the revolution. Let us know how it goes.
Quick reply to this message
 
Old 04-01-2010, 10:51 PM
 
576 posts, read 1,476,118 times
Reputation: 185
Quote:
Originally Posted by Marc Paolella View Post
What are similar 4th-6th floor walk-ups with 2BR and 1 Bath selling for over the past 6 months. That's what matters. Listings mean nothing, what do the closed sales of 4th floor to 6th floor walk-ups with 2BR and 1 Bath show? Answer that question, and you'll know what to tell your agent.

By the way, if your unit is truly priced too low by $30,000 you will get multiple offers. Better that than being priced at parity with the other 265 units which are sitting on the market.

The value of your unit is not determined by you or your agent. It is determined by the market. Trust the market.
Thanks Marc, what you said makes sense. If I price low I can always get multiple offers and let the buyers bid up. My only concern is, if I price it at 500k, they will not bid anywhere near the price I really want which is closer to 52-530k. *sigh* This market stinks. Sell now at a lost, or sell later at a potentially even bigger lost?

What's the chance that Hoboken will bounce back given the out of control property taxes?
Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


 
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Over $84,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > New Jersey
Similar Threads

All times are GMT -6.

2005-2014, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25 - Top