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I did have it at $129,900 and I dropped it to where it is now. Only three people looked at it within a year. I hired a realitor and she has no luck either. Our place was appraised in 1990 for $110k
No one can really give you a good opinion without knowing your local market and comparable sales. Hopefully your Realtor gave you that information with advice on pricing your home to sell.
Edit to add: After reading your Craigslist description, at least part of you problem is that it combines "2300sf of business space and 2300sf of living space." This makes your property a bit unique and more difficult to market and sell.
Assuming an existing house was actually worth $110,000 in 1990...
the next question is to what degree (during the ensuing 21 years) did EVERYTHING
get repaired or replaced or remodeled; iow... was the place **kept** in good to excellent condition.
Was it?
If it was... and the house is currently in good to excellent condition...
with new to newer systems and components and appliances in it...
then (all else being equal) the place should be worth closer to $160,000.
(after having spent $15-30,000 in upkeep over those 20 years).
Of course things are never equal...
so the next level is what has been happening in the area around the house.
Schools? Crime? Jobs? etc. the things that make people want to buy there or run for the hills.
I did have it at $129,900 and I dropped it to where it is now. Only three people looked at it within a year. I hired a realitor and she has no luck either. Our place was appraised in 1990 for $110k
First off, your 1990 appraisal isn't worth the paper it's written on, being 21 years old.
We don't have any info that will let us determine if your price is too high. That's all about the local market & comparable properties. And yours is an odd and unconventional property. At least compared to everything I've seen, and I'm betting there aren't many similar even in your market. So you or your real estate agent (and it's Realtor, by the way. without the i,) need to do a few things; 1. determine what type of buyer you are looking for. Who is most likely to be able to maximize the use of that property? 2. determine a reasonable marketing price. Again, thtat's going to be mostly about sales of comparable properties, but comparable may be stretched a bit in this case, or be a hybrid of several property types. 3. market to the group that you identified as being most likely buyers. Craigslist isn't it. It's terribly unlikely that the person looking for a property like that one is paging through craigs list looking for it. So what sort of marketing has been and is being done?
I honestly thought this was a picture of a small motel or at least a triplex. If you can sell it as an investment opportunity for someone looking for that kind of property it will be much more likely to at least hit the correct target.
My suggestion is to make friends with a commercial broker -- if they agree to take the listing at a reduced commission (which would make sense for both you to get the place and them to get more connections with those looking for investment properties in general...) I bet the place would be under contract within a few weeks.
It is not likely that anyone shopping for a single family home would be interested in this at any price...
Also consider reviewing with an agent specializing in commercial properties. From the photos, it comes across more as a business than a home.
I think this is exactly what needs to happen. The OP needs a commercial real estate agent and not a residential one. Essentially you are looking for someone who wants to live above their business.
I have a sneaking suspicion that this post was less about advise and more an attempt to advertise it.
Noooooooooooo. ya think?
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ya think?
