Is it so hard to sell designer's condos in smaller cities? (approved, loan)
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since you listed so high above market average at first, people didn't look at your place. Then it was an old listing, so something must be wrong with it, so they didn't look at your place.
basically, you screwed yourself. You probably have to take it off the market for a while, then get back on as a new listing, and get good advice about comps so you price it right.
Bought a condo with stunning city/downtown views for 100k, put another 100k into it - complete ground-up modern/contemporary style remodel: moving walls - opening up spaces, heated floors throughout, fully tiled bathrooms, wood/wallpaper surfaces, built-in appliances in the kitchen, stylish light and plumbing fixtures, dimensional details... everything is high-end, custom order, european import, nothing from home depot... you know, the works. I actually had a friend helping me with all the work, so I saved a lot on labor (random construction company guys would probably cost me at least 50k extra)... Put another 20k into the furniture/decor.
Anyway, planned to live there forever so didn't care much about resale, always thought remodeled properties sell fast... But guess what, life happened...
Put it on the market. Wasn't in a rush, so decided to feel the market. Similar sq ft condos (unremodeled, ugly ones) in that area are being sold for 200k, so I started at 300k... of course nobody bit, so I slowly lowered the price until 200k now where I'm pretty much dead even (actually I'm going to lose money on realtor fees, taxes etc). Got maybe 3 showings over the course of sale (8 months). Not even gawkers. Nobody even wants to come and look at it. Again, I'm competing with about same sq ftage ugly rental-grade apartments... And mine is not crazy/wacky style, pretty normal looking condo for that style.
I'm extremely surprised at this. I live in a city of 300,000 and I haven't seen a single good looking condo for sale (or a house for that matter). I know it's a redneck city (general consensus) but there's going to be some people who appreciate a stylish home and can afford one in any city. You know surgeons, lawyers, single high-income professionals...
But there's pretty much zero interest.
I know the issue is not the price or location. I'm lower than rental grade condos of similar footage in close by areas. I definitely know it's not the style. Or is it? Do people hate modern/contemporary? Luxury? Views? I just don't get it...
Did I hurt myself by doing the big price drops every 2 months? Do people look at the history of the property and think something is wrong with it if I have to lower the price so much?
Any thoughts?
(I'm not trying to pitch a sale here, not going to post any links, or mention location... please don't ask, don't PM - I won't answer...)
You have a $1,000 saddle on a $100 horse. You will not even break even. Take the hit and move on.
I wonder if the OP wound up 'neutralizing' the place to sell it or not.....
Pictures are on Zillow. I looked it up a few days ago. From what I remember- It looks like the life event was a wife/girlfriend. The green office was painted a lighter neutral color and full of girl stuff. Laminate flooring was installed. Purple walls were made neutral. Bathrooms untouched. Otherwise, everything else was pretty much the same.
Pictures are on Zillow. I looked it up a few days ago. From what I remember- It looks like the life event was a wife/girlfriend. The green office was painted a lighter neutral color and full of girl stuff. Laminate flooring was installed. Purple walls were made neutral. Bathrooms untouched. Otherwise, everything else was pretty much the same.
Pictures are on Zillow. I looked it up a few days ago. From what I remember- It looks like the life event was a wife/girlfriend. The green office was painted a lighter neutral color and full of girl stuff. Laminate flooring was installed. Purple walls were made neutral. Bathrooms untouched. Otherwise, everything else was pretty much the same.
just think, if he had waited until today's mysterious resurrection, he could have probably gotten $250K
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