Is it so hard to sell designer's condos in smaller cities? (square foot, appraised)
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I worked as a designer for a huge interior design firm for 12 years, both traditional and contemporary design, and know what I'm talking about. Your post was condescending. Homes over $1M are no different. They actually suffer the most from being over-personalized by the seller because the majority of homes in that range are custom. The only difference is people buying in that price range can afford to rip it all out and replace it. I've been helping a friend look at houses in the $2-5M range, and it's been a real eye opener. The bottom line is you can't find something, at any price range, done exactly the way you want it.
Well, I'm just talking about my particular area. Usually cities have their character based on what houses look outside/inside. My city is very conservative/traditional, like I said. There's no diversity at all, all the homes are traditional inside. Some were built in 80s contemporary style (exterior), but still very ugly (to me, I'm sure most people would be ok with them) inside even if some of the owners did their best at "remodeling".
But I did see a few mid-century modern houses that were, while not breathtaking, pretty nicely done inside and I wouldn't change anything. One costed 350k (didn't sell, taken off the market) and the other one 750k (I think they bumped the price to a million last time I looked) I don't understand the necessity to change a well-designed house to one's liking unless you know what you're doing/really good at it and can actually improve it (otherwise just buy a basic, unremodeled one). I'd rather live in a well designed house in a completely different style (than what I like) than in a badly remodeled (even if close to my liking) one. But I can see lots of people in this thread thinking the opposite.
I think your condo will only appeal to a very small subset of the population. I would rather buy a condo that was 100K less and then fix it up to suit my taste. I know you love it but it reminds me of what the city family did to the country house in the movie Beetlejuice.
The home depot remodel you abhor so much would have probably been able to recoup the smaller investment. I doubt the condo will even appraise for 200k. Thinking about this logically, you renovated 2 baths and a small kitchen. All the other stuff is decor and won't matter to an appraiser.
I have no doubt that cheap HD remodel would recoup easier. The problem is I didn't plan on recouping my costs but live there happily ever after, instead I got stuck in this crappy situation, and so soon on top of it, didn't even have much chance to enjoy long enough.
As far as appraisals go, they're irrelevant in my case. There are no comparable properties. Appraisal would be a number pulled out of thin air, regardless of what it is. If I ever sell this, I doubt this will be become an appraisal told the buyer it was the right price. You should be able to look and figure out yourself how much it's worth.
As far as work done, there's a lot more than you see. I don't know why you call kitchen tiny, it's actually 11'x 9' or so (I think it's ok for a 1000 sq ft condo), maybe just a wrong perspective. The living room itself is 24x19, (but I can see why pictures can make it look so, it's actually pretty huge in person). Bedroom had a tray ceiling built, the fireplace wall with a fireplace, also the bed accent wall, and a bathroom wall was moved, none of it was there. The hallway has a light wall and some additional dimensional/accent wall built (I don't have a picture) that is not a decor. Same with the office. I wish I had some 'before' pics... Anyway, a few more "perspectives":
The first thought I had when I saw the pics....... Edgar Allan Poe.
the darks and the reds.
Of course the darks make the place look small, as others have said.
Lower the price to 170 and see if you have more lookers. You don't have to accept any offers. Just do it as an experiment. If more people come through, be sure to get their honest opinions.
You have designed the condo to not appeal to the masses. Personally I would never step foot in your condo. The colors are very off putting. Someome will have to really like the colors and style. It's a minuscule audience.
You started off 100k over other condos, and now sit on the market.
As far as appraisals go, they're irrelevant in my case. There are no comparable properties.
A comparable will be a condo in your building or nearby with similar square footage, beds, baths, etc. An appraiser is not going to care about your neoclassical vision. How is an appraisal irrelevant in your case? Most anyone that is looking to buy is going to need a loan. In order to get that loan, the property is going to need to appraise accordingly. Are you hoping for a cash buyer? A cash buyer that appreciates all... this? If that's the case, you've just reduced your already minuscule buyer pool to about zero.
I found your listing and expected to see an urban high rise, given the type of decor you chose. Instead, it's in a nondescript garden-style apartment building. That right there can't be helping, either.
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