Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate
 [Register]
Please register to participate in our discussions with 2 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.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 11-07-2014, 10:11 AM
 
20 posts, read 35,858 times
Reputation: 40

Advertisements

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...)
Reply With Quote Quick reply to this message

 
Old 11-07-2014, 10:34 AM
 
7,672 posts, read 12,755,740 times
Reputation: 8030
Are you comparing same bedrooms/baths as others? I noticed you said you moved walls, was curious if you took space or took out a bedroom etc. What exactly did you do by moving walls? Make it more open?

What year did you add the upgrades/decorations?

Are the "ugly" ones selling?
Reply With Quote Quick reply to this message
 
Old 11-07-2014, 10:49 AM
 
20 posts, read 35,858 times
Reputation: 40
Quote:
Originally Posted by momtothree View Post
Are you comparing same bedrooms/baths as others? I noticed you said you moved walls, was curious if you took space or took out a bedroom etc. What exactly did you do by moving walls? Make it more open?

What year did you add the upgrades/decorations?

Are the "ugly" ones selling?
It had a wall that separated the kitchen from the L-shape living/dining room. I made it so that the room is open/rectangular with an open kitchen.

The bedroom had an exposed sink in a sort of like room extension/half-hallway and a tiny bathroom with just a toilet and a shower. I moved the wall before the sink to create a full bathroom (while not compromising overall spaciousness of the bedroom).

End of 2012/early 2013.

Ugly ones are selling for about 150-200k. Depends. There are not many condos for sale. Really slim pickings. Which you'd think would help sell (the 'low inventory' thing)...
Reply With Quote Quick reply to this message
 
Old 11-07-2014, 11:07 AM
 
7,672 posts, read 12,755,740 times
Reputation: 8030
Have you any feedback from the Realtor?

The changes you described sounds really good. Only thing I can think of are the colors/style you chose? But other than that, I got nothing except I hope it gets sold for you soon.
Reply With Quote Quick reply to this message
 
Old 11-07-2014, 11:46 AM
 
Location: TOVCCA
8,452 posts, read 14,979,671 times
Reputation: 12529
So if the outside and common areas of the condo building look dumpy and dated? That counts.
Reply With Quote Quick reply to this message
 
Old 11-07-2014, 11:55 AM
 
3,278 posts, read 5,359,287 times
Reputation: 4072
In a smaller city, more people gravitate towards houses. They are more value.
Reply With Quote Quick reply to this message
 
Old 11-07-2014, 11:56 AM
 
13,711 posts, read 9,190,750 times
Reputation: 9840
Something is amiss, if everything is as you described then your condo surely would have generated more interest. A few shot in the dark reasons I can think of:

1. The remodel is not as nice as you thought it is and may actually be turning off buyers.

2. The comparable condos are in better school district than yours.

3. There is rental/HOA restriction in your complex that is turning off investors.

4. Your condo is too nice or too personalized for investors to use as a rental, and/or it is still more expensive than the comparables after factoring in remodeling cost.

5. Your housing market is slow and this level of interest is normal.

6. You said the location is not the issue. Perhaps it is.

Do you mind providing a link to your listing? If you don't want to give out the address maybe posting just a few pictures?
.
Reply With Quote Quick reply to this message
 
Old 11-07-2014, 12:23 PM
 
Location: Raleigh
13,652 posts, read 12,307,612 times
Reputation: 20094
Quote:
Originally Posted by Conon6 View Post
everything is high-end, custom order, european import, nothing from home depot... you know, the works.
I read this and it brings up images of a place that is highly customized to you, and not "generic" enough.

Just a thought. Also, it could be tough if 200K gets you a lot of house or a good amount of house with land in your area.
Reply With Quote Quick reply to this message
 
Old 11-07-2014, 01:05 PM
 
524 posts, read 571,308 times
Reputation: 1093
"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)"


It sounds like you over-improved for your area with a style that isn't desired in that area.
Reply With Quote Quick reply to this message
 
Old 11-07-2014, 01:21 PM
 
Location: Englewood, FL
1,268 posts, read 2,989,953 times
Reputation: 1117
Definitely sounds like you over improved. Good taste doesn't add anything to comps or appraisals and that's where market value comes from. People are simply not willing to pay more than the condo is worth because you used high end finishes. I could put a $50k custom kitchen in my small house, but it won't increase the value any more than an Ikea kitchen and that is fact. In a $500k home, a custom kitchen Reno would be expected, but not in a $100k condo.
Reply With Quote 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.


Reply
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 $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate
Similar Threads

All times are GMT -6. The time now is 02:33 AM.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - 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, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top