Is it so hard to sell designer's condos in smaller cities? (tenant, sale)

[Conon6]

Originally Posted by berniekosar19

Soooo.... basically you just proved the point that you over-improved for your market, as well as designed your place in a decorative style that doesn't at all match what 99% of buyers in your area are looking for.

Yeah, we kind of figured it out on page 1.

Originally Posted by coastal chic

Exactly. 99% of buyers want vanilla. 1% of buyers want something different. Your goal when selling, though, is to appeal to as many people as possible. Get rid of the wallpaper and you'll be well on your way to appealing to more buyers while maintaining a stylish condo.

No way! I despise paint. It's flat, boring, cold, has no character, always looks cheap and should be outlawed... unless it's white of course and used to accentuate a nice wallpaper nearby.

Originally Posted by MJ7

Why not rent it out instead?

They have a limit of 4 rentals per complex, and they're all already taken... Besides, the condo is too delicate to let people who don't care about live in it. For example, renters might not care properly for the marble countertop and I will end up replacing it... ruining wallpaper, etc.. I'm afraid I'll end up paying more to fix things than rent itself.

Originally Posted by PeachSalsa

It is WAY too dark for me. I'd be changing the colors to lighter colors, getting rid of the heavy window coverings, and losing the chandeliers.

I think it feels like a very closed in space, and it would make me claustrophobic. I need open, airy windows and lighter colors.

The snakeskin and velvet reminds of a 70s style lounge...Leisure Suit Larry...

You gotta see those chandeliers in person. They're stunning. Light colors go better with larger rooms, in smaller spaces they make the small size too obvious. Darker colors make the room much larger as all the decor/details distracts you from paying attention to the size. In the dim light (how it's meant to be most of the time) the walls disappear/blend with the dark and give the sense of a larger space (I'm a night person, I'm awake all night, so I made the condo to feel intimate and cozy). The first thing everybody says when seeing my condo is that it feels much larger than it is, and it's a 1000 sq ft condo, it can only feel so big.... Where did you see velvet, I have none?

Originally Posted by MissTerri

How are the other condos of similar size priced in your part of the city? Can people buy single family homes in your area for $200K in decent neighborhoods and in decent condition in your city?

Of course they can. They're going to get an ugly 3000 sq ft house with ugly interior that they can choose to spend 20k to make it even uglier... but newer, of course... I'm not hunting for house buyers, but for condo buyers, two different buyer groups.

Originally Posted by mkarch

The current crop of $1M houses is on average very minimalist. The closest I've seen to a neoclassical modern on a 'popular' listing is the house Ryan Lewis bought, which sort of stuck out as an unusual choice or a 25 year old. FWIW, his manager bought a renovated mid-century modern a few houses down from mine.

That's a very bland and uninspiring house. And the interior is style-less, really.

Originally Posted by Tallybalt

I would never call your condo neoclassical.

I mentioned it above, only green room sort of qualifies. The rest is contemporary/japanese. I don't call it modern as it's not minimalistic enough, actually it's full of details

Originally Posted by fallingwater

Also if they wanted to change out the gold sink, what would they do?

1. Hold out for a buyer that likes what you like (could take a while)

2. Have a stager come in and add neutral furniture. This will allow them to focus on the details of the place and not be distracted by your furniture.

3. Paint the bathroom that is red, a light color that compliments gold and softens it.


Good luck!

What's up with people and my golden sink? It's more like rust gold, and it has a deep glass layer that makes the water feel floating over it. It's extremely beautiful, you have to see it in person.

As far as your other point, the condo was designed with certain furniture in mind. Each of them was meant to have specific color/shape/material. I designed the condo and then looked for furniture that was just like in the program (quite a challenge). You won't find a better combination, I tried and experimented for months. This is not random, it's careful selection through thousands of items... sofas, chair, tables... etc.

I will just wait for the right buyer, that's all. I'm kind of used to having the condo on sale, it's been so long, I'm long since used to it, I dont' feel impatient at all. Frustrated, yes, but I accepted it that I will have a heck of a time selling it.

Red bath is by far my most beloved masterpiece. Every time I walk into it, it strikes me so hard with its intensity. No way I'm succumbing to masses and their "beige tastes"

[Tallybalt]

You asked us for our views. Most people on this thread have said they don't like your condo. There's nothing wrong with your taste, just as there's nothing wrong with Ryan Lewis's Seattle house even though most buyers would probably prefer it, if only just for the views. You clearly don't like the uncluttered, open and light spaces that appeal to more buyers and are deemed more "tasteful" by the larger number of people. That's fine. Each to its own.

But your taste preferences is in the distinct minority and is quite unique (having spent some time in Japan I see little to connect it to Japanese aesthetics, and I see stronger similarities to gaudy Vegas hotels, but the condo isn't in Vegas). It will be difficult to sell your condo in your market as it is without either a major price revision or revision of the interiors.

How badly do you need to sell your condo? That's what it comes down to.

Originally Posted by Conon6

Yeah, we kind of figured it out on page 1.



No way! I despise paint. It's flat, boring, cold, has no character, always looks cheap and should be outlawed... unless it's white of course and used to accentuate a nice wallpaper nearby.



They have a limit of 4 rentals per complex, and they're all already taken... Besides, the condo is too delicate to let people who don't care about live in it. For example, renters might not care properly for the marble countertop and I will end up replacing it... ruining wallpaper, etc.. I'm afraid I'll end up paying more to fix things than rent itself.



You gotta see those chandeliers in person. They're stunning. Light colors go better with larger rooms, in smaller spaces they make the small size too obvious. Darker colors make the room much larger as all the decor/details distracts you from paying attention to the size. In the dim light (how it's meant to be most of the time) the walls disappear/blend with the dark and give the sense of a larger space (I'm a night person, I'm awake all night, so I made the condo to feel intimate and cozy). The first thing everybody says when seeing my condo is that it feels much larger than it is, and it's a 1000 sq ft condo, it can only feel so big.... Where did you see velvet, I have none?



Of course they can. They're going to get an ugly 3000 sq ft house with ugly interior that they can choose to spend 20k to make it even uglier... but newer, of course... I'm not hunting for house buyers, but for condo buyers, two different buyer groups.



That's a very bland and uninspiring house. And the interior is style-less, really.



I mentioned it above, only green room sort of qualifies. The rest is contemporary/japanese. I don't call it modern as it's not minimalistic enough, actually it's full of details





What's up with people and my golden sink? It's more like rust gold, and it has a deep glass layer that makes the water feel floating over it. It's extremely beautiful, you have to see it in person.

As far as your other point, the condo was designed with certain furniture in mind. Each of them was meant to have specific color/shape/material. I designed the condo and then looked for furniture that was just like in the program (quite a challenge). You won't find a better combination, I tried and experimented for months. This is not random, it's careful selection through thousands of items... sofas, chair, tables... etc.

I will just wait for the right buyer, that's all. I'm kind of used to having the condo on sale, it's been so long, I'm long since used to it, I dont' feel impatient at all. Frustrated, yes, but I accepted it that I will have a heck of a time selling it.

Red bath is by far my most beloved masterpiece. Every time I walk into it, it strikes me so hard with its intensity. No way I'm succumbing to masses and their "beige tastes"

[EvilCookie]

I think it's really cool and I could see myself living there if I was a single person living in the city - but I would not pay twice the price over a comparable 'plain' condo. I would pay a small premium for it, but not a huge one. Though I would love the idea of moving into a furnished nicely decorated place with everything done for me, but maybe I'm in the minority on that.

[thedwightguy]

Originally Posted by Conon6

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...)

Depends on where you are, and I don't know what city you're in.
It took Seattle, and it's taking Calgary, AB (a no brainer in the condo thing) decades with Vancouver, BC as the example right next door to "figure out" the condo lifestyle idea in a wet, or really really frozen, place to live. Those areas are well over a million people.
You couldn't give away loft living in Ottawa when I was there, as prices were so high only the retired could afford them, and govt. employees were either living in Quebec across the river or in chasing the tract home scene. Depends on where you live. The market for our condo has to be developed, and that's still happening in a lot of jurisdictions.
And how big the immigrant and how large the gay pride parade is in your town is really important.
I'm forced to assume your town doesn't have a gay pride parade. I'm not kidding.

[MissTerri]

Originally Posted by Conon6

Of course they can. They're going to get an ugly 3000 sq ft house with ugly interior that they can choose to spend 20k to make it even uglier... but newer, of course... I'm not hunting for house buyers, but for condo buyers, two different buyer groups.

I saw your listing and the comps. People can buy nice homes in your city for just a little bit more then the listing price of your condo. They can also buy a nice condo/townhomes for about $40K less then the cost of your condo. Or they can spend $100K less for a similar space and put in $20K and have a place that they like. Most people that I know would choose a house over a condo if they could afford it. It's generally a much better investment.

The interior of your condo does not match the exterior. The inside is urban, the outside is suburban. To me it just looks like you put way too much money into something that is not going to hold it's value in the long run. You could either take all of the high end finishes that you love out and move them into your new place or you could lower the price of the condo and take a loss or you can let it sit at the current price point.

[PeachSalsa]

My comments are below in blue:

Originally Posted by Conon6

Well, clearly YOUR definition of "nice" and other people's definitions do not match. I have one room wallpapered, but the wallpaper looks like paint.

I am not a fan of chandeliers, unless they are in a southern plantation house. Period. Too hard to clean.

So let me get this straight...you have a small space, you have the walls all dark, AND you keep the light dim? Oh good grief, there is no way I'd keep my sanity in there. I need space and I need light, preferably natural light streaming in through large windows, but barring that, decent light from good lamps and lights.

Ummmmm, I would not go around calling other people's houses ugly. There's something about pots and kettles......

But you are absolutely correct where you said they can CHOOSE their decor. I'd take SPACIOUSNESS over a tight, dark space any day of the week for the same amount of money.

Not a fan.

As long as you know that your buying pool is very, very small, then good for you!

[PeachSalsa]

Originally Posted by thedwightguy

And how big the immigrant and how large the gay pride parade is in your town is really important.
I'm forced to assume your town doesn't have a gay pride parade. I'm not kidding.

This is a very good point.

[berniekosar19]

Originally Posted by Conon6

Yeah, we kind of figured it out on page 1.

And yet, here we still are, 9-10+ pages and counting

Originally Posted by Conon6

You gotta see those chandeliers in person. They're stunning. Light colors go better with larger rooms, in smaller spaces they make the small size too obvious. Darker colors make the room much larger as all the decor/details distracts you from paying attention to the size. In the dim light (how it's meant to be most of the time) the walls disappear/blend with the dark and give the sense of a larger space (I'm a night person, I'm awake all night, so I made the condo to feel intimate and cozy). The first thing everybody says when seeing my condo is that it feels much larger than it is, and it's a 1000 sq ft condo, it can only feel so big.... Where did you see velvet, I have none?

A major issue for you is that, while your place may show very well in person, your pictures make it look dark and small, so you're going to be challenged to just get people through the door. Virtually everyone starts, and conducts, their housing search online and I can very easily imagine potential condo buyers discounting your place solely based on the pictures.

Originally Posted by Conon6

Of course they can. They're going to get an ugly 3000 sq ft house with ugly interior that they can choose to spend 20k to make it even uglier... but newer, of course... I'm not hunting for house buyers, but for condo buyers, two different buyer groups.

And again, I don't think you fully understand your buyer pool and how to market to them. Even people looking for a condo don't seem to be interested in your unit.

Originally Posted by Conon6

I will just wait for the right buyer, that's all. I'm kind of used to having the condo on sale, it's been so long, I'm long since used to it, I dont' feel impatient at all. Frustrated, yes, but I accepted it that I will have a heck of a time selling it.

Red bath is by far my most beloved masterpiece. Every time I walk into it, it strikes me so hard with its intensity. No way I'm succumbing to masses and their "beige tastes"

Here's the reason why the "beige tastes" for the masses works: it's inoffensive, it actually does have appeal to a large percentage of the population, and for those to whom it doesn't hold any appeal, it can be easily changed to suit their tastes. The main part of selling a home is marketing it properly; now, that encompasses a lot of things, including price, online and print exposure, and staging, among many other things. You want to appeal to the largest pool of people that you can; it's that exposure that will generally yield you a solid offer, if not multiple offers.

What you have done is take that potentially large pool of buyers and shrunk it considerably to a very tiny puddle. It's like going fishing in a well-stocked pond and looking only for a very specific fish: you may well find what you're looking for but you will most likely be there for a loooooooong time.

I mean, look at it realistically; what you're looking for is someone who has your exact taste, who is at this exact moment actively looking for a condo in your exact location, and who has the funds to purchase said condo with cash and is willing to use that cash to pay a huge premium of double what similar condos in your area are going for. What are the odds that this particular person exists in this particular moment in time in this particular area and is actively searching? It's probably up there with winning the lottery and getting struck by lightning, statistically speaking.

You need to come to terms with the fact that you are never going to recoup your remodeling costs, and if you really want to sell your condo, you will need to do so at a substantial price reduction that places it more in line with what other units in your area are selling for, and at a discount that will take into account your buyer will need to come in and gut the place.

[MissTerri]

I would at least retake the photos during the day with the blinds open. I would strongly consider getting rid of the colorful living room furniture and going with something lighter and more neutral like white. It's just too much as is for 99% of buyers.

I actually like the kitchen, minus the purple pendants. I like the bedroom and the office. I like the chandeliers. I like the white bathroom. I hate the red bathroom (not my color and not my style) I greatly dislike the paneling in the living room (too dark). I dislike the carpet and the screen projector. I also don't like the way the furniture is laid out in the living room. It makes it look smaller then it really is. The plants make it look like an office waiting room. The colors of the furniture in the living room are off putting to me. With more neutral colors for the furniture though I think it would be more appealing to many people. Simplify it.

Also consider lowering the price to $170K. I think at that price point you would have a lot of showings in your area based on comps.

[TurtleCreek80]

When we live in a house/condo, it's all about "me". You designed and decorated this condo for you to enjoy coming home to each day.

Now that it's on the market, you MUST change your mindset from focusing on how much time/money/love YOU put into the unit to focusing on what will make it appealing to buyers. Buyers are the priority now, not you. (I would give this advice to anyone selling a home, not just you!)

Some suggestions:
1. You keep talking up the amazing downtown views but none of your pictures shows the view! Open your window treatments to use the key selling feature to your benefit!!

2. Your photos make the place look small and dark. Make sure photographer uses a wide angle lense. Better lighting would help too....I get your reasons for the mood lighting, but again it's about buyers now and most are looking for "light & bright" interiors. Your furniture looks over scaled for the space in photography.

3. Your furniture is distracting- again, get that you had specific reasons for selecting these pieces but they are going to distract 99.999% of buyers away from what you are selling- the condo. You don't want buyers focused on your purple and yellow upholstery vs the unit itself. I highly recommend hiring a stager to remove and add some more neutral furniture & decor. Doesn't have to be Pottery Barn bland, can still be contemporary...just needs to be neutral in color and smaller in proportion. Again, the goal is to make your unit look spacious and inviting to more potential buyers.

4. Your target buyer is a rich single man. How many of them buy real estate without a female's opinion? Not many, and probably even fewer in a smaller town. You need to make the unit more female friendly. Buy some fresh flowers. Change the furniture. Show off the view. Is your closet custom? Add pictures of that.