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Old 02-20-2019, 12:22 AM
 
50 posts, read 13,012 times
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The most recent sell was in August in this complex. That home sold for 20k under what I'm asking. I have a half bath, 2 car garage and a backyard. Three sold right after that. Since I've moved in 10 units have sold in a 35 unit complex. I talked to the agent for one of the condos and he said the HOA was a big factor in the three month on the market.
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Old 02-20-2019, 07:34 AM
 
5,696 posts, read 6,402,798 times
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You seem to have a good grasp on the "issues". You are being realistic.


Give it a couple of months and see what happens. Just coming into that time of year that some people call the "selling" season.


Don't rent it. In six months if you haven't sold, then consider adjusting price based on showings, feedback, market conditions, etc.


Market on the coasts is in bad shape--east and west. Hard to sell into a soft market, especially when you have "issues".


Be patient. Nothing you can do is going to change the situation. You will eat yourself alive with "should I pay fees, should I paint, should I lower price, should I...." Sit tight and let the buyers come to you. It just takes time, and playing games is not going to change much other than make you feel like you are doing "something".
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Old 02-20-2019, 08:07 AM
 
Location: Research Triangle Area, NC
3,364 posts, read 2,298,662 times
Reputation: 4816
Quote:
Originally Posted by Cadsuper55 View Post
The most recent sell was in August in this complex. That home sold for 20k under what I'm asking. I have a half bath, 2 car garage and a backyard. Three sold right after that. Since I've moved in 10 units have sold in a 35 unit complex. I talked to the agent for one of the condos and he said the HOA was a big factor in the three month on the market.
Depending on how you look at it then...the good or bad news is that there isn't much you can do to change it. If the HOA fees are what caused slow-sales for other units in the neighborhood....that's likely the case with yours too.

Those eventually sold....yours will eventually sell too.
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Old 02-20-2019, 08:58 AM
 
76 posts, read 15,694 times
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Quote:
Originally Posted by Cadsuper55 View Post
415k 2 bedroom 2 1/2 bath 2 car attached garage with a backyard area. My condo is kindve rare because it has a yard and 2 car attached garage so close to downtown. The only comps I can find are 2 bed 2 baths no yard or garage and they go for 390 to 500k in our area
Are the garage and backyard both mentioned in the listing? When I do a search for 2+, 2+ with a $414-416k range with garage and backyard, zero results come up on Zillow.
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Old 02-20-2019, 09:19 AM
 
Location: NC
6,167 posts, read 7,390,776 times
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Well, the big problem is that the HOA has deferred the maintenance and probably has low reserves. Luckily someone caught this and has upped the fees in order to build the savings to take care of the lack of maintenance of the exterior, which you can see, and maybe even some other things like pipes etc that you can't see. Now that work is required, they are charging the existing owners a "small" amount per month rather than a huge one time assessment like 15 to 20K per unit to get things right again. Buyers will be charged until current repairs are done plus will probably continue to be charged to build up a reserve for future needs.

So, unless your condo is cheaper than most in the vicinity the potential buyers see a long road ahead for solving maintenance issues.
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Old 02-20-2019, 12:02 PM
DKM
 
Location: Thousand Oaks, CA
2,379 posts, read 815,859 times
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Quote:
Originally Posted by Ted Bear View Post


Market on the coasts is in bad shape--east and west. Hard to sell into a soft market, especially when you have "issues".
The market here is fiine, its just not in the frenzy it was last summer.

OP, give it some time. My client in Santa Monica had theirs listed for 3 months before they got an offer yesterday. You are trying to get 400 for it by listing at 415 but I'd suggest dropping your price to 399 if you want to sell.
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Old 02-20-2019, 02:13 PM
 
8,749 posts, read 7,724,078 times
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Quote:
Originally Posted by FLKitties View Post
Are the garage and backyard both mentioned in the listing? When I do a search for 2+, 2+ with a $414-416k range with garage and backyard, zero results come up on Zillow.
Zillow is not the best place by far, to look for houses, condos, etc., for sale. If you want the best source for information, and a full listing of real estate go to Realtor.com.
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Old 02-20-2019, 02:26 PM
 
35,897 posts, read 13,741,272 times
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Quote:
Originally Posted by Cadsuper55 View Post
Our complex is old and looks dingy so potential buyers have said the exterior and HOA fees are the negatives so far.
When is the exterior renovation planned? Will this require an assessment?

Why are you selling now?
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Old 02-20-2019, 02:34 PM
 
76 posts, read 15,694 times
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Quote:
Originally Posted by oldtrader View Post
Zillow is not the best place by far, to look for houses, condos, etc., for sale. If you want the best source for information, and a full listing of real estate go to Realtor.com.
I would have to respectfully disagree. While by no means do I think Zillow is the best (I personally curse those stupid Zestimates for their inaccuracy and how buyers seem to think it's an accurate price representation), I think a lot of buyers out there are using Zillow more often than Realtor.com. Personally, I utilize both. Zillow generally has larger images and it also allows for an extended listing description over what can be done via the standard MLS listing through the "What I love about the home" section. In addition, a lot of private owners are selling homes FSBO on the site and it also lists pre-foreclosures so it offers a little more versatility in that regard. Plus, Zillow allows you to search using keywords. If the big draws of a property aren't mentioned somewhere in the listing, you're losing out on a buyer pool that is quickly zipping through sometimes hundreds of listings at a time and you need to find a way to stand out among them.
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Old 02-20-2019, 03:19 PM
 
50 posts, read 13,012 times
Reputation: 36
Quote:
Originally Posted by Ted Bear View Post
You seem to have a good grasp on the "issues". You are being realistic.


Give it a couple of months and see what happens. Just coming into that time of year that some people call the "selling" season.


Don't rent it. In six months if you haven't sold, then consider adjusting price based on showings, feedback, market conditions, etc.


Market on the coasts is in bad shape--east and west. Hard to sell into a soft market, especially when you have "issues".


Be patient. Nothing you can do is going to change the situation. You will eat yourself alive with "should I pay fees, should I paint, should I lower price, should I...." Sit tight and let the buyers come to you. It just takes time, and playing games is not going to change much other than make you feel like you are doing "something".
Thanks
Really appreciate this advice.
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