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Have had 2 BR/2BA condo on market in slightly above normal sales market in Chicago for over a week. Another condo in the building went under contract in a week and sold for $20K more than what we are listing at. The only difference is that they have parking. We had a very sparse open house last Saturday and have had ZERO individual showings. ZERO! We are getting decent attention online with many views and above average saves/favorites. The place would show well and is well staged. To make matters worse, the condo unit above ours went on the market on Thursday and they are both holding open houses today. I know that parking has to be part of the problem, but the condo is actually in an odd pocket of the neighborhood where it's at the corner of a really quiet street lined with single family homes. There is almost always easy street parking. The only other variable is the price, but there are other 2 BR/2BA and even 2 BR/1BA that have sold for the same or more. Is it possible we chose a very bad time in the season to list? After the open house today I know we're going to have to have a conversation with our realtor, and I'm not sure what to do. What happens if we lower the price and we still get no showings??
If someone wanted to buy parking in that building, how much would it be?
I'm concerned that if I give out the listing here, my realtor will find out and I don't want him to know that I'm asking these questions online. I'm not sure I would get the most honest answers from him though.
We were thinking of listing that it has parking, but specifically stating in the listing that we are offering a $2,500 or so closing credit toward parking. Would that be ethical or legal?
Try to relax a bit. There's no need to panic if you've only been on the market for a week. Talk with your agent and ask if there's been any feedback from the showings. Review your options with your agent and take it from there. Good luck.
you can't claim it has parking if it doesn't. that is misrepresentation, and your Realtor isn't allowed to do that.
Parking that doesn't cost $150/mo is worth about $20K in price.
Your Realtor can tell you what the expected DOM are for condos like yours.
What has the weather been like for the last week?
Your Realtor should not have any concerns about you asking them these questions, especially since they'll know the answers much better than anonymous folks from all across the country.
Your unit without parking is worth less than one with parking. So to claim that it should be getting the same price as the one with parking that just sold is incorrect.
And it would be fraud to list that it has parking and then explain, oh, no, wait, it doesn't but we'll give you a credit that would cover it for a little over a year (never mind that it might not actually be that close to the building)
Plus the reality is that some people do simply rule your unit out completely, if there is no parking. If I were buying a condo, I wouldn't even bother to look at units that didn't have deeded parking, no matter what they looked like in the photos. I'm just not willing to take a chance of arriving home late at night or with a car filled with packages, and not be able to park in front of my own building.
1. With or without a deeded parking spot makes a very significant difference to the value.
2. Forget the closing credit. Drop the price enough to attract buyers, given the fact that there is no parking space.
3. Consider playing up the availability of public transportation (if it is very convenient). If so, you might be able to attract buyers who don't want a car.
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