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Old 05-16-2010, 06:47 AM
 
28 posts, read 60,745 times
Reputation: 16

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Is anyone out there in the real estate business? I'm just wondering if the market is really bad for selling a condo on the lake right now...

My parent's put their nice 2 bed/2 bath Sunset Cove condo on the market almost TWO YEARS ago and they've only had like 6 showings that whole time. I keep telling them I think the realtor is worthless, but they are too stubborn to change.
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Old 05-17-2010, 12:32 PM
 
57 posts, read 142,780 times
Reputation: 32
I'd imagine it's pretty bad right now. We are selling our house and have had it on the market for about 2 months. We had our 3rd showing yesterday.

I know neighbors in my area that are trying to sell nice homes for WAY below market value and they've had them on the MLS over a year.

That's homes we're talking about.

Condos are more a want and not a need, so I could see where that might be even worse. I one day would love to own one but couldn't imagine it right now with everything the way it is.

Just out of curiosity...what do they want for it. You can PM if you'd like.
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Old 05-17-2010, 02:51 PM
 
Location: Branson-Hollister-Kimberling City
1,806 posts, read 4,686,180 times
Reputation: 1556
Default Tough time to sell...

Quote:
Originally Posted by MSUBear42 View Post
Is anyone out there in the real estate business? I'm just wondering if the market is really bad for selling a condo on the lake right now...

My parent's put their nice 2 bed/2 bath Sunset Cove condo on the market almost TWO YEARS ago and they've only had like 6 showings that whole time. I keep telling them I think the realtor is worthless, but they are too stubborn to change.
Actually, MSUBear42, the condo market is one of the toughest ever right now. I checked for you, and only 2 Sunset Cove condos have sold since the beginning of '09...one of them was a repo. One of the problems is financing...condo financing has never been easy and is much more difficult now. If your parents own the unit outright, they might consider "short term" owner financing with something like 10% down...I've had some luck with that lately. They can balloon it in a couple of years.

And yes, condos are usually a second home, which is a growing segment of the market in this area, but if it's not being shown then it's probably a price issue.

Sorry...I know that's not what anyone wants to hear.
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Old 05-17-2010, 09:54 PM
 
Location: SW Missouri
15,527 posts, read 29,240,196 times
Reputation: 21263
The market is so saturated that you practically can't give them away. Sad but true. Listen to LakeJunkie's advice, she knows what she is talking about.

20yrsinBranson
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Old 05-17-2010, 10:14 PM
 
9,807 posts, read 12,903,124 times
Reputation: 8127
Quote:
Originally Posted by Lake Junkie View Post
Actually, MSUBear42, the condo market is one of the toughest ever right now. I checked for you, and only 2 Sunset Cove condos have sold since the beginning of '09...one of them was a repo. One of the problems is financing...condo financing has never been easy and is much more difficult now. If your parents own the unit outright, they might consider "short term" owner financing with something like 10% down...I've had some luck with that lately. They can balloon it in a couple of years.

And yes, condos are usually a second home, which is a growing segment of the market in this area, but if it's not being shown then it's probably a price issue.

Sorry...I know that's not what anyone wants to hear.

It's refreshing to hear a realtor give honest opinions regardless if it is what a person wants to hear.

Gotta give you some rep points.
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Old 05-18-2010, 05:58 PM
 
28 posts, read 60,745 times
Reputation: 16
Thanks to all who replied!
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Old 05-20-2010, 03:27 PM
 
Location: Branson-Hollister-Kimberling City
1,806 posts, read 4,686,180 times
Reputation: 1556
Cool It's in the code...

Quote:
Originally Posted by marmac View Post
It's refreshing to hear a realtor give honest opinions regardless if it is what a person wants to hear.

Gotta give you some rep points.
Thank you. Being honest is actually supposed to be part of our job......along with being knowledgable and competent.

http://www.hudclips.org/articles/nat...ode-of-ethics/


Anyway I appreciate the reps!
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