[dad1501]

Originally Posted by CTartist

Did you see this condo in your complex that sold December 2020. I think this is your complex. It sold for $276,000: 2 bed, 1 bath 1100 sf.
https://www.coldwellbankerhomes.com/...3/pid_38336452

Maybe the realtor just wants to see if she can get a higher price but will lower it in a few weeks if it does not sell like your neighbor.

This is how the condo near yours was listed.
12/14/2020....Sold: $276,000
10/13/2020....Price: Reduced: $289,000
10/06/2020....Listed: $319,000

Yes, I know about that condo. Every condo in this complex is different - built in different years, has different ceiling heights, etc. Ours is by far the nicest in the unit. We bought for $285k in 2018 and we put in $20k.

[SteveM85]

It's very desirable, just not as expensive as surrounding towns, though some parts are, and in some cases higher.
Schools don't matter for 2 bedroom 1 bath condos.
It's location. Kind of offbeat. Not bad by any means but just not the first place buyers will target.

Looks great though, best of luck

[CTartist]

Originally Posted by dad1501

Yes, I know about that condo. Every condo in this complex is different - built in different years, has different ceiling heights, etc. Ours is by far the nicest in the unit. We bought for $285k in 2018 and we put in $20k.

You might not want to hear this but here it goes. This is what you are asking for.

I am looking at the pictures of the other unit and your unit and I personally like that condo better that sold for a lot less.

1) You have dark walls and that is pretty specific. I walk into your condo and ka-ching $$$ I would want to paint it to a lighter color like the other apartment. Watch HGTV and see the peoples faces when they see dark paint colors. That mirror is overpowering in the living room and I would take down that little animal head. I would paint the living room the same color as the bedrooms. If I staged your living room not one piece of your furniture would be in there. It would look totally different.

2) I do personally do not like 2-tone kitchen cabinets and once again ka-ching $$$ I would want to change that. The floor in the kitchen doesn't go with the modern cabinets. Who ever designed that kitchen did not leave enough room for a decent size table. I can see in the other condo there is a lot more room for a good sized table.

3) The bedrooms need better staging. Take that furry blanket off the smaller bed and change out that shag rug.

Do you know anyone who stages houses/condos? If you do ask them what they think about how your condo is staged. The first thing they do is paint a quiet light color throughout so everything is cohesive, light and bright.

[SteveM85]

Originally Posted by CTartist

You might not want to hear this but here it goes. This is what you are asking for.

I am looking at the pictures of the other unit and your unit and I personally like that condo better that sold for a lot less.

1) You have dark walls and that is pretty specific. I walk into your condo and ka-ching $$$ I would want to paint it to a lighter color like the other apartment. Watch HGTV and see the peoples faces when they see dark paint colors. That mirror is overpowering in the living room and I would take down that little animal head. I would paint the living room the same color as the bedrooms. If I staged your living room not one piece of your furniture would be in there. It would look totally different.

2) I do personally do not like 2-tone kitchen cabinets and once again ka-ching $$$ I would want to change that. The floor in the kitchen doesn't go with the modern cabinets. Who ever designed that kitchen did not leave enough room for a decent size table. I can see in the other condo there is a lot more room for a good sized table.

3) The bedrooms need better staging. Take that furry blanket off the smaller bed and change out that shag rug.

Do you know anyone who stages houses/condos? If you do ask them what they think about how your condo is staged. The first thing they do is paint a quiet light color throughout so everything is cohesive, light and bright.

Staging and prep are shelved in this market. Tabled. Moot. Irrelevant. Postponed for the time being.
Buyers are lining up and making offers over asking for much worse. The only ones ka-chinging now are sellers

I happen to think it looks great. Love the patio area. Each his/her own.

[Reilly1017]

Originally Posted by SteveM85

Staging and prep are shelved in this market. Tabled. Moot. Irrelevant. Postponed for the time being.
Buyers are lining up and making offers over asking for much worse. The only ones ka-chinging now are sellers

I happen to think it looks great. Love the patio area. Each his/her own.

Staging matters still, it helps create the 2+ bidders needed to get a bidding war above asking. Also I strongly agree that the furry blanket on the bed and the animal skull on the wall in the living room have to go. It may not negatively impact but it doesn’t add anything and the realtor should have said to remove those. My agent when selling my 2 bed. 1.5 bath condo had someone come in and tell us what to add/remove and have us a handful of small things to go buy at Home Goods/Marshalls for $100 that made a difference.

Also, someone mentioned schools, I doubt it matters for a small place like that. No where to eat, one bathroom is excluded from so many search results now. There’s nothing worse than someone showering and others feeling like they can’t use the bathroom or someone/guest taking a #2 and someone having to wait for them to finish just to pee.

I would never even run a search for 1 bath. You have to have proper expectations, hot market, yes. Someone provided a very real example of a condo in your complex selling for under asking. You can’t dismiss that and say ours has bigger ceilings and is “nicer”. With condos people look at baths, bed and sq ft, and location (walkability, water view, closeness to train) that largely determines pricing.

[Reilly1017]

Okay, so 67 condos in Norwalk listed with 2+ bed and 1+ bath. Only 9 have 1.0 baths and of the 9 yours is the most expensive, only one priced above $300K, and at $325 may simply be price little too high.

Your purchase price and $20K in renovations means nothing. The comp sale in December matters, but more specifically only 15% of the condo listings are 1 bath and yours is the most expense buy $26K. There is a contingent condo under 1000 sq ft on Ely with only one bath BUT it has a door to the outside, end unit, no one above, has a garage, and comes fully furnished

Look at the new listing for Richards Ave, 2 bath, looks nice and modern, priced $292K, 1200 sq ft

It’s not helpful to focus on things you cannot control, I’m not a realtor, but looks like your agent sold you some lofty dream expectations in order to win your business

[dad1501]

I agree that the price might be high, but I'm hoping for the right buyer it isn't. The one that is contingent for $299k for example sold for $230k in 2020. Ours also has a door to the outside and has no shared walls.

I guess everyone has different tastes. Our condo was run as an Airbnb for years and everyone commented on how much they loved the decor. Our realtor absolutely loves it and says she wishes I would decorate her house lol. Our place also comes fully furnished. I guess we should advertise that now. Our realtor said not to because she expected a multiple bid scenario where furniture doesn't matter. But we could change that. Also, our realtor definitely didn't set high expectations to win our business. She didn't say any of that until after we were already going to go with her. I truly think she just doesn't understand the condo market here or maybe it's cooled off recently.

[Stepfordct]

What would you get on Airbnb? How much were fees for cleaning etc? Did you do the cleaning etc?
What was income for the last year's?

Does it cash flow positive? Market it as such?

[CTartist]

Originally Posted by SteveM85

Staging and prep are shelved in this market. Tabled. Moot. Irrelevant. Postponed for the time being.
Buyers are lining up and making offers over asking for much worse. The only ones ka-chinging now are sellers

I happen to think it looks great. Love the patio area. Each his/her own.

Look at this picture of the kitchen. This really matters.


I look at this kitchen (as a woman) and I think you can cook a meal for 6 people in the kitchen but that table is actually to small to comfortably fit even two people. The placement of that table blocks the flow into the kitchen. My mother has a condo smaller than that but you can cook for 6 people and 4 people can fit very comfortably at the table and with a leaf in the table can accommodate 6 people if needed without blocking flow.

FUNCTION of design trumps beauty of design. You should design for function first and the beauty comes second.

[Lillie767]

I also like your furniture, the renovations, and the décor. They're lovely and suit my style well. Unfortunately I just sold my Norwalk house so I'm not a customer for you. I think single family houses are selling better than condos. The people who bought my house came from a condo in Norwalk. They were upgrading.

Regarding a buyer's view, I don't like the layout. The MBR and the sole bathroom are essentially in the kitchen, or at the least, totally visible from the kitchen. The Hall space is wasted, approx 140 sq ft, and only serves to separate your entertaining space from the kitchen, where many people hang out. I am not a fan of homes with open plans and few walls, but that seems to be the going preference these days. Your apartment fails the open-ness test.

This is not fixable, so your pricing will be lower than other units that have a large open "public" space and have the "private" areas of the apartment separated.

Also, it looks as if all the brokers are overpricing the condo units. All of the sales since the pandemic had large reductions from listing price during one of the hottest markets in Fairfield County.

Unit #5 closed in April 2021 for $200k after being reduced from $250k. It sold at $203 sq ft.

Unit #3 closed in December 2020 for $276k after being reduced from $319k. This is an investment property and is being rented. Shortly after purchase, it was listed for rental at $2500 and has since been lowered to $2200.