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Old 10-01-2013, 02:08 PM
 
Location: Gray, TN
2,172 posts, read 4,606,843 times
Reputation: 931

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I've been trying to sell a condo and just parted ways with my Realtor. I'm getting frustrated because dang if this condo isn't in the perfect location. You could throw a rock in either direction and hit Boone Lake or Wingdeer Park... And I loved living there, but the family is growing, so we must sell.

Currently this is a FSBO, and I'm trying to figure out what to do now.

Can any of the good folks on this board give recommendations?

Is there a great "condo specialist" Johnson City Realtor out there?
Am I better off selling on my own?

Are there and local rules I should watch out for if I try to rent it out instead?

Any general advice?
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Old 10-01-2013, 03:19 PM
 
Location: Jonesborough, TN
712 posts, read 1,482,540 times
Reputation: 810
Hopefully I am not breaking the rules by posting this- I am not promoting myself. In fact I have not taken condo listings for the last 4 years because they are so darn difficult to sell, and it just results in a frustrated owner and an agent that is out his/her advertising money.

I can't give any recommendations for realtors, because that would be a violation of the rules here coming from me. But patience is the key if I had any advice, there is a 1 year supply of condos in Johnson City, they are not as desirable to buyers in this area as single family houses (just as a general rule), and financing can be difficult. You are in a very desirable location though.
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Old 10-01-2013, 05:02 PM
 
Location: Inactive Account
1,508 posts, read 2,966,745 times
Reputation: 970
It is hard to get good advertising exposure as a FSBO. At least consider using a flat fee broker and pay a buyer's agent commission and list the property on your local MLS.

Renting property is a whole new topic that you can spend all night reading articles about. Because this is a condo you may have additional difficulties if the board feels like there are too many rentals in the area. They can make things difficult for you and the tenants. Check up on your covenants and find out what kinds of restrictions could be imposed.
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Old 10-01-2013, 05:22 PM
 
16,175 posts, read 32,398,201 times
Reputation: 20577
Find friends that work inside local businesses and have them post on the classifieds at work. Eastman, MSHA, etc. all have internal classifieds that can help. The Medical School always have students and residents coming for a period of time that might be interested. Contact them to see if they have a classifieds board. Good luck.
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Old 10-02-2013, 01:22 PM
 
8,074 posts, read 10,025,322 times
Reputation: 22653
If you are in Point something or other, I can attest from experience that it is a tough sell.

When I was looking for a smaller home in the area, my realtor took me in to see a FSBO in that development. The owner was extremely high on what he had....rooms, facilities, décor, location, view, etc, but it was nothing particularly "special". I don't mean to be unkind, but it was, for someone coming into the area, 'run of the mill.' There was no basement, the density was a little too high for us, but......

The main issue was price. Recognizing that we had no 'reference', and especially didn't know what these homes cost originally, but we were thinking that the home we looked at (which had no lake views) was 'worth' around 175-200. The seller. IIRC, was closer to three hundred. To us, there was nowhere near to 300 in value in the home which we looked at.

So.....people who buy condo's are many times young and transient, many of these units must be approaching 10 years of age, they are nothing special*, and while they are technically 'on the lake', not all units face the lake....and thus, if you want to sell it, it comes down to price. Somewhere between 200 and 225 in this market and I would think it would sell. Otherwise....time...and patience.

* I don't mean that they aren't nice; they just don't have anything which says 'wow' when you drive in and walk through the units.
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Old 10-02-2013, 03:08 PM
 
Location: Gray, TN
2,172 posts, read 4,606,843 times
Reputation: 931
I'm beside Pointe 24. I don't want to get too specific and break any forum rules, but our development runs about 130 for lakefront and the rest are under 100. I understand why Realtors aren't jumping up and down to sell these things (Difficult Market + Low Commission).

I think comp sales are hurting me a bit because 2 of the last 4 sales have been distressed and nowhere near FMV.

All I've ever heard is location, location, location. Is that becoming a secondary priority, or is it still priority #1?

Thanks for the input everyone. And if anyone can recommend a Realtor who actually wants to sell a condo, shoot me a private message. I'd greatly appreciate it.
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