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This question is for the realtors on this site. We sold our condo which was on the market for almost a good 8 months last year (Nov. 2008 - June 2009) and closed in November 2009 for $225k. At the same time we were listed, there was a smaller unit for sale for like $250k. My husband and I were eager to sell our condo so while we were on the market for so long, we kept dropping the price here and there. Also, the offers coming in were nothing to write home about. So I look at sold properties on MLS today in our old development and see a smaller unit (180 square feet smaller than ours) sold for $242k. Now, have the prices gone up with condo's since last year? I would have thought they would have come down more. I know what's done is done but it really upsets me to see that 5 months ago, we sold our condo unit for so little and now we see a smaller one sell for almost $20k more than ours. Our unit was updated, as was theirs. The only difference is they were an upper unit and we were a lower unit. Can anyone explain this to me? I know we tried our best b/c we were on the market so long.
Thanks for letting me vent. I'm just really frustrated right now.
This question is for the realtors on this site. We sold our condo which was on the market for almost a good 8 months last year (Nov. 2008 - June 2009) and closed in November 2009 for $225k. At the same time we were listed, there was a smaller unit for sale for like $250k. My husband and I were eager to sell our condo so while we were on the market for so long, we kept dropping the price here and there. Also, the offers coming in were nothing to write home about. So I look at sold properties on MLS today in our old development and see a smaller unit (180 square feet smaller than ours) sold for $242k. Now, have the prices gone up with condo's since last year? I would have thought they would have come down more. I know what's done is done but it really upsets me to see that 5 months ago, we sold our condo unit for so little and now we see a smaller one sell for almost $20k more than ours. Our unit was updated, as was theirs. The only difference is they were an upper unit and we were a lower unit. Can anyone explain this to me? I know we tried our best b/c we were on the market so long.
Thanks for letting me vent. I'm just really frustrated right now.
Could be any number of reasons. The buyer of the more expensive unit got suckered...you got low balled and accepted an offer you shouldn't have, the condo was sold within a family (although in that case you'd expect the price to be lower), or just good/bad timing.
Prices in my condo complex are all over the place. I know I'm going to take a hit from what I bought at, but recent sales are 15K more than I would have expected.
Could be any number of reasons. The buyer of the more expensive unit got suckered...you got low balled and accepted an offer you shouldn't have, the condo was sold within a family (although in that case you'd expect the price to be lower), or just good/bad timing.
Prices in my condo complex are all over the place. I know I'm going to take a hit from what I bought at, but recent sales are 15K more than I would have expected.
I hear ya. I know it could have been due to many different reasons. I definitely think that the buyer of the small unit got suckered b/c the people who sold it brought it at the height for $250k...so you know since 2006, prices have definitely come down.
We had purchased in Feb 2005 and paid $240,000...we ended up taking a loss somewhat as we sold for $225,000. That's why I'm so flustered. Most of the offers coming in on our unit over the period of the 8 months while listed were from $240k to $225k (as time went on, the prices came in lower). Then some people weren't serious, or got told at the inspection that the CAC was old....so they wanted us to drop the price for the cost of the CAC. BUT it was working! I just thank goodness that our realtor gave us a really good deal with the rate he charged..it was unheard of. Now, the unit next door for me was for sale as well (they too brought at the height for $265,000) and I'm waiting to see what they sold for. I'm hoping they only got in the $230's (they were the same size as us)...that would make me feel much better. As much as that sounds mean.
Well, at least the prices in your complex are selling $15k above what you thought. That's a good thing. I just don't understand how that unit sold at almost the height of the market price! That's just wild! Nonetheless, by the railroad tracks and a not so nice area of Farmingdale.
Water under the bridge. Dont eat yourself alive worrying about it! Also, its not black or white. Smaller unit but higher up can change the value, not drastically but it will.
What's the point in looking at what units are selling for after you've sold yours, other than being a sadist/masochist? You're either happy because you got the better of someone else, or mad because someone got the better of you.
What's the point in looking at what units are selling for after you've sold yours, other than being a sadist/masochist? You're either happy because you got the better of someone else, or mad because someone got the better of you.
Move on.
Sellers always think they asked too little and buyers always think they paid too much. That's human nature!
To the OP - I'd pay more for a 2nd floor condo.
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