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Old 07-09-2010, 08:29 AM
 
Location: Simmering in DFW
6,952 posts, read 21,211,160 times
Reputation: 7238

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I've been pricing my flips w/i about $5k other properties in the comp area even though I'm totally updated all the time with lots of extras like smooth ceilings, crown moulding, granite, ss appliances, all new bathrooms etc.....

However, the property that I plan on listing next week has cost me more (I did the bad flipper thing and over improved) than I should have spent AND is soooo much nicer than the other condos in the community. The others are listed (all same floorplan) at $72k (foreclosure) $87K, $88K & $91.9K. None has new kitchen cabinets, new bathrooms, granite,brand new furnace & A/C, etc. I am thinking of listing at $105K and hoping to finalize the deal at $100k. Your thoughts?
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Old 07-09-2010, 08:34 AM
 
1,989 posts, read 4,186,023 times
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Doesn't matter what other properties are listed at. What are they selling for? Find out the figures on recent sales and price based on that.
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Old 07-09-2010, 08:35 AM
 
Location: Barrington
59,885 posts, read 40,961,689 times
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What would it cost to make the others comparable to your condo?

Regardless of the asking prices, what are other condos selling for?

Will someone be willing to pay more to live amongst other condos that are substantially inferior?

What percentage of units in this complex are rentals?
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Old 07-09-2010, 08:39 AM
 
Location: Simmering in DFW
6,952 posts, read 21,211,160 times
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This is an FHA approved community; meaning 80% or more are owner occupied. Cost to make the others comparable is at least $30K. The crux of the question is in fact if someone would be willing to live among other condos that are substantially inferior. The outside and facilities are beautifully kept.....
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Old 07-09-2010, 08:40 AM
 
Location: DFW - Coppell / Las Colinas
38,188 posts, read 42,754,221 times
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Squirl, is your condo in Quail Run? If so, I'm surprised you've been able to sell anything in that complex. Prices have been dropping like a rock in that complex and over $100k would be tough.
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Old 07-09-2010, 09:03 AM
 
Location: Simmering in DFW
6,952 posts, read 21,211,160 times
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not Quail Run....... Quail Run has a big problem with its HOA fees; otherwise, I'd love to do projects there b/c I live in Cottonwood Valley --- super close!
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Old 07-09-2010, 09:04 AM
 
Location: The Greater Houston Metro Area
9,053 posts, read 15,887,448 times
Reputation: 15198
Quote:
Originally Posted by Squirl View Post
This is an FHA approved community; meaning 80% or more are owner occupied. Cost to make the others comparable is at least $30K. The crux of the question is in fact if someone would be willing to live among other condos that are substantially inferior. The outside and facilities are beautifully kept.....
A lender recently told me FHA dropped the requirement to 51% owner occupied - is it different state to state?

Also, with appraisals now so strict - will it even appraise at your higher price - improvements or not? It wouldn't in Houston.
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Old 07-09-2010, 09:09 AM
 
Location: NJ
17,579 posts, read 43,179,341 times
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I guess it really depends on the buyer. If you get someone to look that really wants all those upgrades AND knows how much they would cost to do it would probably work out.
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Old 07-09-2010, 09:32 AM
 
Location: DFW - Coppell / Las Colinas
38,188 posts, read 42,754,221 times
Reputation: 47407
Quote:
Originally Posted by Squirl View Post
not Quail Run....... Quail Run has a big problem with its HOA fees; otherwise, I'd love to do projects there b/c I live in Cottonwood Valley --- super close!
It's about to become a complex of rentals if they don't adjust those HOA fees and it may be too late. It's a great example of bad management not taking care of the money and having to raise fees. Once the fees are raised no one wants to buy, prices start to drop, rentals become predominant and FHA will no longer lend money.

We have a client that's been trying to dump her unit and can't unless she takes 50 cents on the dollar. It's now for rent and I don't see any long term solution.

Once a complex starts going down, it's difficult to reverse the momentum.
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Old 07-10-2010, 08:50 AM
 
Location: Austin
7,238 posts, read 19,891,248 times
Reputation: 9967
You're going to miss a whole heck of a lot of buyers pricing over $100k. Buyers who are only looking up to $100k, will not be shown this at $105k, and your agent should know and understand this. Flipping so many in the past, you should know the way buyers search by now...
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