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My daughter and SIL live in Venice, FL s of Sarasota--he bought condo several years before they met/married--it is small 1/1 but is really right across street from the Gulf of Mexico--he has a view of water partially blocked by condos across the street but you can see the Gulf from their lanai...
He has finally agreed that they need larger place and is willing to give up his closeness to the beach (which he should have been willing to do BEFORE they married when the market was still buying but that is another story)...
Anyway--the market there is pretty well saturated with condos and homes -- their unit has had some updating and their 2-building development is well run-very safe with pool and elevator...
---they have listed with a realtor with years of experience in local market who sold him the unit---what are some suggestions for how to market this baby so that it can get max exposure and sell quickly---they need their equity to buy another home so they can only cut the price so much...
Price it right and it will sell. There is too much inventory so you must price it right. Don't go by the prices that people in the area are listing their condos for. Those are not the right comps. Go into the county records and find out what has sold in the past couple of months. Those are your real comps.
Keep it clean and uncluttered for all showings. Good luck. Don't expect this sale to pay off your debt and also pay a large downpayment on your new place. This is unrealistic.
I think that the local Realtor with experience is going to know just what to do, what to tell your son regarding presentations and things will be fine. It may not go quickly but they don't HAVE to move. They can take their time to get their money out. It's a good time of year for them to just come on the market. Winter is coming for those northern states and in some of the foreign markets. We look mighty good when it's cooold up there, lol.
Don't always trust the local realtors. A lot of them jumped on the bandwagon during the boom and are clueless. Do your own research. I have a lot of experience in the New Port Richey area and I have met a lot of really ignorant realtors. A lot of the houses in that area have been on the market for over a year because the realtors are advising people not to drop prices. Obviously the prices are too high because there are no buyers.
Lisa
in TX where I live people are not required to list the selling price for any property transfer--many times they list $1 and other consideration--in FL are they required to enter accurate property sales info?
If the realtor is experienced and a top produce then just ask him for a copy of his marketing plan.
Find out how many homes like his are on the market
then loook at market time
and if you really want to sale ,be cheaper than the rest and offer a good commission
The ONLY reason a home wont sale is Price, but sellers dont want to hear that,
Again if we are talking about a proffessional realtor that does his marketing plan.
I am finding in Jupiter Florida, the only homes getting sold are the cheapest homes in a community and the nicest.
I can not tell you how many people are scared to death about selling there home and not having the money to bring to the closing.
Stay out of the way of the sale. If he has a good Realtor he just needs to be ready to sign either a contract or a price reduction until he gets an offer.
in TX where I live people are not required to list the selling price for any property transfer--many times they list $1 and other consideration--in FL are they required to enter accurate property sales info?
Yes. We have 'doc stamps' which is a tax paid to the state/county based on the selling price of the home. It has to be reported accurately in order to determine the tax you need to pay.
As TeddyG already told you, the only reason the condo won't sell is the price. The condo needs to be in top condition and then priced below all the competition. If it is priced right it will sell right away, if it isn't priced right, it will sit on the market until you lower the price.
The problem is, lowering the price is a strategy that will often lead to a lower sales price in the end because you will be chasing the market down, always priced just a little higher than the market. He needs to get the price right NOW.
He needs to talk to his Realtor and ask to see the comps of similar units that have sold in the last 30-60 days. Then you need to be in that price range, or better, just under it.
This isn't a problem in a rising market because even if you price too high, the market will eventually catch up to it and your turn will come. In a down market, if your price is too high, your turn will never come no matter how hard it is marketed and for how long.
I recently wrote about this on my blog. People don't want to hear it but it is better to know the truth now rather than later.
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