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Old 05-09-2010, 08:40 PM
 
1,728 posts, read 2,978,032 times
Reputation: 1471

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Quote:
Originally Posted by sheenie2000 View Post
I don't think it's true that it's a conflict of interest. The listing agent wants it to sell just like you do. Yes she gets her commission but you get rid of the condo too. I think both people are on the same side.

I'm also confused as to why you feel your condo is worth more than a condo that sold for less than your list price and it had two bathrooms?

I also think you lose all the buyers who are looking up to the 500K range when you list for 509K.
Thanks, everyone has valid points here. I think my condo is worth more than the one that sold for 505k because my unit is more updated. I've actually seen that other unit. It has a small and old kitchen and it's not as well laid out as my unit.

Is a 4th floor walkup condo and one less bathroom really worth less than a condo with an old kitchen with poor layout?
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Old 05-09-2010, 09:11 PM
 
Location: Suburban Chicago
163 posts, read 431,040 times
Reputation: 146
Kitchens can be renovated for less than the 30k you seem to believe your update earns you. How much would it cost to add a second bathroom to your unit? How much are people willing to pay to not have to climb an extra two flights of stairs?

On top of that, you're just telling us about comps in your building. While those may be the most comparable, you're also competing with other units in other buildings in your area. How much are the condos in the neighboring buildings selling for? What amenities do those buildings have that you don't or vice versa.

Also, what you view as a poor layout may be exactly what someone else wants. Your finishes in your updated kitchen may not appeal to everyone and they may not be willing to spend extra money for it just to go out and replace them once they've moved in.
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Old 05-09-2010, 09:28 PM
Itz
 
714 posts, read 2,102,552 times
Reputation: 908
im not in your market area but I imagine many things hold true.

A 2 bdr 1 ba will be lower value than a 2 bdr 2 ba.. beacause of the marketability. A 2nd bath adds A lot of value to condos and townhomes as many people have roommates. A 2bdr 1 ba will only attract buyers such as married couples, singles, singles wkids and you skip the large market of sungles w roommates. (from what I understand).

my 3bdr 1 ba townhome was 10% less then a 2 bdr 2 ba townhome and mine is much nicer with nicer upgrades. (I looked at both when I bought).
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Old 05-09-2010, 09:54 PM
 
1,728 posts, read 2,978,032 times
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The comps of 544 and 539k that I mentioned are both 2BR and 1 BA. They are similar to my condo in that they both are brownstone walkups. None of the comps I've mentioned thus far are in my building. Just blocks away on the same street.

If a 4th floor walkup and 2nd BA are worth 10% more apiece, than maybe I do need to drop my price by 10% at least.

I will speak to my agent about this and make a decision. Thanks for everyone's input!
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Old 05-09-2010, 11:29 PM
 
Location: Tempe, Arizona
4,511 posts, read 12,966,638 times
Reputation: 2200
Quote:
Originally Posted by kimchee View Post
The comps of 544 and 539k that I mentioned are both 2BR and 1 BA. They are similar to my condo in that they both are brownstone walkups. ...
And as you mentioned, they are not sold. Wouldn't be surprised if they have to drop price to sell too.
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Old 05-10-2010, 12:23 AM
 
4,488 posts, read 9,925,974 times
Reputation: 3892
Quote:
Originally Posted by rjrcm View Post
And as you mentioned, they are not sold. Wouldn't be surprised if they have to drop price to sell too.
And as such, they are not comps as Kimchee refers to them.
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Old 05-10-2010, 04:23 PM
 
355 posts, read 1,414,594 times
Reputation: 354
Quote:
Originally Posted by kimchee View Post
Thanks, everyone has valid points here. I think my condo is worth more than the one that sold for 505k because my unit is more updated. I've actually seen that other unit. It has a small and old kitchen and it's not as well laid out as my unit.

Is a 4th floor walkup condo and one less bathroom really worth less than a condo with an old kitchen with poor layout?
Of course YOUR unit is "special" and "perfect" and the other units all have their problems . You're not being objective, which is the norm for a seller. A second bathroom is definitely worth more, as are lower floors in walk up buildings. Poor layout and an older kitchen can for the most part be corrected...your units' negatives (higher floor and lack of a second bathroom), however, cannot.

It is what it is. If you want a better chance of selling it than the seemingly no chance it has now, drop the price to $499K or even less.
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Old 05-11-2010, 12:23 AM
 
380 posts, read 1,006,169 times
Reputation: 198
Quote:
Originally Posted by Itz View Post
im not in your market area but I imagine many things hold true.

A 2 bdr 1 ba will be lower value than a 2 bdr 2 ba.. beacause of the marketability. A 2nd bath adds A lot of value to condos and townhomes as many people have roommates. A 2bdr 1 ba will only attract buyers such as married couples, singles, singles wkids and you skip the large market of sungles w roommates. (from what I understand).

my 3bdr 1 ba townhome was 10% less then a 2 bdr 2 ba townhome and mine is much nicer with nicer upgrades. (I looked at both when I bought).
good points. that second bathroom is golden.
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