lower price for my condo sale?

[hongwei]

I just put my third single house offer for $620k, the seller accepted, the downpayment is dependent of the sale of my 460 sqft condo unit that is located Toront downtown (University/Dundas St.Patrick Subway, very hot location), I have asked my salesperson put the condo unit in MLS for $285,000, almost for 2 weeks, not even one offer comes.

Based on the market analysis, the units in the same condo building were sold for around $278k to $281k, and during the very short time. what is wrong with my unit?

My house deal will be closed in the middle of April, I need the downpayment. would you please advise me if I should put down the list price? or still wait for a more time?

 

[Thomas Beyer]

QUOTE (hongwei @ Mar 1 2010, 08:52 PM) ... $285,000, ... were sold for around $278k to $281k, ... would you please advise me if I should put down the list price? or still wait for a more time?
why sell for 285K if similar units sell for less than 280K ? If you wish a FAST sale price has to be below 260K or 250K probably !

Also: it is not a good idea to buy assets with cash from a property that is not yet sold. Why the rush ? there are deals tomorrow .. next week .. next year .. next decade ! real estate is like the bus: there is another one in 15 minutes !

Read some related posts here:

How to get started http://myreinspace.com/public_forums/General_Discussion/61-4391-How_to_get_started_.html

 

[housedoc]

QUOTE (hongwei @ Mar 1 2010, 10:52 PM) what is wrong with my unit?

What`s wrong?.........$285,000/460sq.ft = $619.56/sq.ft


"should I put down the list price? or still wait for a more time?"

Your time is passed. Drop the price!
For a quick sale you want to underprice it slightly, not try to suck out every possible dollar.

 

[hongwei]

QUOTE (housedoc @ Mar 2 2010, 05:14 AM) What`s wrong?.........$285,000/460sq.ft = $619.56/sq.ft


"should I put down the list price? or still wait for a more time?"

Your time is passed. Drop the price!
For a quick sale you want to underprice it slightly, not try to suck out every possible dollar.


This is first time for me to sell the property. Before I thought I should leave some bargain room for buyers, it seems not work well.

Thanks a lot for the help. I will drop the price, and see the next...

 

[markl]

What is the MLS #?

Have you staged the property? How does it look compared to the ones that sold? Is your agent familiar with the condos in the area have they been to any of the ones selling to see how yours compares?

If you are getting a lot of showings and no offers they are just using your condo to sell other condos.

Take it off the market stage it get professional photos done and put it back on for a price that will attract the maximum amount of interest.

Regards,

 

[2ndstory]

QUOTE (markl @ Mar 2 2010, 11:08 PM) What is the MLS #?

Have you staged the property? How does it look compared to the ones that sold? Is your agent familiar with the condos in the area have they been to any of the ones selling to see how yours compares?

If you are getting a lot of showings and no offers they are just using your condo to sell other condos.

Take it off the market stage it get professional photos done and put it back on for a price that will attract the maximum amount of interest.

Regards,

I have to agree with Mark on this one. Marketing the property well is key. You need to convey a sense of urgency. I just helped sell a town house here in Winnipeg in January and used this apporach. Listed the house for $162 000. Photos were very well done with professional equipment. House was staged. Showings were Monday to Saturday with and open house on Sunday. Offers were to be in by Monday at 8:00 pm. Three offers came in. $159 000, $172 000, and $178 000. If you state a specific date for offers it seems to spur people who would otherwise wait to see what else might come up.

Nik

 

[Mike Milovick]

QUOTE (housedoc @ Mar 2 2010, 06:14 AM) What`s wrong?.........$285,000/460sq.ft = $619.56/sq.ft


"should I put down the list price? or still wait for a more time?"

Your time is passed. Drop the price!
For a quick sale you want to underprice it slightly, not try to suck out every possible dollar.


I actually did the same calculation before I saw this post. I somehow, most mistakenly I guess, thought that $450 SF was somewhere around the going rate in Downtown TO...

Mike