Home Buying in Danbury>Question Details

Bingo, Other/Just Looking in Brookfield, CT

Has anyone had problems selling condos in the Timber Oak condominium complex in Danbury CT?

Asked by Bingo, Brookfield, CT Thu Apr 30, 2009

How much would a starting offer be for a midsized resale condo assuming that the listing price is 410k?

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Hi Bingo,
Currently in Danbury there are over 70 mid priced condos ($300-500k) on the market, which equates to about 19 months of inventory, which is obviously very high. In the first quarter of this year, on average, the condos in this range that sold went for 94% of the asking price, while the lower-middle segment was selling for 97% of asking price. Of course each property is different because of factors like condition, curb appeal, location within the complex as well as seller motivation, but this should give you a general guideline. Below I posted a link to a list of all of the units at Timber Oaks posted on MLS that are currently sale pending and the ones that sold. This list is probably only partial because the builder is conducting direct sales and also private sales are not included either. If you need additional info, let me know.
1 vote Thank Flag Link Thu Apr 30, 2009
There are no units having problems selling if they are selling them for the right price. I always thought that the new construction prices at Timber Oak were the best prices for 3 bedroom new construction in the area. $410 sounds on the high side for a resale but that might be due to the owners looking to recoup what they paid for the unit new- this bears nothing on the price that should be asked. The right starting offer should consider the average sale price for the same unit at Timber Oak, as a resale & for no more than 6 months back. It should also factor in the condition of the unit, the motivation of the seller & how much you like the unit- just for starters. Then prepare to have your ducks in a row if you plan on going head-to-head on price. Check out this property my buyers closed on this week- what a deal for these buyers, the best price had on any home this size in the Aunt Hack section of Danbury- contact me to have the best Buyer's Negotiator you can have on your side.

Link to Just Sold:

http://activerain.com/blogsview/1056234/Danbury-CT-Home-Sale…
Web Reference: http://www.PETERTESTA.com
1 vote Thank Flag Link Thu Apr 30, 2009
Ann hack is low end Timber oaks is high end and in demand.
Flag Sun Dec 1, 2013
Hi Bingo,
It depends:
-First, you need to sit down with a realtor for a consultation to define your real estate needs and motivation. Have you bought or sold a property before?
-Second, you need a formal market analysis to display the recent sales,the properties on the market and the ones that didn't sell. then you can reach a reasonable decision on what to offer.There is no secret formula , but it's a science.with the facts..
-Selling a condo is like any other property. Location,condition and price..Price is important but that's not the only key. As a seller you don't want to give it away either. It's marketing and how to do it is the key. Preparing, staging and presenting is also a key factor.
-You need to be aware of your conditions and facts surrounding you before you enter the market. so you can have enough ammunition to attract, please and entertain buyers for your property.
Good luck and Let me know if need any help with your real estate needs.
0 votes Thank Flag Link Tue May 12, 2009
Hi Bingo,

I currently have a listing in Timber Oaks condo complex and am very familiar with it. Selling a condo in Timber Oaks or any other complex in today's market is no different. Everything has to do with the price and condition of the property. The one thing to note in Timber Oaks is that the builder is still building so, you are competing with builder. If you want to resell you have to be competetive with the new construction prices. In many cases if you have upgraded your unit you might not recoup all the money you spent for upgrading because buyers can upgrade with their own choices with new construction. Your property has to be very aggressively priced to attract buyer to purchase your unit instead of a new construction unit.

As far as starting offer, I would expect it to be around $380-385k. A buyer would likely want to purchase it a little under $400k. You would like to further discuss, please call me (203) 512-8722 or email me at asma.husain@cbmoves.com.
Web Reference: http://asmahusain.com/
0 votes Thank Flag Link Thu Apr 30, 2009
Bingo -

When you mention a mid-sized unit in the Timber Oaks complex, I'm going to assume you mean the model with about 2,400 square feet.

Back in January, one of these models closed for $379,430 - this was a brand new unit, which thus includes the builder's warranty.

When considering the value of a resale unit in a complex that is still selling new units, you have to factor in that the new units will sell for a premium over the resale units - meaning that the resale units should sell for less than the new units. However, you also need to take in account the condition of the home as well as any upgrades. Most upgrades will not make much of a difference in resale value, but some upgrades, such as a finished lower level and additional bathrooms, will add value to the resale units.

There are currently 3 resale units on the market in Timber Oaks - one listed for $408,900, one listed for $447,180, and another listed for $511,900.

Whether you are interested in buying or selling a unit at Timber Oaks, you will need to take into account the current value, which will be determined based on a review of very recent sales in the complex - along with similar units in competing complexes - along with the list prices of the competition, meaning similar units that are currently for sale.
0 votes Thank Flag Link Thu Apr 30, 2009
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