Home Buying in Lake Nona>Question Details

Becky Bersch, Home Buyer in Orlando, FL

Why hasn't our townhome sold? 11158 Savannah Landing Circle in Lake Nona..

Asked by Becky Bersch, Orlando, FL Sat Feb 9, 2013

4BR's 2.5 baths 2 car garage $210K Compared to 3BR 1 car garage $203K
offered by the builder Its on MLS

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Answers

11
Mark LeMenager’s answer
If you jump over to the search button and look for this house right here on Trulia, all you get is the builder's sale of this unit last July for $186,000. The MLS is the most accurate place for searching, but you do need to be exposed on all the sites. I do see that you've posted it as for sale by owner over on Zillow, but you won't get any agents to respond to that type of post.

The magic number for my investors is $200,000. I think you'll find that there are a lot of auto searches set up at $200k max. So at $210k you don't show up.

In terms of what you have posted on the MLS, I note you have only posted 13 pictures, when you are allowed 25. And frankly some of the photos are not all that appealing. When you opt for a limited service listing, you do get what you pay for.
3 votes Thank Flag Link Sat Feb 9, 2013
Thanks Mark! We are changing the photos this weekend. The $186 price was from May of 2012, we closed in July. Price per SF/FT we are alot lower
than what the builder is currently selling. Our TH has the 2 car garage with private brick patio and the Master Bedroom is downstairs as compared to their's is upstairs. We do need more exposure. Our TH is tucked away back in the right hand corner, away from 417 and all the traffic noise. We might just wait until the VA Medical Center is complete and sell it next year for alot more or rent it out. I will sell it at $199,900K cash if you have any investors looking. Thank you again for your comments
Flag Sat Feb 9, 2013
BEST ANSWER
Mark made a great point about the search engines! There are other variables to consider, and that requires more research on my part.
Lake Nona is the hottest area in Ctral FL and with the right marketing mix, it should be getting multiple offers
0 votes Thank Flag Link Sat Feb 9, 2013
Hi Becky, I know it's been said before but you may want to consider a new set of photos, either more of less depending on what YOU think makes the home's appeals the strongest. Marketing a home is part art, part science and you'll have to walk that line carefully. Something else to remember, assuming your home is priced well (and I don't think it's too far off), the buyer knows you're saving the real estate fees, and they will most likely want that savings passed on to them, just like you would if you were buying. Just my 2 cents, and since I'm not representing you and have nothig to gain from the sale, I hope you'll take this as honest and candid. A great agent can make the difference between you making more money or less. Most homes offered for sale by the owner, even if they are highly skilled, ususally sell for less than they would with an experienced agent, and net the seller less money, with much added liabilities.
2 votes Thank Flag Link Wed Feb 13, 2013
Because you are looking at listing and not prices being sold.
If you look into it, you will see that 4 bedrooms sell on average for 180-195k. But these are new and the owner would have the advantage of moving into a brand new unit, with new refrigerator, paint,.....
So if you really want to sell, you have to be reasonable and take all of that into consideration...and if you have a real offer in 170-180, you should be strongly considering it.
Good luck
0 votes Thank Flag Link Wed Feb 27, 2013
Becky, looks like everyone likes Marks answer.

there is a reason agents like his answer.. . ... it's because it's good.

Now, if I wanted to sell my house in the Lake Nona area, I would call Mark, just because
he knows a lot more about the area than I do.

I have called Mark about the area before, and sent buyers and sellers his way, not because I don't like commissions, it because I understand the value of a great agent that knows the area.

If my message has gotten across, here is his number.

“Put My Neighborhood Knowledge to Work For You - (407) 378-3543”
0 votes Thank Flag Link Mon Feb 11, 2013
Because Builder on site is selling for 5,000 dlls less their 4 bedrooms inventory townhomes plus offering incentives such as assistance in buyers closing costs.
Also, to set an appointment because is an occupied unit and to accommodate the pet in cage often discourage the showing vs showing a brand new, staged and available vacant inventory on same community.

To compete you need reduce the price at least.
Web Reference: http://www.MouseMansion.com
0 votes Thank Flag Link Sat Feb 9, 2013
Thank you for the reply! The builder on has 3BR's with a 1 car garage now available. They are less square feet (around 300) than ours. So price per square feet... we are low. We should be at $227K. There are also 2 other TH's for sale here.. one 3BR $217,000 and one 4BR (idential to ours and 3 yrs older FSBO at $230K). We are taking better pictures this weekend and staging it better. The patio had a planter with an overgrown tomato plant in it
that does appear to look like a weed. We bought the TH in May of 2012, when prices were low, so its almost been 12 months and the prices are rising
monthly here in this community. The good part is we do not have to sell. We
want to sell so I won't have to drive so far to work. If it doesn't sell, the worst
case is in 6 months it will be worth more, and at that time we can do a full listing at 6%! Any takers?
Flag Sat Feb 9, 2013
Your price is reasonable, but you need to stage the townhome and have much better pictures taken. Potential buyers will eliminate your listing because of the pictures. Getting a professional stager will make a world of difference.
0 votes Thank Flag Link Sat Feb 9, 2013
Becky,

Hire a realtor to revamp your listing and marketing plan. Better pictures, multiple advertising avenues and a realtor with clients that are actively looking could move this unit in 30 days... Go to $199,500
sometime this move will do the trick.


Good luck,

Vincent Warren Paige, Jr.
REALTOR® | RE/MAX Showcase
Certified Broker Price Opinion Registered Agent (BPOR)
8934 Conroy Windermere Road | Orlando, FL 32835
Direct: 407.256.8190 | Fax: 407.264.8073
E-mail: vpaige1@yahoo.com
0 votes Thank Flag Link Sat Feb 9, 2013
Mark gave you good advice below. You get what you pay for. And a picture is worth a thousand words. I would not have used any of the photos I see in your listing. They show a vehicle parked center that makes a garage look smaller, what appears to be a large weed on the patio, some photos appear taken with a cell phone, small corners of rooms, back of a sofa, etc... New builders sell homes with attractive looking models and photos. Photos sell.

Some of the things I do is post 25 attractive photos. But this only works if the homeowner cooperates and makes the home look attractive for photos. It is not easy for an owner occupied home to compete with a new builder. I export my listings to over 50 websites for maximum exposure. But again, it only works if the photos sell. if you opted for a lmited service listing, I presume you are doing the marketing? What are you doing to sell the home? Have you staged it and held open houses? Taken professional photos? Made professional looking brochures?

Just saying, if you are trying to get $24,000 higher than you paid 7 month ago, you will need to do some marketing. I am in this area so I know the builders have increased prices about 3-4 times since then. But buyers from other areas dont know this. They just think you are tring to sell for 24k more than you recently paid. It appears you are probably trying to cover your closing costs and not sell at a loss. That is difficult when selling less than 12 months after purchasing new.

The best advice you received is to lower to below 200k. It will probably double or triple the number of searches you appear on. I would also advise you match the builder incentives. If they are offering seller paid closing costs, buyers with little money will go there first. Even if it costs them more, the out of pocket cost to close is less when the seller pays 5-10k in closing costs. They spend thousands to market their homes. What is your marketing budget to compete?

Good Luck,
Don Shippey
REMAX Properties SW
10743 Narcoossee Rd
0 votes Thank Flag Link Sat Feb 9, 2013
When a house hasn't sold over a protracted time; they theorize that the "right" buyer just hasn't come along!
You should hope that there is more than one "right" buyer out there.

One factor might be your HOA: Buyers are getting wise to HOA's and their reputations in general. Yours might be a good HOA, or not.

The LISTING PRICE, however, is unescapable: If Buyers are staying away in droves; they are sending you a message; You want to lower the price to attract MULTIPLE OFFERS. Didn't your Realtor tell you this?
0 votes Thank Flag Link Sat Feb 9, 2013
Hi Becky,

I spoke to you about your townhouse. I live in Nona Terrace and I am a realtor. You may have to be patient or reduce the price. Being on the MLS is not enough. There are a lot of other ways of advertising to reach the buyers out there!. Also, people like to buy new, so you are in direct competition.
I wish you the best of luck!
0 votes Thank Flag Link Sat Feb 9, 2013
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