I have a co-op in Farmingdale that I put on the market at the end of April. I have dropped my price twice. Interest is extremely high, and I actually had 3 very good prospects. If it weren't for my board demanding a 20 percent down payment, it would have sold the first week.

Anna, we are actually listed with an agent. Our listing expires with him in the beginning of May. The last property that sold in our area (same unit as mine) sold for $267,500. We are priced at $259,990 right now as we just lowered the price to that. I am starting to wonder if we are priced too high still. The smaller units in our development are priced the same as us. We are 4 rooms, they are 3. BUT if nothing is selling..I am assuming the development is overpriced. Is it that there are no buyers or is it that you would think the development is overpriced? I've tried asking my realtor and he told me that we are priced in the right area. My husband and I are getting desperate to sell the unit as we want to move to the next level. What would be your suggestion? We were thinking after our listing expires, we should list it on our own for a lot less this way we would not have to pay a realtor fee. I'm really confused on what the next step should be if we want to find a buyer for our unit. Understand, we are located right near train tracks so many people are not interested in that and this could be a problem.

Keep in mind that without proper marketing these days it will take a lot longer--prices have and will continue to drop approximately 1% per month and in some areas even more. If you are not listed with an agent now is the time to start the interviewing process and choose one; it does take roughly 180 days to sell and that number can be higher/lower depending on the appearance of the unit. You may want to check closed properties in your area by looking at mlsli.com, and judging for yourself. My question is why would you not use a Realtor knowing that every day that you stay on the market is costing you money--where exactly is your savings, and do you want not qualified people entering your home just for the sake of looking. Food for thought--

Anna
917-576-5376
abrocco@laffey.com

Trisha

I wish you good luck selling your condo, hopefully very soon, good luck buying a house and good luck with the baby :)

Barbara

Hi Barbara and Camille, thank you for your responses. Barbara, the 2 that sold in October are smaller units. There are 3 size units in my development and the smaller is the one that has sold for $250k. A unit like mine sold in January for $267,500. Well, we really want to sell b/c we want to buy a house. When we moved into our condo we agreed it would be temporary. Well, I turned 35 and now want a baby and am against having one in our condo. We REALLY want a house. We aren't a young couple in our 20's. I'm hoping we get somewhat close to what we paid for it in 2005. I understand foreclosures and short sales are common these days as I went to see a few short sales and foreclosures. I have to say though, most of them needed some major work. I personally wouldn't buy a foreclosure that needs about $50k - $100k of work. I'm sure there are some good deals out there but...that's just my opinion. Anyway, thanks for your help. I hope to hear from other realtors as well on this site.

Hi Trisha

Camille is right, the condos/co-ops are not as desirable nowadays as they used to be unless the price is right. I noticed that 2 units were sold in October in your building, also 1 bedroom for $250,000. The asking price was $259,000, just as yours is, but it was almost 6 months ago.
In the years of 1980-2000, the home values appreciated only about 27%, in the years of 2000-2006; the home values appreciated 89%!. The reason why prices of homes are dropping substantially is that they are now adjusting to the inconsistent growth over the last few years. How long will they still be declining - no one knows.
What is the reason of selling your unit? Do you need to sell?
Rent is another option. Should you have any other questions, please feel to e-mail me at any time

Barbara E Nowak

Charles Rutenberg Realty
516-232-6658 Direct
Realtor@BarbaraNowak.com http://www.BarbaraNowak.com

To Trisha,

I wish I could give you better news but the truth is
buyers can buy whole houses now for $250,000 or therabouts
because of foreclosures and short sales out there.
So buyers are not looking to buy a condo in this market unless they are
cheap. Don't forget when you bought yours houses were much more money
and most people couldn't afford them so condos were very appealing to that
type of a buyer. You are going to have a tough time. Why don't you try to
rent it out. Right now I have a buyer interested in renting a condo with the option to buy it
at a later date. Let me know.
Camille Dandola
Certified Buyer Representatives