Home Selling in Lenoir City>Question Details

Pjhinson, Home Buyer in Lenoir City, TN

I have a 3 bedroom 3 bath condo in Lenoir City that just is not selling. It has been on the for almost a year and have had only a few showing.

Asked by Pjhinson, Lenoir City, TN Sat May 12, 2012

It is only 5 years old and priced at $101 Sq ft. in a nice community. Can anyone offer any insight into what the problem may be other than a sluggish market.

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7
YOU DO NOT SAY HOW MANY SQ FEET OR THE PRICE. $101 SOUND A BIT OVER PRICED FOR A CONDO. CONSIDER THE COMPARABLES AND PERHAPS LOWER THE PRICE
1 vote Thank Flag Link Fri Jun 1, 2012
With the exception of a lakefront condo all the condos currently pending were on the market at $57 to $86 per square foot. As far as sluggish market 4 of the 11 3Br 3 Ba condos on the market are under contact so we are seeing more activity than in years past but only on property that is priced right. I would be happy to talk with you if you have any questions!

Thanks,

John Tuck
1 vote Thank Flag Link Sat May 12, 2012
I am currently listed with an agency and we have relocated out of state. So I guess bottom line is, unless we can lower the price, it's not likely to move anytime soon. The condo is 2313 sq ft and we have it listed at 234,900, which is 30k less than we bought it for.
Flag Sat May 12, 2012
Drop your price. It's a clear matter of supply and demand. Feel free to call with any questions.

Eli Givoni
Short Sale Department, LLC
561-361-1909
eli@shortsaledept.com
http://www.shortsaledepartment.com
0 votes Thank Flag Link Tue May 21, 2013
Hello P J Hinson,
I am suprised your condo has not sold yet. After reviewing Condo sales in Loudon County between the dates of May 15, 2011 thru May 12, 2012, I find 31 that have sold. The average price was $193,000, and 3 have sold in Meadow Walk Villas during this period. I have sold 2 condos in Lenoir City last year. If you would like some additional information or criteria, please do not hesitate to contact me for further assistance.

Thanks Again,

Andrew Pacillo
Realtor Affiliate Broker
Cell 865-773-2401
Email apacillo@bellsouth.net
Web AndrewPacillo.com
0 votes Thank Flag Link Mon May 14, 2012
Hi Ms. Hinson:

I am a Realtor with Century 21 The Real Estate Place in Lenoir City. I would have to see your condo to do a final Comparative Market Analysis (CMA). I am sure you have staged the outside of the condo as well as the inside for maximum presentation and impact. If you have done so, then it strictly comes down to price. The sweet spot right now for most condos in Loudon County is $89/sq. ft. The average price/sq. ft for all houses (not condos) in Farragut for instance is $103/sq. ft. A price of $101/sq. is probably not going to get much traffic. Buyers are in control right now and everyone is looking for a bargain. Often buyers are pulling out of deals at the last minute and walking away from earnest money because they have convinced themselves that they didn't negotiate the price low enough. It really is unreal. I am not telling you this to discourage you but it is important that someone shoot straight with you. I would love to help you find that "sweet spot" and get the traffic maximized on your condo. Just let me know if you want me to run a CMA for you including a walk-through.

Take Care
Steve Gazaway
Realtor, SFR
Relocation Manager
Century 21 The Real Estate Place
865-307-2066
sgazaway@charter.net
0 votes Thank Flag Link Sun May 13, 2012
I have averaged the sales in Meadow Walk for the last year and they average $93/sqft. I have also average other condo developments near yours and they average $77/sqft/ The comps were all 3/3 bath and less than 6 years old. Unfortunately, the market price has fallen considerably the last 4-5 years. Price adjustment may be needed to sell in this market. I also feel that the HOA fees might be keeping buyers from purchasing. I think that a list of all amenities and what the association insurance includes and mentioning that the home owners insurance will be less, may help. Hope this helps. If I can be of help, let me know.

Sandy Trout
Lakeway Realty
865-604-1239
0 votes Thank Flag Link Sat May 12, 2012
Everything sells. It's a question of price. If you lower your price to where supply meets demand, it will sell. I suggest you drop the price incrementally over time, maybe every 30 days, until you reach fair market value. Feel free to call with any questions.
0 votes Thank Flag Link Sat May 12, 2012
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