Home Selling in Brielle>Question Details

Berde, Home Seller in Brielle, NJ

Looking to sell estate property as quickly as possible in brielle. There is currently a house on it, but

Asked by Berde, Brielle, NJ Thu Jul 9, 2009

needs quite a bit of work. Would really suggest at tear down and rebuild . Looking for any reasonable offer so estate can be settled. Property is approx 60 x 150 . Had listed with R/E agent for 6 mos with no offers at all,. Suggestions

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14
Did this property sell? If not could you kindly tell us about it? Regards,
0 votes Thank Flag Link Mon Feb 27, 2012
Hi Berde

I see this is an old question that popped up again. Just curious did you ever sell your property? It seems like there is a lot of properties in Brielle priced very well and not selling. I dont think it is always price. I think FEAR is playing a large role in the market. There are buyers in the market, I see them every weekend in Brielle. I live in Brielle along the river and work in the area. Problem is FEAR with capital letters. Buyers are reluctant thinking the market will go lower. I understand their fear but I dont agree with their logic all the times. I believe if a property is negotiated to a fair price building in the possibiity of a continued down trend, although it might be small, you are much better buying when you are in the driver's seat then waiting until other buyers want to bid on the same property. You need to have an agent who can communicate clearly and show stats backing up the price incorporating the future direction of home prices.

Please let me know if you sold if you dont mind.

Best regards,
Val Gabela
vgabela@dianeturton.com
0 votes Thank Flag Link Thu Mar 3, 2011
oops, sorry all, haven't been answering questions for a bit and it seems that trulia has made some changes. I'm so confused! Can't find the recent questions! LOL!
0 votes Thank Flag Link Mon Feb 28, 2011
I am assuming that you have sold your property by now. But, if you haven't I haved lived in Brielle for many years, bought, built and sold homes and am very familiar with the area. Please do not hesitate to call me for assistance,

Brett Crane
Better Homes and Gardens - Mary Holder Agency
520 Main Ave
Bay Head, NJ 08742
bcrane@maryholder.com
732-859-7720
0 votes Thank Flag Link Wed Feb 16, 2011
Berde,

It appears that your property was priced right. I would suggest relisting with your current agent at perhaps $10K less, provide more attractive pics and perhaps remove all of the verbiage that are red flags to the need to "sell quick" and have the agent advertise the listing on the MLS as both LAND and Single Family. All of this change may or may not generate add'l interest.

In the alternative, relist with a different agent.

Love and Peace,
Francesca, Realtor, ePro
Francesca@PatrizioRE.com
Web Reference: http://www.PatrizioRE.com
0 votes Thank Flag Link Sun Jul 12, 2009
Berde,

Having spent 3 years as the top producing agent for Weichert, Brielle (now closed), I can tell you that 6 months is NOT a long time on market for Brielle (and this goes back to when the market was booming!). In fact, in 2005, the Star Ledger and local newspapers produced an article on the challenges of the Brielle market deeming it an anomoly as compared to current market conditions in 2005.

The 2006 assessment has not helped matters as this appears to be a gauge within which Realtors are using to determine market value . . . . a method which I vehemently disagreed but over the long term have had to concede to when working with both buyers and sellers.

It would be helpful to know if you are referring to Country Club , east of 71 or west of 71 to further assist you.

While I don't do this often, I have a passion for the Brielle market so I am going to put myself out there, you might be interested in utilizing the services of a flat fee company, such as the one I currently work with to help facilitate a sale.

if you have any questions, please do not hesitate to contact me. I provide the same services as the traditional real estate company at a fraction of the cost and would be happy to provide you with mulitple references in Brielle that have utilized my services with complete satisfaction.

Love and Peace,
Francesca Patrizio, Realtor, ePro
NJAR Circle of Excellence 2006, 2007
Million Dollar Sales & Marketed 2006 - 2008
Francesca@PatrizioRE.com
732.606.2931 (24/7)
Web Reference: http://www.PatrizioRE.com
0 votes Thank Flag Link Fri Jul 10, 2009
B
How many properties, similar to yours, have sold in the last six months.?

If any have, then it's price.
0 votes Thank Flag Link Thu Jul 9, 2009
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
Contact
Hi Berde, Diane is right - 6 months, no offers = price too high, no question. Properly priced properties are selling.

Best,
Jeannie Feenick
"Unwavering Commitment to Service"
Search the MLS at http://www.feenick.com
Web Reference: http://www.feenick.com
0 votes Thank Flag Link Thu Jul 9, 2009
One option is to sell it to a real estate investor--the "We Buy Houses" types. The formula they'll use to determine what to offer is:

Maximum Allowable Offer=(After Repair Value *0.65)-Repair Costs

That is, the most they'll offer is the after-repair value times 65%, minus repair costs. So, for instance, let's say the house in fixed-up condition would sell for $500,000 and it needs $30,000 in repair costs.. You multiply $500,000 by 0.65 to come up with $325,000. Then you subtract the $30,000 repair costs, and end up with a maximum offer of $295,000. They'll probably begin a bit lower. But if you'd be willing to sell that house in this scenario for $295,000, then you should be able to find an investor to buy it quickly. (If you can't, I can refer you to some.)

Hope that helps.
0 votes Thank Flag Link Thu Jul 9, 2009
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
Contact
Regrettably, the market continues in freefall and shows no signs of stabilizing any time soon. Briefly, a real estate agent's representation is essential but the majority of current practitioners (and homeowners) have zero experience of a bear market. Find someone with the experience and judgment to assist you.
0 votes Thank Flag Link Thu Jul 9, 2009
If you strongly believe that the value is in the land and that the current structure is a tear down, then you have to use the cost approach to value. Your previous realtor probably only used the Market approach. The market data approach is based on comparable sales. In other words, you can reasonably expect that a property will sell for something close to the price of similar properties located close to the subject. However if the value is in the land then the cost approach should be used in my opinion whereas you separate the values of the current building from the property to figure out the value of the land. For the typical investor or developer, cost may be useful to confirm valuations made with other approaches. You can then compare land sales that are comparable so you have a more solid estimate of the land value. My company handles Brielle. Please let me know if you need assistance with the sale.
Take care,
Laureen Coup
Broker-Manager
Crossroads Realty
0 votes Thank Flag Link Thu Jul 9, 2009
Hi Berde,

You have great advice from Diane Glander. I'm not sure how you or your previous agent came up with the list price before but I would definitely suggest that you price it realistically for today's market. As Diane suggested, price it not only below the competition but also slightly below its' current value. This hopefully will create some excitement and urgency to buyers. You also will have a slight edge as values are still on the decline.

I would also recommend you listing it again with a reputable, well-known agency - one who has strong statistics and who is familiar with Brielle. Get recommendations from people you know in the area who were happy with the service they received from their realtor. I also would suggest you sit down with more than one and carefully review their presentations - don't pick the one with the highest number - make your decision based on their experience and the analysis they provide. They should be able to back up the numbers they suggest. If you're not familiar with local realtors, feel free to contact me. I know Brielle well and would be happy to give you my professional opinion.

Feel free to contact me with any questions. I can be reached at 908-309-9405. Good luck!

Nita Rose
0 votes Thank Flag Link Thu Jul 9, 2009
Hello Berde,
If you were listed for 6 months with no offers, you were probably overpriced. That is the number 1 reason houses don't sell. So: if you had showings and no offers, it means that the buyers thought you were overpriced. But, if you had no showings, it usually means that the agents thought you were overpriced and would not show your home.

The second thing you need to look at is your advertising. If you were not advertised properly or frequently enough, that could have contributed to the problem. Also, you should have been getting a new CMA every 2 weeks or so from your agent, showing you where the market was going, what was selling, what wasn't, what was reduced and why. You need to stay ahead of the market, not chase it with price reductions that are too little too late.

From what you say, it would seem that you should have been listed for land value only. But, don't feel too bad. In the last 6 months, only 13 houses sold in town. The average days on market was 145 days, almost 5 months! and prices are off over 8% from list to sold. Right now, there are 59 homes for sale! It will take a very long time for all those to sell. So, my advice to you is if you want to sell quickly, be priced well below your competition. You need to be the next to go!
Web Reference: http://www.dianeglander.com
0 votes Thank Flag Link Thu Jul 9, 2009
Hi Berde, I'm working with a number of buyers that are looking for really good deals - can you send me an email with more info, perhaps photos, a link to the prior listing? If you do I will share the info with my buyers - as long you agree to pay me, I am happy to work with you.

Best,
Jeannie Feenick
"Unwavering Commitment to Service"
Search the MLS at http://www.feenick.com
Web Reference: http://www.feenick.com
0 votes Thank Flag Link Thu Jul 9, 2009
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