Home Selling in 33140>Question Details

Lois K. Gell…, Real Estate Pro in Hollywood, FL

My apartment is beautiful, on the ocean.. What can I do to stimulate some offers, or some visits?

Asked by Lois K. Geller, Hollywood, FL Thu Oct 4, 2007

Millionnaire's Row, Miami Beach...oversized apartment

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In this market where we have an oversupply of inventory, buyers are looking at the best value. You must price your condo ahead of the curve, meaning your condo must be the best priced from the beginning. Millionaire's row is a great place to live... How long have you been trying to sell it???
2 votes Thank Flag Link Thu Oct 4, 2007
Lois~

There are so many beautiful oceanfront condos both for sale and rent. In this market, price is king. To stimulate offers; there are many options- Get your property properly exposed either on your own or better yet, hire a professional Realtor/Agent that can do it for you. The market is perfect for buyers looking to make a deal. If your property is priced right, beautiful-as you say, and somewhat desireable... You will have plenty of visitors and offers to boot.
1 vote Thank Flag Link Thu Dec 20, 2007
In your listing, include pictures of the things you love the most, and anything mentioned in the listing's description. If you're selling ocean, show photos of the view from the apartment and the beach itself.

Try listing in the WSJ.

List in areas where your buyers are: NYC, CA, embassies, etc.
1 vote Thank Flag Link Sat Oct 6, 2007
Hi Lois,

There are a few VITAL factors needed to sell your amazing Ocean condo. Price, Presentation and availabilty. Is it priced right for current market conditions? Presentation? Is your condo cluttered or does is have that ahhhhhhh feeling like when you first put your luggage down at a hotel? Availabilty, are you flexible with your agent for showing times and open houses?


My favorite past time is putting my listings in the MLS to Pending Sale because my Seller accepted an offer. Please feel welcome to call me if you haven't sold yet...4 years later.

All the Best,

Naomi Preston
Web Reference: http://www.naomipreston.com
0 votes Thank Flag Link Mon Apr 9, 2012
How long has your condo be on the market? Are you being represented by a Realtor or try to sell on your own. Due to the current market conditions, it is important that you be represented by a Realtor who will properly advertise and market your property. Not only that, she can advertise heavily to other Realtors who have buyers looking for your type of property.
I have just answers another of your question. Make sure your asking price is similar compared to other condos in your area. Do not over price it or you will be missing potential buyers right from the beginning.

Contact me if you need further assistant.

Gisele Zachar-Nashelsky
Real Estate Broker Associate
Licensed in NY and FL
facebook.com/sellinginmiamibygisele
0 votes Thank Flag Link Tue Mar 27, 2012
IF the price you have the property listed at is attractive, consider a home staging company... typically when a home staging company is involved, a property moves off the market quicker.
The most important element is price - what are you selling at vs. the competition. If the sale is critical then begin, and throughout the process of selling your home, evaluate your price - visit the competition listed at the same price. How do you stack up, and put yourself in a buyer's shoes. Honestly evaluate your property against another of a comparable price. Maybe you should evaluate your price and lower it to generate interest.
0 votes Thank Flag Link Fri Jul 11, 2008
My apartment is beautiful, on the ocean.. What can I do to stimulate some offers, or some visits?

Hi Lois,

At this time, a consultation with someone who has contacts and marketing strategies in Europe and Canada would serve you well. A well laid plan now will set you up for showings in the fall and winter.

All the best,

Joe
0 votes Thank Flag Link Sat Jun 28, 2008
Perhaps we've answered this question before but, A $66,000 question nonetheless. Let's see the facts for the area and let's see if we can get to a conclusion - to stimulate visits and cause a sale.

The fact is that, in the 33140 zip code alone, there were approximately 918 units available for sale in May, 2008 while only 32 sold units.

In the area between the end of Collins where the Fountainebleu is, to about 63rd Street, there are currently 662 active listings while there were 96 closed sales in the last 6 months (23 of those in the last 30 days).

The above activity does not count the hundreds of expired, withdrawn or cancelled listings which were on the market and may return, nor am I identifying how many of the active listings may be in pre-foreclosure.

In the end, and although you own an oversized unit which, being that it is on the ocean I'm going to assume has direct ocean view, is:

> in a less than desirable building (for any number of reasons which may include that it may be up for recertification which means, assessments or it may be in the middle of a rennovation or recertification which at the very least, means "mess"),
> overpriced,
> undermarketed or
> any combination of the above and other factors,

you will not get a showing.

Your first goal should be to get a showing, so that it may lead to enough interest to make an offer, so that it may lead to negotiating and then a sale that closes.

Obviously, prep the unit, paint in neutral earthtones, donate, sell or pack and store all excess stuff (including memorabilia, personal knick knacks and mementos, pictures on the refrigerator, excess furniture, etc), stage what you have left properly, then price it right and get it shown.

With the assistance of the right real estate professional on your team, the place should soon begin to show.

If you are attempting to go By Owner in a condo building, this limits greatly your exposure since, buyers who happen to be in the area may be unaware of your unit since no signage is available to draw it to your attention. You must resort to much more comprehensive advertising than that.

Know that a professional Realtor who is a member of the Realtor Association of Greater Miami and the Beaches (RAMB), typically has the ability to showcase your property to foreign markets as well. In fact, if you visit my site, you will notice the flags. These are not pretty flags. Each is a link to opening a website in the chosen foreign language represented by each flag where the potential buyer can search in their own language, facilitating their search. This service is only available to RAMB members.

Other big name Realty offices also offer broad national and international exposure. If you find yourself in distress, make sure you work with a professional Realtor who is a Certified Distressed Property Expert.

However, above all, remember to apply the tips given in the advise you get. If you don't, then chances are you'll continue to own.

"Luck is when preparation meets opportunity" So, create your own luck. Prepare, and embrace your selling opportunity.
0 votes Thank Flag Link Thu Jun 12, 2008
Move it to Pebble Beach! No seriously, a property which is priced RIGHT--not a couple grand below the last comp, but a striking price which makes all of your neighbors say, "Is this guy nuts!", will generate visits but more importantly OFFERS!! Sellers tell us all the time, "I priced it $10,000 below my last appraisal!" But WHEN was that appraisal? Was the appraisal for refinancing purposes (with low loan to value it could have been a drive by!), the appraisal when you bought it 2 years ago? Remember, a Realtor performing a "Market Analysis" is superior to an appraiser figuring out "value"!! Now I know I'm going to rile the appraisal community, but I know the "market", I know the "Trends", I've been here before and know you've got to "set" the new price for the neighborhood if you're going to sell in today's extremely competitive marketplace. I know I'm being "all encompassing" when I say this, but the anomaly markets aside, and especially in Florida! Get it priced right. An appraiser needs to find 3 valid “comps” which won’t really indicate the current market trends. When the market was roaring we begged the appraisers to NOT look at the “comps” as the ones in escrow where higher. Now we are telling them to “look at the comps” as the ones in escrow are going to be much LOWER!
But here are some other tips you may wish to incorporate to get your home sold quicker and give you some market differentiation:
• Offer an Interest Rate Buy-down—Instead of lowering the price $25,000, lower it $12,500 and spend the other amount on buying the interest rate down buy 2 points for the first year, 1 point for the second year
• Offer to pay the first six months of their Homeowner’s Dues
• Offer to pay for their first six months of house payments!!
• Send them on a trip to Pebble Beach to play golf!! (Have them invite me!)
• Offer to pay their moving costs
• Send them on a shopping spree to a local home improvement store for $5,000!
• Be CREATIVE!!
• THEN PRICE IT RIGHT!
0 votes Thank Flag Link Sat Oct 6, 2007
1) Create a website such as apt304millionrow.com
2) Put some pictures on the website.
3) Have your agent incorporate this into the marketing plan.
4) Talk to some finance brokers and have them lay out some plans that show how your property can be financed...also have your agent use this when showing/marketing the property
Web Reference: http://www.iansellsnola.com
0 votes Thank Flag Link Thu Oct 4, 2007
Lois,
Do you have it listed with an agent or are you selling it yourself?
Take professional photos of it... maybe a virtual tour..
Try having a creative open house, some kind of party, invite your neighbors and local brokers..
Declutter...Make it neutral, like a top class hotel suite...Stage it...
And of course: price matters!
Best wishes!
Jolie from NYC
0 votes Thank Flag Link Thu Oct 4, 2007
Hi Lois, although I do agree that price is the number one motivator - It really depends on the apartment and the price range. In Millionnaire's Row in Miami Beach, price is not always the motivator. But that's the units that are above the $2 million range. If you are not in that price range then you need to think of the particulars: What makes your unit stand out from the rest? What makes your unit special? How does it compare to the rest of the inventory? If a buyer does see the unit, what will make them stay?

You know it's all about marketing and exposure. A strong Internet marketing plan is crucial.....and nothing like "direct marketing", you are the master there.
0 votes Thank Flag Link Thu Oct 4, 2007
A valid and comprehensive answer will need to come from agents who are actively working your exact neighborhood.

Miami is slow, and that is well publicized. When there is simply too much competiton and too few buyers, you have to offer the best value for the money. Even in a market with few buyers, there are still transactions. Those transactions land on the properties which offer the best bang for the buck.

Sit down with your Realtor and ask him/her to review the competition, recently sold or under contract properties and compare yours. In each instance, ask yourself why a buyer chose the competing property over yours. Ask yor Realtor to also provide you his/her feedback to the same questions.

You can also reveiw the marketing campaign for your property. Is it widely exposed to potential buyers, including internatinal buyers?

You need wide exposure and a great price. Marketing will not sell your property over another if it is not priced competitively.
0 votes Thank Flag Link Thu Oct 4, 2007
Deborah Madey, Real Estate Pro in Red Bank, NJ
MVP'08
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