Home Selling in 07093>Question Details

Mama, Home Seller in 07093

it is now over two years that i am trying to sell my 2 BT, 2.5 bath, 1546 condo on a high floor in a luxury

Asked by Mama, 07093 Tue Sep 23, 2008

condo building...brought price down to 359900. still nothing?is it too high? should i just rent it out now???what is the problem?

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Marc Paolella, Relo Director’s answer
Hi Mama,

I was able to figure out that you are unit 44F in the Galaxy. I reviewed your marketing history and the problem became immediately obvious. You were priced way too high for way too long. I don't think you realized that a North/West facing unit is worth a lot less than an unit that faces midtown/downtown Manhattan.

If you had priced your unit at $359,900 18 months ago, you'd have been long gone.

However, at this point you seem to be priced OK. The next step is to make sure your unit looks great and more importantly, smells great. NO COOKING ODORS - NO SPICES. And if you have a cat, no cat box smell. Also make sure your windows are IMMACULATE. Cloudy northwestern views are much worse than crystal clear northwestern views.

Also, I have to say it. Your pictures are awful. The lighting is terrible. Let's go over them 1 by 1.

#1 - Picture of the Galaxy. Nice picture.
#2 - View. Awful, taken on a cloudy, hazy, day, and blurry to boot. Looks like it was taken with a cell phone.
#3 - Entry. Awful. Get rid of the floor vase and that red carpet. You have granite floors, the photo should emphasize gleaming granite floors. You have to light the floor properly so that it shines in the photo.
#4 - Living room. Get rid of the red area rug, get rid of the pillows on the floor. Rotate the right sofa counterclockwise so that if faces the camera more.
#5 - Terrible, backlighting has totally washed out this photo. And again, we have the pillows on the floor and that red carpet. Get rid of those immediately.
#6 - Not as bad, but is should be shot from higher up, and turn on the track lights!
#7 - Hall pictures should really be avoided, they are never compelling. But if you leave it in, get rid of the huge brown thing hanging on the wall. It cramps the space.
#8 - Terrible. All I see is clutter on the dresser in the front right corner of the photo. And the exposure is screwed up. The window is a white blob. If shot correctly, the room and the view can both be captured in the photograph.
#9 - Why are the window treatments drawn? Why is the lamp off? You need a much wider angle lens here. The room looks tiny and dominated by the bed. And it looks dark, again due to backlighting.
#10 - Stock photo of the pool, but even that stinks. One would think that the sky is never blue around the Galaxy.
#11 - Stock photo of indoor pool. It does the job.
#12 - Gym. Let's shoot right into the mirror so we can get a blinding flash bulb to distract us from the fact that the building has a gym. Yes I'm being overly sarcastic. But bad photos like these make me mad.
#13 - Compsition is good, but the shot is blurry, and again we have a gray sky.

All in all, the photos rate as awful. And photos are all a transferee in California or London can go on. You really need a complete re-shoot with a proper camera on a clear day. Many people will not visit your unit with photos like these. Also, where is a picture of the most important room, the kitchen? You have Corian counters, so I assume your kitchen is not awful. You really need a nice bright kitchen picture as part of your photo package.

To anyone about to list their apartment or home: Learn from this post. Photos are HUGE in the era of Internet shopping. Make sure you review your Realtors listings and evaluate the pictures from those listings. If they are not beautiful, you need to find a Realtor who either 1) takes amazing photos, or 2) is willing to hire a professional to shoot the listing package.

-Marc
Web Reference: http://www.marcpaolella.com
1 vote Thank Flag Link Tue Sep 23, 2008
Linsey Planeta had some good points. That said, the market is taking center stage right now. The current real estate market is like taking off in a jet during a storm in Quito Ecuador! Can you say "bumpy"?! The following article is well delineated, cogent, and succinct. Read thoroughly and carefully, with Linsey's points in mind.

http://www.reuters.com/article/newsOne/idUSTRE4A659S20081112

D
0 votes Thank Flag Link Tue Nov 11, 2008
Hi Mama,

I invite you to visit my site below and go through some of the topics there. I think it will help.

I think it's time to have a 'Be Honest' with yourself and your agent. What went wrong and where are you today. It's time to analyze everything - pricing, marketing, property condition, your own involvement in the sale, goals and motivation, and the strength of your agent.

I definitely would have your property reshot. Professional photos are a must.

It's time to price your property below everything else available to move it. If you aren't prepared to do that, rent it out.
0 votes Thank Flag Link Wed Sep 24, 2008
Mama
I was reviewing your previous questions and the answers. You might want to review them too.

There is no problem. Homes are selling. According to Trulia over 40 homes have sold in your area in the last three months. I am sure that you are up to date on the news:

1. buyers are having a more difficult time qualifying due to tighter lending standards.
2. Values are declining - look at the Trulia chart, price per square foot
3. I do not mean to be rude, but it does not seem that you have followed the advice given..or at least you have not posted anything.

During the last year how many homes like yours have sold?
How many properties are on the market like yours?
How many showings have you had? it sounds to me, assuming competent marketing by your Realtor, that you are "chasing the market". As the market declines you are lowering your price, but you are still behind the market.

How did you arrive at the price? Remember, it is not how much you paid, how much you owe, or how much you need to net. It's what the buyers say it's worth. Realtors will rarely show an overpriced home unless it is to get their buyer to buy one that is a better deal.

No offers...lower the price. No showings, lower the price. or just rent it out and take it off the market.

Good luck
0 votes Thank Flag Link Tue Sep 23, 2008
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
Contact
Did your agent do the comps for you? Did you have any showings? If not, than it probably is too high. Your agent should be able to advice you on where to price it.
0 votes Thank Flag Link Tue Sep 23, 2008
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