Property Q&A in Nashville>Question Details

Kaitlyn, Home Buyer in 37203

Why hasn't this place sold yet?

Asked by Kaitlyn, 37203 Wed Jun 10, 2009

Hi! I'm wondering why this place hasn't sold yet...it seems like such a deal for the area, even though it's relatively close to Charlotte. Anyway, the price keeps going down, which makes me think there's something really wrong with it. Any ideas? Has anyone seen the interior of the house? Or, perhaps there's something wrong with the foundation, etc?

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This question is about this property: http://www.trulia.com/property/1078314891-3712-Park-Ave-Nash…

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At $93 per foot this home appears to be a great deal for Sylvan Heights- that is if you can get the bank to respond. Buying a foreclosure can be a maddening process - but not as difficult as a short sale. See these links for recent activity in Sylvan Heights (and do not consider comps from Sylvan Park... it's a completely different area value-wise).

Sylvan Heights activity from 1/1/09 to current:
http://listings.realtracs.com/Reports/EmailPublicCMAReports.…

Supplemental Info:
http://listings.realtracs.com/Reports/EmailPublicReports.asp…

I'd be happy to show you this property to you if you are in need of representation. Best of luck.
1 vote Thank Flag Link Wed Jun 10, 2009
Great question.... Its a simple answer that may be very complicated. Its the price. just the price...and only the price.....(in relationship to how potential buyers place value on it....) A home sitting beside a toxic waste dump will in the end sell to somebody....A mansion on a hill with a valley view will also sell to somebody...at some price....perhaps millions...Buyers determine the ultimate price....not the seller. The seller only guesses (however well researched) as to what the buyers may find attractive....Thats why its called a market....the free exchange of opinions and ultimately ownership. For whatever reason the buyers are indicating by their inaction that they feel the property fails to offer the value that the seller believes its worth...
Stubborn sellers get to "buy back" their home for every day that the home remains unsold.....at the price they demand....for no one else wants it....think about it....

Steve Condurelis
Broker co-owner
Keller Williams Nashville
0 votes Thank Flag Link Thu Jun 11, 2009
The house itself is in pretty good condition, though I'm not sure about the mechanical systems. The location, directly across the street from an elementary school, will not appeal to all buyers looking for a 2 bedroom house so that may be part of the reason it's still on the market. A house of the same age and sq footage closed down the street about two months ago for $137,500, but it had two baths, one with a jacuzzi tub, granite counters and stainless appliances in the kitchen, and a detached garage, so I'd say the one you asked about is still priced a bit high.
0 votes Thank Flag Link Wed Jun 10, 2009
Kaitlyn,

This home was originally listed in September 2008 for $189,900 before the bank took it back in March for $140,870. Buyers are looking for bargains - especially when it comes to short sale properties. Banks are taking their own sweet time in responding to buyers who write offers and sometimes buyers even walk away from homes because they get tired of waiting.

This home looks to be a great value at its current price and based on the bank being into this property at $140,870 a qualified buyer that is willing to stick it out and "Hurry up and wait" can really score here. I don't think there is any reason it hasn't sold yet, other than a series of unfortunate events, but I looked in MLS and there were 10 homes that closed in Sylvan Park from 9/01/08 to 12/31/08 that were no larger than 1500 sq.ft.

I hope this helps at least shed some light on your question. Call or email me if you have any further questions. Good luck!
0 votes Thank Flag Link Wed Jun 10, 2009
Kaitlyn,
It appears to have only been on the market for 51 days as of today. That is not terrible. It IS a foreclosure and I am sure the bank wants some money. The interior looks updated with new flooring and paint. Here is the MLS link to it http://listings.realtracs.com/Reports/EmailPublicReports.asp…
Would you like to go take a look at it? There is probably some negotiation room on top of the asking price.
Stephen Strickhausen
Keller Williams Realty
9175 Carothers Pky Suite 110
615-778-1818
Sstrickhausen@gmail.com http://www.Sstrickhausen.com
0 votes Thank Flag Link Wed Jun 10, 2009
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