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Helen, Home Seller in Boca Raton, FL

apartment for sale in East Boca - why is it not selling?

Asked by Helen, Boca Raton, FL Fri Sep 19, 2008

We have a one bedroom apartment for sale in East Boca for $ 115. It has been on sale since January of 2007 and has undergone multiple price reductions. Today, it is priced below market. Can anyone help me understand why it is not getting any offers? Any suggestions would help.
http://beta.realtor.com/search/listingdetail.aspx?sby=6&lid=…

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Price, price, and price!

There is a pending sale of a 2/2 in your building at this time. The bank is asking more than $50,000 LESS than tax value. From the pictures, it appears to have a MUCH nicer kitchen than your unit. I am glad to see that you got serious about price back in July when you reduced your price by $50,000 and finally did a REAL price adjustment. Until then you spent the previous year OVERPRICED.

Even at this point, it is possible that you may need to do one more price adjustment. After all, your unit is a ONE BEDROOM, and if a buyer can get a TWO BEDROOM for about the same price... guess who they will pick? I have not seen the unit. Just a quick guess from looking at your photos and the listing of the unit that is currently pending sale, and a few of the recent sales in the area.

I feel like I am doing your agent's job FOR HER, but check out some of the recent sales activity:

Villa Valencia, 50 SE 12 ST # 257 - 2 bedrooms, ASKING $110,000 (asking less than you) now pending sale
Boca Royal Condo, 100 ROYAL PALM WY # 3030, 2 bedrooms, SOLD in August for $116,000
Boca Royale, 100 royal palm way, 1 BR sold back in July, $103,000 (you were still asking $179,000 at the time).

Unless you are getting at least one showing per week, (or getting written offers) then perhaps you should consider REPOSITIONING your price to around $100,000 on 10-6-8 after you have spent a full month at your current asking price.

Best of luck!
Barry Dunn
Keller Williams Realty Professionals
Fort Lauderdale, FL 33308
0 votes Thank Flag Link Fri Sep 19, 2008
Real estate is a commodity which depends pretty much on the basic rules of supply and demand. At the present time, in most places there is an overabundance of supply, particularly condos and apartments, which reduces the prices. Short supply, higher prices, or, Abundant supply, lower prices. It sounds like you may be "chasing the market down"--if you lower your price to keep up with other properties on the market, rather than be the "trailblazer" with the most aggressive pricing, someone elses property for sale is going to go before yours. I hope this helps--have your realtor do some comparisons for you, and price aggressively--people are looking for bargains--but don't sell if you don't have to, because it is a buyer's bonanza right now.
Web Reference: http://www.MykeTriebold.com
0 votes Thank Flag Link Fri Sep 19, 2008
Dear Helen,

I would need more details to assess this unfortunate situation. Please call me at your convenience.

Interested in “BOCA LIFE”…go to http://www.EastBocaRatonLiving.com and sign up for our monthly e-newsletter. You will get monthly real estate data, including sales that occurred each month and year-to-date as well as the number of properties on the market in Boca Raton, Delray and selected neighborhoods, JOYCE'S CHOICE, a monthly restaurant review written by Joyce, RECIPE EXCHANGE BY JOYCE, that includes a new recipe submitted by Joyce each month, area merchants and services, free classified ads, community calendar, school information, tide schedule and much more. http://www.EastBocaRatonLiving.com is much more than a real estate web site, it’s your source for South Florida living.

We look forward to meeting you and the opportunity of providing professional real estate services.

Best regards,

DeVita Group Realtors
Thom DeVita
“Your Ivy League Realtor”
561-251-8244
Joyce DeVita
“Catering to You”
561-251-8748
DeVitaGroup@aol.com
http://www.EastBocaRatonLiving.com
Coldwell Banker Residential Real Estate
555 S Federal Hwy #100
Boca Raton, Florida 33432
0 votes Thank Flag Link Fri Sep 19, 2008
Offer to pay for a year's association fee. Get the taxes reduced if it's overassessed. Hold a mortgage if it's not mortgaged. Offer it Rent to own. Lease it for season. Karen@redreefrealty.com
0 votes Thank Flag Link Fri Sep 19, 2008
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