Home Selling in 07093>Question Details

Mama, Home Seller in 07093

Hi! I have a condo in West New York, its 1546 Sq Ft, 2 BR, 2.5 Bath, on a high floor facing Jersey and the

Asked by Mama, 07093 Wed Apr 23, 2008

complex is great with a spa and mall. Its been over a year now, i have even brought down the price to $399,000. Lots of people come to see the place, my broker is good in that sense, but i have still not had a single offer. It has been over a year now. What is the problem. I mean prospective buyers love my place, they love the furniture, they love the floors and everything, but they don't come back. Could you give some advice. My broker says most buyers get scared by the maintenance, but i fail to see why. Our maintenance is $ 1200 but that includes all your utility bills, a spa, 24 hr doorman service etc...What am i doing wrong?

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If you feel the price is right the leave it, if it is overpriced get it to the lowest priced unit in the complex.
Also, you may be marketing it to the wrong target. Who is buying in your building, where are they coming from, what is the income requirements. Being in W. NY are you marketing it to the NY crowd. Is it being advertised in places like the VillageVoice.com, NYT.com, WSJ.com? Try not to advertise it in NJ. Most NJ'ers cannot understand the very high maint. fees. The other thought as mentioned before is to pay for the fees for a time period.
Feedback from prospects are important, listen to them and react to it.
Good luck!!!
0 votes Thank Flag Link Wed Apr 23, 2008
Hi Mama,

You are not doing anything wrong, it's just the market. Don't confuse the complimentary remarks with assurance that your price is correct. Buyers always say your place is wonderful and beautiful, until they get in the car...

If you are in the Hudson County MLS AND the New Jersey MLS and you've been on the market for a year, and your place is well kept and smells good, the answer is simple: Your price is too high. Your maintenance is high and you face West, so you have 2 strikes against you. Lower it to 5% less than the last West-facing similar floor unit in your building that closed. Do not compare your unit with river view units, that is the biggest mistake Hudson County highrise sellers make when arriving at a list price. Always compare with other sunset view similar floor units.

-Marc
Web Reference: http://www.marcpaolella.com
0 votes Thank Flag Link Wed Apr 23, 2008
Good Afternoon. Sounds like you have a gem! If the regular feedback says buyers are afraid of the fees, then break the fees down. Have a presentation sheet they can take with them showing the breakdown of the fees by utility, spa, doorman, etc - then compare to another competing property and what their estimated bills are to show that it is comparable.

Also, I find that buyers often give excuses instead of real reasons. After a year on the market, it is time to give it a new spin. New photos, new tag lines, new description, new fliers, etc.
0 votes Thank Flag Link Wed Apr 23, 2008
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