Home Selling in 33157>Question Details

Elizabeth Le…, Real Estate Pro in 33157

why my property does not sell ? 16001 sw 77ct miamipalmetto bay fl 33157 $1.2 M

Asked by Elizabeth Legorburu, 33157 Thu Jan 10, 2008

It's been over 6 month only low offers.. beautiful totally updated waterfront home 5/4 3 car garage,top of the line appliances etc.excellent schools why doesnt sell ?

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7
Dear Elizabeth,
I am a Realtor and a resident of Palmetto Bay - I know the area.
Your house is overpriced - a lot.
Today, for $900.000 you buy a 5/4 waterfront house in Pinecrest with 24000+ lot.
If you really want to sell now, your price has to be revised, otherwise, wait for better days.
5 votes Thank Flag Link Fri Jan 11, 2008
There are many reasons for a property not selling. There are an overwhelming supply of beautiful homes available. The market being as it is, many investors have all but dissappeared. Primary home buyers have too many choices and are very critical when it comes to making a decision. Will prices drop more? Can I get a better property at the same or lessor price, etc.
1 vote Thank Flag Link Thu Jan 10, 2008
Elizabeth - today's market is one of patience and there is no sure-fire formula to sell a home. The first thing you should look into is your marketing strategy which includes pricing and then other factors like: Are you competitively priced? How is your Realtor marketing your property, which websites does it appear on? How does the house show? Is it easily accessible?
I have written many articles to help sellers in South Florida - you will get ideas on what to do differently or what to add to your current marketing strategy and make sure your Realtor does regular CMA's so you know what "comparable sold" properties have gone for.
Good Luck
1 vote Thank Flag Link Thu Jan 10, 2008
Elizabeth,

Have you had anyone look at the property and pricing and compared to similar homes in the area? It doesn't make any sense that it hasn't sold? Have you gotten any offers? There might be a problem with the marketing? Do you even have it listed? Let me know if I can be of any service to you.

Javier Olmedo, ABR, GRI
Florida Realty of Miami
javier@olmedohomes.com
786-395-6986
Web Reference: http://www.olmedohomes.com
0 votes Thank Flag Link Tue Dec 22, 2009
Hi Elizabeth,
Houses sell on condition, location, marketing (exposure), price, and now the market conditions. The condition and location are great at 16021 SW 77Ct ( didn't see anything active at 16001. Now you have 11 houses in Palmetto Bay originally listed above $1M and under $2M. Many have lowered their list price. Price is a key trigger that you need to consider especially in today's price sensitive market. For example, in the period 2/09-7/09 in that price range zero (0) properties have sold in Palmetto Bay. As for the exposure that you house is getting, you'll need to ask you Realtor. I hope this helps.
0 votes Thank Flag Link Wed Aug 12, 2009
Buyers want value today - price and presentation. Not price alone.

How does it look online and in person? What does your property say to buyers?
- nice
- same as the others
- or , wow , we need to put an offer on this property - it looks like home.

Have you considered having a home staging consultation to finfd out what buyers think?
Over 85% of buyers search online before visiting a listing, does your's stand out in the online photographs?
0 votes Thank Flag Link Thu Jun 19, 2008
I list and sell in Palmetto Bay and I am also a resident. Good location but your price needs to come down. If you're not getting any resonable offers than buyers are telling you something. You have been on the market for awhile now and while homes are taking some time to sell it's the overprices that are left standing. Everything that is priced right sells FAST! I just sold a 5/3.5/ 3600 sq ft. home in Cutler Bay in 3 weeks! price and condition is everything.
0 votes Thank Flag Link Wed Jun 18, 2008
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