I counsel my sellers to enure their homes are squared away and as appealing as possible, all of the deferred maintenance should be taken care of. When it comes do doing major work to the home, we take a step back and evaluate things on a case by case situation. Anything we do better add value, enhance appeal, and return close to or more than it costs in time and money.
In your situation - just sell the unit. A loft condo is designed for a particular buyer; the open spaces are appealing. While not tremendously complicated, this will cost you time and money, with no real guarantee of either a sale or higher sale price. It's much better for you to price very well and be aggressive in that manner. Given the horrible Atlanta condo market you MUST have it well exposed to buyers - NOT JUST AGENTS. That means being all over the internet on quality sites for buyers to find it. Strong exposure and a very attractive "too good to pass" price will bring you activity. The last thing is an agent that's able to take the buyer and show them that this is a good purchase - an agent that actually SELLS the unit as opposed to just listing it.
Remember the three keys to selling - PRICE / EXPOSURE / APPEAL
Let me know if I can help -
Hank Miller, SRA, ABR
Associate Broker & Certified Appraiser
REMAX Greater Atlanta
Heath, a simple question like your's, answered by astute people at Trulia Voices, may give you you the answer that you seek, but probably not. I suggest that you identify 3 or 4 real estate professionals who actually sell properties in Intown Atlanta and who can help you with understanding the dynamics of price, terms and time. Interview them, hire one for 90 days, and get the place sold. I conclude that right now, after 2 years, you are just about fed up with this process, and I'll bet that adding a bedroom is not the answer.
My business partner Greg and I will be glad to meet with you, but if your price is wrong, and you expect to compete in 2008's even more compressed market, then any more money spent on your loft is going to add to the capital losses that you've already suffered, and lets face it, your price in 2008 is far less than what you were led to believe you could get in 2006, isn't it?
With that being said, if you look at the solds for the past few months and only three bedrooms are selling then adding a bedroom may help you sell granted that you are then priced right for a three bedroom and for the square footage that your three bedroom would have compared to the other three bedrooms that have sold.
With you being in Midtown... chances are it is your price and not the number of bedrooms. What does you agent say and recommend? Whether you are a two bedroom or a three bedroom if you are not priced to sell then you will not sell. The condo market is saturated. If you want to sell then you have to look the best and be priced perfectly!
Your asking price is often your home's "first impression." If you want to realize the most money you can for your home, it's imperative that you make a good first impression. Making a good first impression can mean the difference between receiving serious offers for your home and being subjected to months of people dropping by but never buying. After you get them in the door a whole new set of issues arise.
What makes your property stand out? How does it outshine all the other lofts that are available in your complex? Have you personally viewed the properties available within your complex? Why are they selling but yours is not? Have you considered staging?
In todayâ€™s buyers market you and your agent need to work extra hard if you want your property to sell. As for the answer to your question. No! Find the answers to the above questions and you'll find your problem.
I agree with the principle of getting some professional advice from local Realtors that know your market. One of the things you should discuss with these Realtors is your purpose for selling. When we can learn what a seller is trying to achieve by the sale of their home, we can provide more useful advice.
Good luck and Happy New Year!
You can go to one of my sites and add your loft AD for free at http://svcc.housetour4you.com