Expert: Jessica Bryan - 10/4/2006

Question

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Followup To

Question -
I live in CT and inherited a condo in Bay Harbor Islands Florida. It has been on the market for 1 year and has still not sold. It is clean and nice and even has a partial water view, however,it does need to be updated. Do you think it is wise to spend the money to fix it up in order to make it more marketable and hopefully sell it faster, or should I keep trying to sell it as is ? I am now changing realtors after one year and have lowered the price twice. Any suggestions would be greatly appreciated.
Thank you

Holly
Westport, Ct


Answer -
Dear Holly;
Unfortunately, it is difficult to advise you without seeing the condo, knowing what the competition looks like, and reviewing the sales history in the area.  I do know that sales have become sluggish in that market and prices have dropped.  If there are too many homes on the market you will have to compete by being the lowest price and the best looking unit.  If you only have one or two buyers and if there are 10 units on the market it makes sense to do whatever you can to be better than the competition.  I am not a fan of selling 'as is' since you can usually get more money for small cosmetics updates. I don't suggest that you go and spend a lot of money for expensive upgrades but fresh paint and carpet are a must.  When you switch Realtors ask for the agent to give suggestions on what to do to make it look better than the competition and get a printout of all of the condos in that price range.  Have the agent report on the condition and appearance of those condos and make sure that your unit is as nice if not better with the same or lower price.

Good luck.
Jessica Bryan

Hi Jessica,
Thank you for your help. It is a hard decision to make whether to fix it up. It does have a fresh coat of paint and new carpeting, but I was thinking of fixing up the bathrooms and retiling the foyer. The project would cost about 10,000. What is your opinion on that ?

Thanks,

Holly

Answer
Hi Holly;
I think that you should consider lowering the price to below your competitors first and see how it does.  Then, if it still doesn't sell, do the updates and raise the price slightly to be in line with the competition.

Good Luck,
Jessica Bryan