Real Estate

I’m already offering an incentive of paying for a portion of the assessment fees for a few months (was going to do 3 months, but may move it up to 6 months). The area I live in has 80 condos and as of this morning 3 more listed (including mine). There are another 3 for sale already. These condos are all fairly new (mine was built in 2004 and I’m the original owner). I have a great real estate agent, but am looking for other options to get the upper hand on the others selling also. The prices for each condo varies too (we are all the same size, same floor plan). Any suggestions would be greatly appreciated. Thanks!
I’m in Coastal GA and we are not allowed to rent out more than 20% of the units (which has been met). Mine is not the lowest priced, but it’s in the middle. I’m just above my appraisal price though (by $900). I have a view that not all condos have (of the pond and fountain), plus some were built at different times (mine is only 3 yrs old and others that are selling were built 6 yrs ago). I’m okay to sit here for awhile as I’m going to move locally, but I don’t want to sit on this forever either. I don’t want to go to the lowest cost because I know my place is worth more than that and I’ve only just listed too. An open house will be held in 4 weeks too.

At this point in the market, especially the condo market, I feel that waiting is the name of the game. Your incentive of paying a portion of the assessment fees is a good one. You might also consider a credit to the buyer at closing for closing costs. Many buyers find this kind of relief a god send and can help them to qualifiy more easily for financing. Lenders look at this as a portion of the required down payment. Another incentive to think about is a seller 2nd mortgage. I have worked with many buyers that have gotten sellers to agree on a 3% to 5% second mortgage. Check with your listing agent or a real estate attorney for more details regarding this type of insentive. Best of luck.

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I am a Real Estate Sales Agent. I’ve been doing this about a year & now I have the opportunity to sell a huge warehouse in Brooklyn, New York. I normally handle houses, condos, etc…
This is huge. I don’t want to mess it up as it makes a big difference in my Real Estate career. I am looking for ideas as to how to market such a piece of property? How to catch the eye of the savvy investor, like people who want to open a Target, Lowe’s, and can afford $30 million, etc??? I really appreciate any advice. Thanks.

If you are really targeting the $30M plus market with this building, you might consider contacting a commercial brokerage regarding setting up a cooperative marketing agreement. I just mentioned this because, you are going to have a harder time getting this building in front of investors than a commercial broker that already has the contacts.

Now, that suggestion aside…

One obvious group of target buyers would be other owners of similar property in the immediate area. You can get that inforamtion from the tax roles.

Another group of logical targets would be companies that have purchases similar properties in neighboring areas. Same story on how to find the info.

You could also put out a sales package to some of the smaller equity investors in New York (you are in one of the hubs of real estate investment) to see what kind of response you get.

Good luck with this effort. I am sure it is an exciting one for you.

Boxes everywhere, Garage full, Garage sale this w/e and I am overwhelmed. Actually, I don’t care to much about money made, except for a few items. Any suggestions on how to prepare for this painlessly? I work full time and am tired after work. Was thinking of opening garage door and saying take what you want,Some friends can help me Friday night,but Ineed to give them directions. HELP!

set up an area clear of all items post signs. something like…" Throw Out"…."Sell"….."Give away"……"Move to (?) room" ….."Undecided"………Then stand back and make drinks for the night as payback for help

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My wife and I signed the agreement of sale for a new construction condo yesterday. We already had our pre-approval but the condo is requiring us to get our Mortgage Commitment before July 31, 2007 because they will be starting construction after that. Expected closing date is November 15, 2007. Will the required mortgage commitment before July 31 mean that I have to rate lock by then as well or not? I gather what that will do is lock me in to one mortgage company either way. Thanks!

The specific answer to your questions is: NO.

You can get a Mortgage Commitment and not lock the rate. Just to clarify what another poster said, there is actually no 100% Guaratee after a loan commitment. There is a virtual 100% Guarantee but nobody knows if somehting comes up in Title Work, or the Lender screwed up or something. Remember lenders are not liable for not closing a commited application, they can say no whenever they want, read your Loan Commitment well.

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I have lease until the end of August. Upon mutual consent the landlord put the condo for sale along with few other condos. Putting up the condo for sale is under new signed contract and I would have 1 month to vacate if he recieved signed offer. If not sold I will be responsible to honor the contract. Since my unit was the best one, he took my condo off the market until other two were sold. Meanwhile I bought a house and moved. Due to his deceptive BUSSINESS decision I am paying the rent even though the condo had potential to be sold? Can anyone help me the right way to proceed.
I live in CT, USA and rent an apartment. The lease until the end of August 2007. Upon mutual consent the landlord put the condo for sale along with few other condos. Putting up the condo for sale is under new signed contract and I would have 1 month to vacate if he recieved signed offer. If not sold I will be responsible to honor the contract. Since my unit was the best one, he took my condo off the market until other two were sold. Meanwhile I bought a house and moved. Due to his deceptive BUSSINESS decision I am paying the rent even though the condo had potential to be sold? Can anyone help me the right way to proceed.

Did the new contract you signed require that he keep it on the market? If not, then what is deceptive about it? You were aware of the fact that he took it off the market, or at least that it wasn’t being shown. You were also aware of the fact that you hadn’t received a one-month notice when you purchased your house. Sounds like you were counting on the condo to sell to get out of your contract, and it didn’t work out. You owe until either 30 days after the condo gets an accepted offer, or until the end of August, whichever is sooner.

Someone told me that when you sell a home you have to pay 20 % of the selling price Example if the condo sold for $200,000 does that mean i have to pay $40,000 in taxes from the sale this doesn’t seem right to me.
I owe $191,000 on my condo how much would i need to sell it for to break even ? I now there is alot of fees involved in selling a home

Someone was feeding you a line of crap. They had no idea what they were talking about.

Taxes on property sales in the US are capital gains taxes. If you’ve held that property less than one year and have a capital gain (sales amount – purchase amount = capital gains) then you are taxed at ordinary income tax rates (which is why house flipping generated a lot of tax revenue for the government). Long-term capital gains tax rate is 15% (currently).

So, in your case where you owe $191,000 on a condo… If you sign a purchase agreement for $200,000 you will most likely pay a real estate agent 6% for selling it (which is $12,000) and another 1-2% in closing costs, let’s say 1% for simplicity sake. Now you have $14,000 of expenses. $200,000 – $14,000 = $186,000. You will have to bring $5,000 to closing to get out of the condo! Since you’ve technically lost money – you will not owe any taxes at all!

Owing $191,000 you will likely have to have a signed agreement to sell for ~$205,000 to $207,000 to break even. If you want to finally agree at $207,000 for sales price, you are going to have to list at ~$225,000 to haggle down enough to end up at $207,000. Does the local market support an asking price of $225,000? If that is overpriced for the area, no one will even come look at it!

good luck!

PS – back in 1996 tax law was changed. Prior to 1996 if you sold a house and bought one another in a short enough time frame you could defer your capital gains taxes until you sold your current house. After 1996 there is now a home capital gains tax exclusion. If you have lived in the home for more than 2 years you can exclude up to $250,000 of capital gains (for a single person) and up to $500,000 for a married couple. You can essentially do this every 2 years and 1 day if you happen to choose properties that increase in value that quickly.

So if you have lived in your condo for more than 2 years (or 2 years out of the last five years [owned it for 5 years, but rented it out for the last 3 years]) and got it for free somehow and had capital gains of $200,000 when you sold it – you still wouldn’t pay a dime of federal tax on it!

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