Advice on a NJ condo-sale?
Posted on November 30th, 2009 by admin
Stupid me refinanced scenic river-condo (NJ, near Philly). Bought new home. Condo on market since Nov ‘07. Worst time of year to sell & the start of the bad market . 1200/mo min-pmt; payoff is181,600; listed @189K just to break-even. No flood-zone. $100/mo fee.
ALL feedback = "best thing on market @ price", "nothing-else CLOSE under 20 or 30 years". Realtors can’t tell why it’s not selling. Not staged ’cause f-back is good. Offers in $178 to 182K range. Commissions/closing-costs mean bringing $$$ TO the table that I don’t have. Maybe short-sale? Drop to 181 or 182? I have 4K to take 2 table so I would short the payoff ~6 t-10K. What about turning 30-yr mort to a 50? Will that help? Not late yet.
Details: 7 yrs-old, 2 br (master =19 X 30) 1+1/2 baths w/ jacuzzi-tub. Full like-new appliance-pkg w/ new water-heater & fridge; ceiling-light/fans, eat-in kitchen w/ bkfst-bar, sink w/ Kohler, jacuzzi-tub, new carpets, new flooring & neutral paint throughout. pro-cleaned. Near gym&tenn-cts.
Em C has good observations…was a bit embarrassed to add too-many details : – (
Condo is near Cinnaminson, Delran, area in a new development. VERY scenic. Not close-enough to Camden for that to be a factor although walking-dist to Riverline train…so perfect for anyone working at the hospital in Camden or the aquarium, Rutgers, CCC, etc. I am cash-poor…would lower price $ 7K now but would have to bring the difference TO the table…don’t have it…5 realtors say I’m perfectly priced. If I could write a check against a card I’d do it just to be able to afford the closing-costs!
I’m from the Philly area, I can’t picture where this condo would be. Camden? That may be the problem right there.
Your realtor, should really be able to give you more feedback. If you are getting positive responses but no sale there has to be a but. Best thing on the market but… Nothing close but… Also, you mentioned staging. Is the condo furnished? That may be the problem if the buyers can’t picture themselves living in the empty space?
I do see that you got offers but just not at the price you expected, so then maybe the issue is price. You are still making mortgage payments each month it’s not sold. Is holding out for a few extra thousand really worth it?
November 30th, 2009 at 10:32 am
I’m from the Philly area, I can’t picture where this condo would be. Camden? That may be the problem right there.
Your realtor, should really be able to give you more feedback. If you are getting positive responses but no sale there has to be a but. Best thing on the market but… Nothing close but… Also, you mentioned staging. Is the condo furnished? That may be the problem if the buyers can’t picture themselves living in the empty space?
I do see that you got offers but just not at the price you expected, so then maybe the issue is price. You are still making mortgage payments each month it’s not sold. Is holding out for a few extra thousand really worth it?
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