Following in the footsteps of IPO...listing my condo Quail Hill condo for sale

NEW -> Contingent Buyer Assistance Program
Thanks for the feedback guys. I've gotten about 10 showings already and 90% of the people (mostly women) compliments me on paint colors and furnishings. That being said, I got an offer on Friday at the lower end of my price range.
 
[quote author="ipoplaya" date=1220651965]I of course concur re: the clutter, abundance of decoration, etc. Reduce, reduce.



Also, I think some of the paint choices are not neutral enough and too dark. The den and kitchen area comes across as dark and a bit dreary despite the lights being on and sunlight outside. Lighter paint would help that room. That minty color will turn some people off. I wasn't much of a believer in the whole neutral paint thing but my buyer's interior design person recently asked me for the paint color in my condo so she could match it and do touch-up. They are keeping the color so that must have helped sell the property, get a higher price, etc.



The condo has all the important things going for it - nice crown, upgraded baseboards, nice flooring, good counters, etc. It should show better than it does in pictures. It could have model-quality appeal, which you probably went for, but it's not quite there.



At the high end of your price range, and I understand that you are likely not to comment re: pricing, your place is a late 2005 price. If you are going with range, which is weak IMO, you'd be better served with one a bit lower. Maybe $575-625K? That way, when the inevitable bottom of range offer comes in, you can take it happily at $575K. With you being a late 2004 buyer, your place will be an interesting benchmark of the market.</blockquote>
My pricing was based upon recent closings of attached 3bed condos in QH in the past 2 months. The price/sf of those closed condos ranged from $344/sf to $355/sf with my price range being $325/sf to $352/sf.
 
[quote author="usctrojanman29" date=1220754274]Thanks for the feedback guys. I've gotten about 10 showings already and 90% of the people (mostly women) compliments me on paint colors and furnishings. That being said, I got an offer on Friday at the lower end of my price range.</blockquote>


a) when seller's ask, what's your response for selling?



b) and between IHB'ers, what is your REAL reason for selling?
 
[quote author="cantaloop" date=1220754526][quote author="usctrojanman29" date=1220754274]Thanks for the feedback guys. I've gotten about 10 showings already and 90% of the people (mostly women) compliments me on paint colors and furnishings. That being said, I got an offer on Friday at the lower end of my price range.</blockquote>


a) when seller's ask, what's your response for selling?



b) and between IHB'ers, what is your REAL reason for selling?</blockquote>


a) downgrading to a smaller place because it's just me living there



b) downgrading to a smaller rental because it's just me living there and I can save a good chunck of money
 
[quote author="awgee" date=1220673580]USCdude - They are not being too critical.




Lose all the stuff, (clutter).




Get rid of everything on the kitchen counters.




Use a professional photographer. Your photos suck. Sorry.




There is way too much money at stake to try and save a dollar here and there.




And I hate to admit this part, but if I wanted to sell my property, I would probably use the Deuce, (IR2), and ask for help from Ipo. They are a deadly combo.</blockquote>
IR2 is a great guy and I thank him for his help, but the reality is that without having to pay a 3% sell side commission it allows me lower the price of condo ($18,000 in commission). Several closings recently have sold 96-98% of the final listing price so that 3% will cover that discount. Even with the best agent in the world, I can't expect to get more than 3-4% of a higher sales prices in this market.
 
regarding the pic G posted. Get rid of that huge D.R. table, get a Glass top one with smaller chairs....4, not 6.



Paint the walls a light color.



You need to make that room look bigger !
 
[quote author="usctrojanman29" date=1220754900][quote author="awgee" date=1220673580]USCdude - They are not being too critical.




Lose all the stuff, (clutter).




Get rid of everything on the kitchen counters.




Use a professional photographer. Your photos suck. Sorry.




There is way too much money at stake to try and save a dollar here and there.




And I hate to admit this part, but if I wanted to sell my property, I would probably use the Deuce, (IR2), and ask for help from Ipo. They are a deadly combo.</blockquote>
IR2 is a great guy and I thank him for his help, but the reality is that without having to pay a 3% sell side commission it allows me lower the price of condo ($18,000 in commission). Several closings recently have sold 96-98% of the final listing price so that 3% will cover that discount. Even with the best agent in the world, I can't expect to get more than 3-4% of a higher sales prices in this market.</blockquote>


It seems to me you just made the argument for not using a buyer's agent.
 
[quote author="awgee" date=1220764595][quote author="usctrojanman29" date=1220754900][quote author="awgee" date=1220673580]USCdude - They are not being too critical.




Lose all the stuff, (clutter).




Get rid of everything on the kitchen counters.




Use a professional photographer. Your photos suck. Sorry.




There is way too much money at stake to try and save a dollar here and there.




And I hate to admit this part, but if I wanted to sell my property, I would probably use the Deuce, (IR2), and ask for help from Ipo. They are a deadly combo.</blockquote>
IR2 is a great guy and I thank him for his help, but the reality is that without having to pay a 3% sell side commission it allows me lower the price of condo ($18,000 in commission). Several closings recently have sold 96-98% of the final listing price so that 3% will cover that discount. Even with the best agent in the world, I can't expect to get more than 3-4% of a higher sales prices in this market.</blockquote>
It seems to me you just made the argument for not using a buyer's agent.</blockquote>
Well in my case I get the benefit of being the listing agent which gives me the 3% benefit right off the bat. If someone uses me to represent them as their buyer's agent to buy my place then I'd be more flexible on dropping the price another 3%.
 
I hope I'm not too late. I second everything IPO wrote regarding decorating tips. I like to study Pottery Barn catalogs and take pics of model homes for tips. If I may offer some specific suggestions of things you could do with your existing decor...



- Take decorations off dining table that are above eye-level when seated.

- I am curious to know what is under the table cloth. The dining chairs give the room a big ol' expiration date stamp from the early 90's. Invest in a smaller, round, glass table with 4 chairs in preferably a ladder-back style or something with a rush seat. Or else something that coordinates with your bar stools.

- Take that rug out from under the dining area and put it under the front legs of the living room couch to define the space. Ideally the rug should be as long and side as the couch from front to side.

- Remove the plant stand and floral arrangement.

- Remove all the clutter on your mantle and in front of the fire place. You have one nice mantle there! That is definitely a feature you want to show off. Now take that black dining room mirror off the wall and (if it fits) - and hang it above the fireplace. I can't really tell what the dimensions are but see if it will hang above the fireplace without being too wide or too tall. If it's too wide, find another mirror you have lying around somewhere and put it above the mantle. You may then place a few candles or other decor in ODD numbered groups on the mantle - groups of 3 are best. For a formal look arrange accessories symmetrically and for a casual look it does not have to be symmetrical.

- In the desk area off the kitchen - remove that office-looking chair and replace it with something that would resemble more of a casual dining chair. You can even use an old one or something from a garage sale. You can paint it black or brown (although I disagree with the color scheme and all those green walls.) -- then you use a fine grit sand paper to shabby-chic it. It's the best way to give a distressed look to furniture without spending a lot of money on something new.

- Declutter, declutter, declutter

- You have some nice furniture in your master bedroom so show it off. Remove the floral arrangement above the headboard. Take the two pictures you have above each nigthstand, and hang them side-by-side in its place. Remove half the pillows from the bed. Get some neutral pillow cases to disguise your personal pillows, make sure you have nice clean sheets and fold back the comforter at the top. Take the buffet lamps off the nightstands! They are meant for exactly that -- buffets -- and maybe dressers but definitely not nightstands. Get some shorter table lamps Remove the runners on the nightstands - they just do not go.

- Remove the really high bouquet on the vanity. Don't let anything block the mirror. Again - keep decor simple. Group things primarily in 1's and 3's. If you have more things you want to group, put them together on a mirrored tray, in a basket, or something else to keep them visually grouped together.

- You already have an office area downstairs so remove the one next to the armoire. It would be better to place a comfortable chair there perhaps with a reading lamp - something to show that you have somewhere other than the bed to sit comfortably.

- Please take that sheet and silk vine off the top of the armoire.

- Last but not least I highly recommend painting most of the interior a light tan. I can tell you like rich colors and yes, green has been in vogue lately as a wall color (mainly in kitchens) but the green is really overboard and will lose everyone who doesn't like the color. If you are determined to keep green walls then choose an accent wall. If you don't want to paint everything - my top pick would be the living room.



There is more but my fingers need a break from typing. I hope this helps. I sold my house in under a week by decorating well and pricing right. Remember to pick A focal point in the room... do what you can to make everything seem as light, open, and breezy as you can.
 
[quote author="usctrojanman29" date=1220765269][quote author="awgee" date=1220764595][quote author="usctrojanman29" date=1220754900][quote author="awgee" date=1220673580]USCdude - They are not being too critical.




Lose all the stuff, (clutter).




Get rid of everything on the kitchen counters.




Use a professional photographer. Your photos suck. Sorry.




There is way too much money at stake to try and save a dollar here and there.




And I hate to admit this part, but if I wanted to sell my property, I would probably use the Deuce, (IR2), and ask for help from Ipo. They are a deadly combo.</blockquote>
IR2 is a great guy and I thank him for his help, but the reality is that without having to pay a 3% sell side commission it allows me lower the price of condo ($18,000 in commission). Several closings recently have sold 96-98% of the final listing price so that 3% will cover that discount. Even with the best agent in the world, I can't expect to get more than 3-4% of a higher sales prices in this market.</blockquote>
It seems to me you just made the argument for not using a buyer's agent.</blockquote>
Well in my case I get the benefit of being the listing agent which gives me the 3% benefit right off the bat. If someone uses me to represent them as their buyer's agent to buy my place then I'd be more flexible on dropping the price another 3%.</blockquote>
If you go back and read what you said though, you will see that you just made a case for a buyer to forgo the use of a buyer's agent. Not speaking of just your property, but any property any general, a buyer can use that 3% to negotiate better and according to you even the best agent in the world could not negotiate a final price difference of greater than 3%.
 
[quote author="awgee" date=1220785930][quote author="usctrojanman29" date=1220765269][quote author="awgee" date=1220764595][quote author="usctrojanman29" date=1220754900][quote author="awgee" date=1220673580]USCdude - They are not being too critical.




Lose all the stuff, (clutter).




Get rid of everything on the kitchen counters.




Use a professional photographer. Your photos suck. Sorry.




There is way too much money at stake to try and save a dollar here and there.




And I hate to admit this part, but if I wanted to sell my property, I would probably use the Deuce, (IR2), and ask for help from Ipo. They are a deadly combo.</blockquote>
IR2 is a great guy and I thank him for his help, but the reality is that without having to pay a 3% sell side commission it allows me lower the price of condo ($18,000 in commission). Several closings recently have sold 96-98% of the final listing price so that 3% will cover that discount. Even with the best agent in the world, I can't expect to get more than 3-4% of a higher sales prices in this market.</blockquote>
It seems to me you just made the argument for not using a buyer's agent.</blockquote>
Well in my case I get the benefit of being the listing agent which gives me the 3% benefit right off the bat. If someone uses me to represent them as their buyer's agent to buy my place then I'd be more flexible on dropping the price another 3%.</blockquote>
If you go back and read what you said though, you will see that you just made a case for a buyer to forgo the use of a buyer's agent. Not speaking of just your property, but any property any general, a buyer can use that 3% to negotiate better and according to you even the best agent in the world could not negotiate a final price difference of greater than 3%.</blockquote>
I guess I didn't correctly write what I wanted to say....since I'm representing myself as the listing agent I'm more comfy in accepting a lower price for my property than I would if I'd use a 3rd party listing agent and had the pay that 3% of the transaction. Also, I'd be willing to lower the price for a buyer further (up to another 3%) if a perspective buyer used me to present them. I'm not speaking in general terms, I'm speaking in terms of my property. I'd have to get a sales price of $18k+ higher if I'd use a 3rd party listing agent to net the same amount as representing myself and of course I'd be constrained by whatever the appraisal value would come in at.
 
I received a 2nd offer earlier this evening in the low end of my range from a buyer who is pre-approved for an FHA loan. Instead of subjecting the first perspective buyer to a multi counter offer situation, I have chosen to present the first buyer a Final Offer counter which expires on Monday so they have first dibs on the property since the offer came in on Friday morning (I have to respond to the second offer by Tuesday 5pm).
 
[quote author="usctrojanman29" date=1220788767]I received a 2nd offer earlier this evening in the low end of my range from a buyer who is pre-approved for an FHA loan. Instead of subjecting the first perspective buyer to a multi counter offer situation, I have chosen to present the first buyer a Final Offer counter which expires on Monday so they have first dibs on the property since the offer came in on Friday morning (I have to respond to the second offer by Tuesday 5pm).</blockquote>


Congrats! And thanks for keeping us informed as to the progress
 
Good job!



I looked on Realtor.com and found the following condominium rentals in Quail Hill:



<a href="http://www.realtor.com/rentals/search/listingdetail.aspx?ctid=12221&ml=3&bd=4&typ=40&sid=c53ceee02f2143ef94c12ee290498cc7&sdir=1&sby=2&pg=4&lid=1101786921&lsn=40&srcnt=221#Detail">9 Tall Oak</a>:$2,595 - 1,800 sq. ft. - 3/3





<a href="http://www.realtor.com/rentals/search/listingdetail.aspx?ctid=12221&ml=3&bd=4&typ=40&sid=c53ceee02f2143ef94c12ee290498cc7&sdir=1&sby=2&pg=6&lid=1102321343&lsn=60&srcnt=221#Detail">306 Quail Ridge</a>: $2,750 - 1850 sq. ft. - 3/3



<a href="http://www.realtor.com/rentals/search/listingdetail.aspx?ctid=12221&ml=3&bd=4&typ=40&sid=c53ceee02f2143ef94c12ee290498cc7&sdir=1&sby=2&pg=7&lid=1102636052&lsn=67&srcnt=221#Detail">414 Quail Ridge</a>: $2,800 - 1843 sq. ft. - 3/3





<a href="http://www.realtor.com/rentals/search/listingdetail.aspx?ctid=12221&ml=3&bd=4&typ=40&sid=c53ceee02f2143ef94c12ee290498cc7&sdir=1&sby=2&pg=9&lid=1102815765&lsn=90&srcnt=221#Detail">36 Tall Oak</a>: $3,000 - 1800 sq. ft. - 3/3



Using the 160 multiplier, you get $415k - $480k...Seems like you will save at least $100k by selling in your asking range.
 
[quote author="Roo" date=1220831883]Good job!



I looked on Realtor.com and found the following condominium rentals in Quail Hill:



<a href="http://www.realtor.com/rentals/search/listingdetail.aspx?ctid=12221&ml=3&bd=4&typ=40&sid=c53ceee02f2143ef94c12ee290498cc7&sdir=1&sby=2&pg=4&lid=1101786921&lsn=40&srcnt=221#Detail">9 Tall Oak</a>:$2,595 - 1,800 sq. ft. - 3/3





<a href="http://www.realtor.com/rentals/search/listingdetail.aspx?ctid=12221&ml=3&bd=4&typ=40&sid=c53ceee02f2143ef94c12ee290498cc7&sdir=1&sby=2&pg=6&lid=1102321343&lsn=60&srcnt=221#Detail">306 Quail Ridge</a>: $2,750 - 1850 sq. ft. - 3/3



<a href="http://www.realtor.com/rentals/search/listingdetail.aspx?ctid=12221&ml=3&bd=4&typ=40&sid=c53ceee02f2143ef94c12ee290498cc7&sdir=1&sby=2&pg=7&lid=1102636052&lsn=67&srcnt=221#Detail">414 Quail Ridge</a>: $2,800 - 1843 sq. ft. - 3/3





<a href="http://www.realtor.com/rentals/search/listingdetail.aspx?ctid=12221&ml=3&bd=4&typ=40&sid=c53ceee02f2143ef94c12ee290498cc7&sdir=1&sby=2&pg=9&lid=1102815765&lsn=90&srcnt=221#Detail">36 Tall Oak</a>: $3,000 - 1800 sq. ft. - 3/3



Using the 160 multiplier, you get $415k - $480k...Seems like you will save at least $100k by selling in your asking range.</blockquote>


Seems low. Don't the Quail Hill apartment homes rent for 2400 for a 1000 square foot 2/2?
 
[quote author="25w100k+" date=1220839788][quote author="Roo" date=1220831883]Good job!



I looked on Realtor.com and found the following condominium rentals in Quail Hill:



<a href="http://www.realtor.com/rentals/search/listingdetail.aspx?ctid=12221&ml=3&bd=4&typ=40&sid=c53ceee02f2143ef94c12ee290498cc7&sdir=1&sby=2&pg=4&lid=1101786921&lsn=40&srcnt=221#Detail">9 Tall Oak</a>:$2,595 - 1,800 sq. ft. - 3/3





<a href="http://www.realtor.com/rentals/search/listingdetail.aspx?ctid=12221&ml=3&bd=4&typ=40&sid=c53ceee02f2143ef94c12ee290498cc7&sdir=1&sby=2&pg=6&lid=1102321343&lsn=60&srcnt=221#Detail">306 Quail Ridge</a>: $2,750 - 1850 sq. ft. - 3/3



<a href="http://www.realtor.com/rentals/search/listingdetail.aspx?ctid=12221&ml=3&bd=4&typ=40&sid=c53ceee02f2143ef94c12ee290498cc7&sdir=1&sby=2&pg=7&lid=1102636052&lsn=67&srcnt=221#Detail">414 Quail Ridge</a>: $2,800 - 1843 sq. ft. - 3/3





<a href="http://www.realtor.com/rentals/search/listingdetail.aspx?ctid=12221&ml=3&bd=4&typ=40&sid=c53ceee02f2143ef94c12ee290498cc7&sdir=1&sby=2&pg=9&lid=1102815765&lsn=90&srcnt=221#Detail">36 Tall Oak</a>: $3,000 - 1800 sq. ft. - 3/3



Using the 160 multiplier, you get $415k - $480k...Seems like you will save at least $100k by selling in your asking range.</blockquote>


Seems low. Don't the Quail Hill apartment homes rent for 2400 for a 1000 square foot 2/2?</blockquote>
Those rents are low...my neighbor is renting her 2bd/2ba 1,470sf upstairs unit for $2,700. 1,100-1,200sf 2bd/2ba units at the IAC apartments go for $2,300 to $2,500.
 
[quote author="zovall" date=1220818183][quote author="usctrojanman29" date=1220788767]I received a 2nd offer earlier this evening in the low end of my range from a buyer who is pre-approved for an FHA loan. Instead of subjecting the first perspective buyer to a multi counter offer situation, I have chosen to present the first buyer a Final Offer counter which expires on Monday so they have first dibs on the property since the offer came in on Friday morning (I have to respond to the second offer by Tuesday 5pm).</blockquote>


Congrats! And thanks for keeping us informed as to the progress</blockquote>
Thanks...I'm hoping that the first buyer accepts my final offer because they are a strong buyer that wants to close in 21 days (800+ FICO and 20%+ downpayment). Interesting part is that both buyers have household incomes of over $13,000/month.
 
[quote author="usctrojanman29" date=1220842397][quote author="zovall" date=1220818183][quote author="usctrojanman29" date=1220788767]I received a 2nd offer earlier this evening in the low end of my range from a buyer who is pre-approved for an FHA loan. Instead of subjecting the first perspective buyer to a multi counter offer situation, I have chosen to present the first buyer a Final Offer counter which expires on Monday so they have first dibs on the property since the offer came in on Friday morning (I have to respond to the second offer by Tuesday 5pm).</blockquote>


Congrats! And thanks for keeping us informed as to the progress</blockquote>
Thanks...I'm hoping that the first buyer accepts my final offer because they are a strong buyer that wants to close in 21 days (800+ FICO and 20%+ downpayment). Interesting part is that both buyers have household incomes of over $13,000/month.</blockquote>


do you think they are looking at your place as an investment property?
 
[quote author="25w100k+" date=1220850275][quote author="usctrojanman29" date=1220842397][quote author="zovall" date=1220818183][quote author="usctrojanman29" date=1220788767]I received a 2nd offer earlier this evening in the low end of my range from a buyer who is pre-approved for an FHA loan. Instead of subjecting the first perspective buyer to a multi counter offer situation, I have chosen to present the first buyer a Final Offer counter which expires on Monday so they have first dibs on the property since the offer came in on Friday morning (I have to respond to the second offer by Tuesday 5pm).</blockquote>


Congrats! And thanks for keeping us informed as to the progress</blockquote>
Thanks...I'm hoping that the first buyer accepts my final offer because they are a strong buyer that wants to close in 21 days (800+ FICO and 20%+ downpayment). Interesting part is that both buyers have household incomes of over $13,000/month.</blockquote>


do you think they are looking at your place as an investment property?</blockquote>


Would be surprised, $13k/month is probably what you need for a purchase like this. $13k x 12 = $156k / year. $156k x 4 = $624k, so $599 is right there.
 
[quote author="25w100k+" date=1220850275][quote author="usctrojanman29" date=1220842397][quote author="zovall" date=1220818183][quote author="usctrojanman29" date=1220788767]I received a 2nd offer earlier this evening in the low end of my range from a buyer who is pre-approved for an FHA loan. Instead of subjecting the first perspective buyer to a multi counter offer situation, I have chosen to present the first buyer a Final Offer counter which expires on Monday so they have first dibs on the property since the offer came in on Friday morning (I have to respond to the second offer by Tuesday 5pm).</blockquote>


Congrats! And thanks for keeping us informed as to the progress</blockquote>
Thanks...I'm hoping that the first buyer accepts my final offer because they are a strong buyer that wants to close in 21 days (800+ FICO and 20%+ downpayment). Interesting part is that both buyers have household incomes of over $13,000/month.</blockquote>


do you think they are looking at your place as an investment property?</blockquote>
No, I can tell that it would be a primary residence for both as that's what both loan pre-approval letters indicate.
 
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