Need pricing advice/strategy concerning listing my Quail Hill condo for sale

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usctrojanman29_IHB

usctrojanman29_IHB

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I bought an 1,843sf 3bed/3bath condo in the Ambridge community in Quail Hill back in late 2004 for $550k and am seriously considering putting it up for sale. My dad and I spent 3 months fully upgrading the condo from floor to ceiling after I purchased the property and it is probably one of the best upgraded units in all of Quail Hill so it will show very well.



Ok, now to the matter at hand. There are 4 other listings of my floor plan up for sale on MLS with the following prices: $664,900, $669,000, $679,800, and $699,000. The comps of similar sized units over the past 3 months range from $370psf to $400psf. I have my real estate license and am a realtor on the side so I will be listing the property myself. All the other listings have 2.5% commission for the buyer's agent and I will be offering 3% or 3.5%.



My question is this...should I price my unit at the lower end of the listing range at approx. $665k OR should I post a listing for $599,900 to get multiple offers where I would counter back requesting all the buyers to provide their best & final offers? Your thoughts and ideas are appreciated.
 
The latter. List it for 10% below the lowest comparable. Get out of Quail hill while you still can. If you haven't read all of the "wonderful news" posted about the area on this site, please research it. 10% off 664k is roughly 599k.



Good Luck
 
[quote author="lendingmaestro" date=1213596350]The latter. List it for 10% below the lowest comparable. Get out of Quail hill while you still can. If you haven't read all of the "wonderful news" posted about the area on this site, please research it. 10% off 664k is roughly 599k.



Good Luck</blockquote>
Oh believe me, I've been reading all of the news plus I'm looking to get into a home that has a yard in the next couple of years.
 
In a tough market, we needed to sell a piece of property. On the MLS listing we offered an "incentive" to the buyer's agent of like an extra half a point. We had substantial increased traffic. It sold quick.



The agents want the money. They'll steer their clients your way if it is in ANYWAY a possibility that the buyers might be interested. I am not sure if this will still work today, as the MLS seems pretty "transparent" to all parties and agents might not want to appear "too" selfish, if the buyer should catch wind. But it is worth considering, especially since you are the selling agent and already saving fees. fyi
 
[quote author="NoWowway" date=1213596931]In a tough market, we needed to sell a piece of property. On the MLS listing we offered an "incentive" to the buyer's agent of like an extra half a point. We had substantial increased traffic. It sold quick.



The agents want the money. They'll steer their clients your way if it is in ANYWAY a possibility that the buyers might be interested. I am not sure if this will still work today, as the MLS seems pretty "transparent" to all parties and agents might not want to appear "too" selfish, if the buyer should catch wind. But it is worth considering, especially since you are the selling agent and already saving fees. fyi</blockquote>
Yeah, my goal is to get as much traffic to my condo as possible because the condo will show very well so that's why I think the lower sales price and higher commission will achieve that goal. I'm hoping that I'll get multiple offers over the $599k listing price where there'll be one strong buyer who'll fall in love with the property and pay around $650k. When did you guys sell your property? Where was it located? How many days was it on the market prior to going into escrow?
 
[quote author="awgee" date=1213598285]Start at $599K, but be ready to lower if you do not get any offers.</blockquote>


This is sound advice. You have to be very dynamic and flexible. Move faster than the market falls.



Also, it would help to have your realtor running checks on MLS 1 time per day with pre-defined search criteria, to make sure no deadly REO's eat ya up.
 
I have a story to share about this. My neighbor priced his home at $619k, and for the location, condition, work that would need to be done, and size at the time this was good pricing strategy. He was smart, and knew there were two other homes about to come on the market at $599k. He killed the comps on the street, who paid over $1mil in 2005, yup over $1mil, and even on a square footage price he undercut them about the same. But, he was the lowest price in the hood, and generated crazy traffic, including friends of mine, but he received multiple offers and sold the place for $640k. He scored big time...



The idiot who bought it, remodeled the master bath, and front facade. I dunno if he touched the back patio cover, but he better have, because the termites had already touched everything that they could. So, he spent about $50k if he paid a decent retail rate, and has rented it out for $2975. Freaking moron isn't cashflow positive, and the cap rate sucks after investing in upgrades. Great, just what I need, a foreclosure on my own street. Thanks for reading Rich Dad, Poor Dad, too bad you missed the part about POSITIVE cashflow.



Anyway, my point is price it below everything else in the area. It will generate tons of traffic, and some moron will outbid the other morons. You can price it at $599k, but if you price it $549k, you will get four times the traffic and potential buyers. That is my ?2, and that is worth more than is was yesterday.
 
[quote author="Masterofdamoney" date=1213626860][quote author="awgee" date=1213598285]Start at $599K, but be ready to lower if you do not get any offers.</blockquote>


This is sound advice. You have to be very dynamic and flexible. Move faster than the market falls.



Also, it would help to have your realtor running checks on MLS 1 time per day with pre-defined search criteria, to make sure no deadly REO's eat ya up.</blockquote>


MOD - He is his own realtor.
 
<em>When did you guys sell your property? Where was it located? How many days was it on the market prior to going into escrow? </em>



Condo, Woodbridge, 1992, 4 other competitors. We listed it for two weeks and had very light traffic. We added the incentive and had heavy traffic and we were in escrow within a week.



I just saw an infomercial for Robert Allen ( some kind of get rich quick on real estate guy) saying that he was having a "Free!" seminar right here in Irvine, yesterday at 3 pm. Like Grafix said, maybe you can get some RE noob to bite with the help of an incentivized realtor ;-)



Best of luck to you on your sale!
 
Yep, it all about the %. Since you are doing the listing, bump the commission to old school 4%....and use 597k as the price. Do it now during summer! It will sell fast, fast, fast.



Also remember not to get greedy...that doesn't work anymore.



Keep us updated.
 
Ambridge are Attached Condos on the bad side of QH parkway. Considering you can buy detached homes 3bd/3ba homes in Linden for the low 700s, I would guess that the comps you cited are likely to sit for... well forever. Additionally, there are numerous competitive units for sale in the $300/ sq ft. range including other Ambridge properties and detached units on Tall Oak.



My strategy, and it worked for me since I sold my QH property in Q12008, was to price my unit at least $25K under the lowest listed comp. The issue of course is, what is a comp? If you think only the exact model is a comp you are wrong. You are competing with every property in your buyers price range. I would think the Tall Oak property is realistic competition. Check it out. If it's a dump, price below the other Reunion unit somewhere between $597K and $625. If the Tall Oak place is nice, you must consider whether that property will sell before yours, whether you could live with that, whether dropping the price now will earn you more dollars, etc.



Pricing in a declining market is painful.



143 Tall Oak Quail Hill $550,000 2 3 1,800 $306 7

47 Flowerbud Quail Hill $440,000 2 3 1,387 $317 74

416 Quail Rdg Quail Hill $459,900 2 2 1,447 $318 4

59 REUNION Quail Hill $529,000 2 2 1,620 $327 73

308 Quail Rdg Quail Hill $500,000 2 2 1,450 $345 219

101 Reunion Quail Hill $650,000 3 3 1,843 $353 41

61 Reunion Quail Hill $669,000 3 3 1,843 $363 55

40 Seasons Quail Hill $582,750 3 3 1,600 $364 57

9 Tall Oak Quail Hill $659,000 3 3 1,800 $366 193

61 Duet Quail Hill $679,800 3 3 1,843 $369 36

36 CANOPY Quail Hill $789,900 4 3 2,100 $376 10

43 Duet Quail Hill $699,000 3 3 1,843 $379 101

Undisclosed Quail Hill $499,900 2 2 1,311 $381 42



One more thing. Looking at closed sales in Quail Ridge over the past 6 months, I can't find anything over $600K.
 
You may want to check out comps against the Sage properties too built by Cal. Pacific. I know they have houses on the ambridge side as well as the other side of quail hill parkway.
 
[quote author="CapitalismWorks" date=1213662274]Ambridge are Attached Condos on the bad side of QH parkway. Considering you can buy detached homes 3bd/3ba homes in Linden for the low 700s, I would guess that the comps you cited are likely to sit for... well forever. Additionally, there are numerous competitive units for sale in the $300/ sq ft. range including other Ambridge properties and detached units on Tall Oak.



My strategy, and it worked for me since I sold my QH property in Q12008, was to price my unit at least $25K under the lowest listed comp. The issue of course is, what is a comp? If you think only the exact model is a comp you are wrong. You are competing with every property in your buyers price range. I would think the Tall Oak property is realistic competition. Check it out. If it's a dump, price below the other Reunion unit somewhere between $597K and $625. If the Tall Oak place is nice, you must consider whether that property will sell before yours, whether you could live with that, whether dropping the price now will earn you more dollars, etc.



Pricing in a declining market is painful.



143 Tall Oak Quail Hill $550,000 2 3 1,800 $306 7

47 Flowerbud Quail Hill $440,000 2 3 1,387 $317 74

416 Quail Rdg Quail Hill $459,900 2 2 1,447 $318 4

59 REUNION Quail Hill $529,000 2 2 1,620 $327 73

308 Quail Rdg Quail Hill $500,000 2 2 1,450 $345 219

101 Reunion Quail Hill $650,000 3 3 1,843 $353 41

61 Reunion Quail Hill $669,000 3 3 1,843 $363 55

40 Seasons Quail Hill $582,750 3 3 1,600 $364 57

9 Tall Oak Quail Hill $659,000 3 3 1,800 $366 193

61 Duet Quail Hill $679,800 3 3 1,843 $369 36

36 CANOPY Quail Hill $789,900 4 3 2,100 $376 10

43 Duet Quail Hill $699,000 3 3 1,843 $379 101

Undisclosed Quail Hill $499,900 2 2 1,311 $381 42



One more thing. Looking at closed sales in Quail Ridge over the past 6 months, I can't find anything over $600K.</blockquote>
Redfin doesn't show any closings in 2008 for Quail Hill, but MLS shows the following closings this year in Quail Hill for condos of 1,600 to 2,000 SF with 3bed and 2+ bath:



S509836 C 3 27 Vermillion Irvine/ Quail Hill 890G2 $550,000 3 3 1600 OCR

U8000612 C 1 51 Stepping Stone Irvine/ Quail Hill 890g2 $602,000 3 3 1710 OCR

P631509 C 19 116 Tall Oak Irvine/ Quail Hill 890H2 $610,000 3 3 1766 OCR

S527019 C 8 241 Tall Oak Irvine/ Quail Hill 890H2 $585,000 3 4 1609 OCR

S521232 C 13 229 Lonetree Irvine/ Turtle Ridge 890A5 $675,000 3 2 1600 OCR

S524528 C 12 321 Tall Oak Irvine/ Quail Hill 890H2 $667,450 3 3 1800 OCR

P601058 C 20 55 CORIANDER Irvine/ Quail Hill 890G2 $725,000 3 3 1800 OCR

S504009 C 16 17 Honeydew Irvine/ Quail Hill 890G2 $737,000 3 3 1800 OCR

S517875 C 11 235 Tall Oak Irvine/ Quail Hill 890H2 $730,000 3 3 1850 OCR

S511239 C 8 11 Coriander Irvine/ Quail Hill 890G2 $780,000 3 2.5 2000 OCR
 
Like I said, there don't seem to be any recent closed sales in the Ambridge tract that you can use as a guide. I can say that the people I know who own in Ambridge are keen to get out as quickly as possible, and many of them are listing their place at or slightly below their respective purchase prices.



Look at this Quail Ridge place with 200 days on market prices less than $350 sq.ft.



http://www.redfin.com/CA/Irvine/308-Quail-Rdg-92603/home/5982210



BTW, the greenbelt picture in the slideshow was lift FROM MY LISTING!!!



The real question is are you willing to stay in your place for an indefinite period of time? If so, price with the current market, and see if you can snag a fool... I mean buyer. If not, price agressively, meaning in the low $300s/sq ft. and offer 3.5% to the buyers agent.
 
I don't know Quail Hill well enough to know the locations/communities, but here are some stats for 92603 for you to chew on.



30 Perennial, back to the bank for $444k on 5/21.



27 Perennial, sold at the auction for $370k on 5/28.



24 Seasons, back to the bank for $462k on 5/28.



43 Shade Tree, scheduled for the auction today for a minimum bid of $616k.



112 Stepping Stone, scheduled for the auction on 6/23, with a NTS of $728k.



65 Passage, scheduled for the auction on 6/26, with a NTS of $703k, but filed for BK.



347 Tall Oak, scheduled for the auction on 7/3, with a NTS of $582k.



This is just the Santa Ana courthouse, and I don't have the time to check the Orange and Placentia locations, but you can at least three more IMO.
 
[quote author="CapitalismWorks" date=1213671069]Like I said, there don't seem to be any recent closed sales in the Ambridge tract that you can use as a guide. I can say that the people I know who own in Ambridge are keen to get out as quickly as possible, and many of them are listing their place at or slightly below their respective purchase prices.



Look at this Quail Ridge place with 200 days on market prices less than $350 sq.ft.



http://www.redfin.com/CA/Irvine/308-Quail-Rdg-92603/home/5982210



BTW, the greenbelt picture in the slideshow was lift FROM MY LISTING!!!



The real question is are you willing to stay in your place for an indefinite period of time? If so, price with the current market, and see if you can snag a fool... I mean buyer. If not, price agressively, meaning in the low $300s/sq ft. and offer 3.5% to the buyers agent.</blockquote>
That Quail Hill listing has an horrible floorplan, you enter in through the back of the complex to go upstairs and then you you go upstairs again to go to the master bedroom so it's really 3 stories. Also, the unit has no upgrades compared to my unit so I'm not suprised why it hasn't gotten any bites even at that price. If I remember correctly, William Lyon had the hardest time moving that floor plan
 
[quote author="graphrix" date=1213671650]I don't know Quail Hill well enough to know the locations/communities, but here are some stats for 92603 for you to chew on.



30 Perennial, back to the bank for $444k on 5/21.



27 Perennial, sold at the auction for $370k on 5/28.



24 Seasons, back to the bank for $462k on 5/28.



43 Shade Tree, scheduled for the auction today for a minimum bid of $616k.



112 Stepping Stone, scheduled for the auction on 6/23, with a NTS of $728k.



65 Passage, scheduled for the auction on 6/26, with a NTS of $703k, but filed for BK.



347 Tall Oak, scheduled for the auction on 7/3, with a NTS of $582k.



This is just the Santa Ana courthouse, and I don't have the time to check the Orange and Placentia locations, but you can at least three more IMO.</blockquote>
The first two properties are Turtle Rock which is also in the 92603 zip code. To make sure you don't capture any Turtle Rock properties in your search all you need do to is put the building year at 2003 or newer.
 
[quote author="usctrojanman29" date=1213675764][quote author="graphrix" date=1213671650]I don't know Quail Hill well enough to know the locations/communities, but here are some stats for 92603 for you to chew on.



30 Perennial, back to the bank for $444k on 5/21.



27 Perennial, sold at the auction for $370k on 5/28.



24 Seasons, back to the bank for $462k on 5/28.



43 Shade Tree, scheduled for the auction today for a minimum bid of $616k.



112 Stepping Stone, scheduled for the auction on 6/23, with a NTS of $728k.



65 Passage, scheduled for the auction on 6/26, with a NTS of $703k, but filed for BK.



347 Tall Oak, scheduled for the auction on 7/3, with a NTS of $582k.



This is just the Santa Ana courthouse, and I don't have the time to check the Orange and Placentia locations, but you can at least three more IMO.</blockquote>
The first two properties are Turtle Rock which is also in the 92603 zip code. To make sure you don't capture any Turtle Rock properties in your search all you need do to is put the building year at 2003 or newer.</blockquote>


Sorry, but I am searching what is scheduled at the foreclosure auction, not what is on the MLS, so I can search by APN, but not by year built. Also, according to <a href="http://www.zillow.com/HomeDetails.htm?zprop=63080305">Zillow</a>, and google maps, the first two are indeed Quail Hill. Seeing as how Passage is only two blocks away from Perennial, and Perennial is the next street over from Seasons, then I have no doubt it is indeed Quail Hill.



The only one that isn't QH, is 43 Shade Tree, which is in Turdle Ridge.
 
The question is what do you think the relationship between the price on detached vs. attached units should be? The Linden tract, detached w/ small yards are going for ~$375-$400 a square. It appears the current listings in Ambridge reflect a belief that there is no discount for being an attached unit without a yard. They are wrong.



One man's upgrade is another man's eyesore. You are assuming that your upgrades are going to appeal to all buyers. They won't. You are also assuming that upgrades are going to allow you to price your place in line with comparable units, but fare better. That is probably true, however faring better may mean nothing. It is worth considering that every other 1823 sq.ft Ambridge unit is overpriced. However, since there are so few of these units, it is hard to tell.



Again, I just sold a Condo in QH is Q12008. It was painful. The final price was 24% off our original ask, and it took 7 MONTHS to sell. I dropped the price aggressively in that time, and watced 2 similar units sell below my ask at the time, yet 8-10% higher than my final price. That is called chasing the market down.





My adominition to you is to avoid chasing the market down, as it will only cost you more in the end. Perhaps your experience will be different, however based on the continued price declines and backup in mortgage rates, I am led to believe things have not gotten easier.



If you like the place and are comfortable with the thought of owning it indefenitely (either as a primary residence or a rental), then price on the high side and see what happens. If, on the other hand, you are serious about selling then you have to consider how to make that happen.
 
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