Pricing Options for Selling Your Brickell Condo

April 30th, 2013 Written By

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This morning I was on a listing appointment at a condo in a waterfront building on Brickell Avenue.  These particular sellers have owned the condo since the mid 90’s and have some equity to play with. Like all sellers they want to sell for the maximum number possible in today’s market. In this particular case, they would like to sell so that they can buy a house. They are not in a position where they need to sell.  This means that they have two pricing options, I’’ll explain what we mean below.

This particular building has had enough recent comparable sales to create a foundation for their pricing decision. It also has a comparable condo that is for sale for a significant amount more than the average of the last three comparable sales. I know the other Realtor and have shown this beautifully renovated unit many times. It just received an offer close to asking price. It must be a cash offer, because it will not appraise for a high enough amount to qualify for conventional mortgage financing.

That leads me to the options that we laid out for the Sellers during our listing meeting this morning.

Option #1:

Appeal to the largest pool of possible buyers by pricing their condo for sale based on the sale prices of the last three comparable units. Also taking into consideration differences in views, floor height in the building and any significant upgrades and the number of parking spaces. This allows buyers who need to get a conventional mortgage to have this condo in their consideration set. This strategy will also allow for the soonest sale at the best price in the market at this time.

Option #2:

Base the list price on the comparable unit that is for sale and has accepted an offer. Taking into consideration all of the potential differences mentioned in Option #1. This approach is less sure to secure a sale and will certainly involve a longer sale time because the pool of potential buyers is reduced to those willing and able to make a cash offer. That is, an offer with no mortgage approval contingencies. But the upside is that the sale price could be higher.

We’ll let you know which strategy they choose in another post soon.

We know the numbers and track the Brickell real estate market.  If you would like to schedule a buyer or seller consultation, please feel free to contact us at 305-960-5317 or send us a note here. 

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