Selling #504 @ the ‘Taj: Gasp, price reduction!

I just got home from a long weekend in Vegas; I have much less money than when I left but we had a blast. When you combine an overdrawn bank account with my condo approaching its comparables average days on market it’s time for something about my listing to change. The options we considered:

  • Free scooter
  • Free Landrover lease
  • Paid closing costs
  • Free furniture
  • Two years paid HOAs
  • Etc, etc, etc

This morning with a serious hangover we knocked the price down $5,000 to $385,000. While the least sexy it seemed the least complicated. And I know some of you won’t be happy until I sell it for less than I paid.

About Matt

Matt , Urbnlivn's publisher, has a love for lofts with industrial features and new construction condos that is only eclipsed by his passion for outdoor sports and urban living. Phrases such as “polished concrete” and “exposed brick” are music to his ears. You can also find Matt on Twitter or skiing.

  • richard

    On the $5K price reduction: that works out to a be about $28/month less on the buyers mortgage. Given that someone buying a unit like this probably makes upwards of $10K/month, it’s really insignificant.

  • richard

    On the $5K price reduction: that works out to a be about $28/month less on the buyers mortgage. Given that someone buying a unit like this probably makes upwards of $10K/month, it’s really insignificant.

  • j

    Across the street at the Marq. Two past sales last 6 mo.
    studio – 426 sq ft @ $215k = $505/sq ft took about 3 months
    1 bd/ba – 614 sq ft @ $310k = $503 / sq ft took 1.5 months

    Also check out past sales at the Maxwell Building up on Denny.
    Also what has been lingering on the market for a while in the high 400’s / sq foot range at that building.

    So, 714 sq ft @ 503 = 359k
    Add on, $20k for a view? What’s a better view worth?

    But, remember the .5 point jump in mortgages recently, and it’s effect on prices immediately, not too mention more and more inventory.

  • j

    Across the street at the Marq. Two past sales last 6 mo.
    studio – 426 sq ft @ $215k = $505/sq ft took about 3 months
    1 bd/ba – 614 sq ft @ $310k = $503 / sq ft took 1.5 months

    Also check out past sales at the Maxwell Building up on Denny.
    Also what has been lingering on the market for a while in the high 400’s / sq foot range at that building.

    So, 714 sq ft @ 503 = 359k
    Add on, $20k for a view? What’s a better view worth?

    But, remember the .5 point jump in mortgages recently, and it’s effect on prices immediately, not too mention more and more inventory.

  • http://www.designlines.wordpress.com kh

    while close in proximity the marq doesn’t have the same level of finishes as the meritage…

  • http://www.designlines.wordpress.com kh

    while close in proximity the marq doesn’t have the same level of finishes as the meritage…

  • Peckhammer

    “Peckham, can you point to some recent past sales which support that conclusion? “

    M2M condo appreciation is -3.4% this month and was -1.7% last month. IOW, we are experiencing negative appreciation in the condo market. The longer your place is on the market, the more effect it will have on your sale.

    I would not expect more than 6% appreciation on your unit, and the longer your place is on the market, the more effect it will have on your final sales price. Languishing could result in depressed appreciation or a loss. Balanced against the carrying costs, the longer your place is on the market, the more effect it will have on your “profit margin.”

  • Peckhammer

    “Peckham, can you point to some recent past sales which support that conclusion? “

    M2M condo appreciation is -3.4% this month and was -1.7% last month. IOW, we are experiencing negative appreciation in the condo market. The longer your place is on the market, the more effect it will have on your sale.

    I would not expect more than 6% appreciation on your unit, and the longer your place is on the market, the more effect it will have on your final sales price. Languishing could result in depressed appreciation or a loss. Balanced against the carrying costs, the longer your place is on the market, the more effect it will have on your “profit margin.”

  • bht

    kh,

    plastic bathtubs at ‘taj are at a “higher level” of finish?

  • bht

    kh,

    plastic bathtubs at ‘taj are at a “higher level” of finish?

  • http://www.designlines.wordpress.com kh

    an acrylic bathtub is an acrylic bathtub, look at all the developments around town… at least they added the tile surround. imo, the ‘taj cabinets are at least solid wood, the carpet is a decent cut/loop (more than a cheap $6/sq. yd. cut pile), and it has better quality engineered flooring than the marq that was built a few years ago.

    but i agree, it’s all relative…

  • http://www.designlines.wordpress.com kh

    an acrylic bathtub is an acrylic bathtub, look at all the developments around town… at least they added the tile surround. imo, the ‘taj cabinets are at least solid wood, the carpet is a decent cut/loop (more than a cheap $6/sq. yd. cut pile), and it has better quality engineered flooring than the marq that was built a few years ago.

    but i agree, it’s all relative…

  • Jean

    Well I stumbled upon your blog and I just had to comment.

    I think:
    pricing wise –> ok.
    Open house wise –> not so ok.

    my take: Open houses do generate business for agents (to a certain degree yes) BUT buyers don’t go to open houses thinking “oh I’m gonna give some agent business today!” obviously they’re going in to really check out the place b/c they’re interested in the neighborhood or your place (if you marketed it strategically) Therefore, that little exposure you give on your place through an open house –> speaks volume. (You never know, a neighbor might have someone in mind for your place you know)

    Price cut: I think you’re about that range. I can see that people had bought some of the places for about 480 price/sq ft or so in the recent past. considering your view and your level of being higher, pricing is pretty competitive somewhat I must say. And yes I just chime in: 5000 is not that much different. IF you were doing open houses, marketing, blah blah blah and still had nobody interested? only then should you consider a re-evaluation of pricing strategy. (CDOM: urs is only 41)

    Bottom line: marketing. You just never know who or what type of people you’d attract. Just do yourself a favor and spend time/money if you really want to sell your place. If not (Im aware that redfin does not market for u), then just hire an agent. That $5000 price cut you made can easily be spent on an agent that knows what they’re doing.

    Just a thought. (ugh i wrote too much for a blog ahwatever)

  • Jean

    Well I stumbled upon your blog and I just had to comment.

    I think:
    pricing wise –> ok.
    Open house wise –> not so ok.

    my take: Open houses do generate business for agents (to a certain degree yes) BUT buyers don’t go to open houses thinking “oh I’m gonna give some agent business today!” obviously they’re going in to really check out the place b/c they’re interested in the neighborhood or your place (if you marketed it strategically) Therefore, that little exposure you give on your place through an open house –> speaks volume. (You never know, a neighbor might have someone in mind for your place you know)

    Price cut: I think you’re about that range. I can see that people had bought some of the places for about 480 price/sq ft or so in the recent past. considering your view and your level of being higher, pricing is pretty competitive somewhat I must say. And yes I just chime in: 5000 is not that much different. IF you were doing open houses, marketing, blah blah blah and still had nobody interested? only then should you consider a re-evaluation of pricing strategy. (CDOM: urs is only 41)

    Bottom line: marketing. You just never know who or what type of people you’d attract. Just do yourself a favor and spend time/money if you really want to sell your place. If not (Im aware that redfin does not market for u), then just hire an agent. That $5000 price cut you made can easily be spent on an agent that knows what they’re doing.

    Just a thought. (ugh i wrote too much for a blog ahwatever)