I Have a property in South Australia that I have had on the market for nearly 12 months and have had 3 agents handling it. Although I think the first agent was overly ambitious at 220k and mid 90’s for the back block of land The price has come down considerably with still no buying interest. This house has 3 bedrooms and is solid brick built in the 60’s and is on a subdivided 899m2 block we are trying to sell the whole lot for $240 which is currently cheaper than some units and houses in much worse nearby suburbs,We also have council approved plans for the construction of a house (158m2) on the land. we have only had a couple of lookers and nofeedback except for people saying they don’t like the shared driveway. At this price because of the location a very nice area close to all amineties, we are torn between keeping and selling, trouble is we currently have 4 projects on the go and we are faily stretched and so would feel much more comfortable liquidating. Does anyone have any suggestions on how to move this property?
Hate to say it but you have brought up a good example to alot of people new to the property market. Im only relatively new myself and like a lot of people have only experienced the ‘upside’ of realestate. However my Dad has told me time and time again of how in the 80’s you could hardley even give away property.
People seem to be living in a bubble-things arnt always going to be as rosey as what they have been for the last 15 years, there will come a time when you wont be able to move property, albeit for a large loss. Might not be any reflection on your situation, but I thought it was a good opportunity for some of the misguided people who seem to think property is a easy money making option-at the end of the day YOU need to be able to sell it, no buyer, no money….
Ubique,
I hope others have better suggestions, as this is all I can think of.
Rent the property out for a little while before listing again. Sometimes, if a property has been on the market for a long time, people will stay away from it thinking that there must be something wrong with it. Esply if you’ve dropped the asking price from 310k to 240k (is that right?). I know others who have used this tactic to varying success. At least when a prospective buyer asks, how long has this property been on the market, the agent doesn’t have to say, “over a year” (cringe!)
Maybe spruce it up?
Hopefully there are better ideas around.
Munjy
Ubique,
Perhaps this deal could suite a builder. He / she may be interested in the block at the back or the lot.
You could:
Email or fax a heap of builders,or
Advertise in the Saturday paper under investments/ development, or
Seek agents who have builders on their books and are looking for such properties.List with afew agents (conjunct, non-exclusive agreements).
PS. You could contact Dr. X on this forum as they buy and sell props in SA.
hrmThanks that is about all we can think of, that and changing agents again, the place already looks respectable, we also thought that completing the development might make it easier to sell as it seems, as Mal Emery says people now want the fish on the plate.and don’t seem to be able to put up with the slightest inconvienience.
Hi ubique
if you tell me where the property is, I may have some more suggestions for you. Or I may be interested in buying it.
email or ring me if you like!!!
We buy properties in Adelaide. Immediate Cash Settlements, No Real Estate Agents, No Fees.
[email protected]
phone 0412 437 582I would definitely take it off the market. Rent it out for 6 months until all those currently looking have bought. Properties that sit there get known and everyone starts to think there’s something drastically wrong with them, particularly with 3 agents on it. Your problem is the first overpricing.After six months put it back on the market with one agent at what you think is a realistic price (not the firesale last one)
Fern
Originally posted by ubique:Does anyone have any suggestions on how to move this property?
Errm… lower your asking price?
There are buyers out there, they’re just waiting for your price expectations to match their own. Don’t make the mistake of chasing a falling market down, always pricing your property at yesterday’s fair value…
Unless you don’t need to sell. If this property was a sound financial investment when you purchased it, what has changed?Cheers, F.[cowboy2]
Ubique,
With the absence of better suggestions, I suppose your own suggestion of completing the development might be the way to go. However, it does involve significantly higher risk, considering the small amount of interest the property has shown to date.
Munjy
Not the same property, but another one, we have had on the market for about 12 months also, at the price that was set by a licenced valuer, we paid $400 for the valuation.this week we have had 2 agents tell us they have buyers, the thing is we told the first one yes we will sell at that price, that afternoon another agent rings and says I have a buyer at $15k more, trouble is the buyer has just left for a business trip and will be back in 2 weeks, I told him to get a hold of him as I had just received another offer, what would you do?
Ubique,
You have received several suggestions for the first property, but your responces do not appear to have covered any suggestions given, and
NOW you are jumping to another fire!!
No wonder you haven’t received any responces to your latest post.
We are here to help, but you gotta help yourself.
hrm
We have decided to take the property off the market at the moment, complete the development and then see what happens later.As for the second fire, we went with the first agent as we felt one in the hand is better than a maybe. Thank you all for your suggestions and will keep you all posted in about 6 months.
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