A friend of my family has a luxury condo that she is looking to sell. I'd like to help her out if possible. I am looking for advice in terms of determining what options she may have at her disposal. Below are some specs that I was able to gather from her and through an online search.
1. FSBO (free and clear property)
2. Asking price $1.25 million (something she made up) (I have not run the comps)
3. Move in condition
4. Just over 6,000 sq ft (largest condo in building)
5. 3 bed, 3.5 baths
6. Built in 1990
7. New construction in the area (Several similar condos being built) so there's some competition.
You didn't ask any questions, so I'm not sure how to help you. I will offer that what you will need to do is get some actual comps, and dig into the specifics:
- Size of condo
- Finishes (appliances, flooring, countertops, type of cabinets, other finishes)
- Amenities of the building (gym, pool, etc.)
- Cost of BOA (Building Owners Association)
- Age of building
You always want to be comparing apples to apples.
What is the market like in the area? Is the local economy strong? Are there rentals in the building or mostly owner/users, etc.?
At only $200 sf what makes this a luxury condo? Think of any expense based on sf and a 6, 000 sf condo. I live in a luxury condo that sells for $1300-$2, 000+ per sf. What makes it a luxury condo? Location, location, location. No one can duplicate my ocean front location or Diamond Head view.
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