feedback on our flip

9 Replies

hello BP'ers

I'm not going to get into the drama of what my wife and I are going through with this thing.

I am looking for honest feedback with how to deal with this, so here goes.

we have a house on the market right now we need to sell. The address is 3499 S. Bellaire St.

It is right on Hampden, which is very loud. We have a hard cash loan which is eating us alive.

We started at 925k, lowered it to 889,9k, now we are at 849k. The interest in this is way below what we anticipated.

what are your thoughts

thanks, any feedback is greatly appreciated

oh, there are two items on this place that are not totally buttoned up, one is the carpet downstairs didn't turn out the best, but I don't want to put any more money into it, and the sprinkler valves need to be moved outside to be up to code.

What feedback have you received from prospective buyers?

A professional real estate photographer and minor staging may help.

Is the layout odd?  I couldn't quite follow the "story" of the house based on the photos.  

It looks like a nice home, but it is a pricey home given the location of your lot. You are right on the corner of Hampden which is very loud and busy as you mentioned which will require a significant discount comparing it to an identical house that is even just half a block in from Hampden. Also, at this price range, central AC is a must in my opinion (it says you have a swamp cooler in the listing).

You also have some new construction pretty close to your home that is going for just over $1MM that are not on the corner of the busy street which is some stiff competition for people looking for high end homes (800k plus). I think you would maybe be in the range of the comp at 4547 E Girard Ave. I know you have a lot more square footage, but you have the same bath count, one more bedroom, and they have a much better lot location in the neighborhood.

Not sure what other people think, but those are some of my opinions. In the end, I think the location of the home is your biggest thing working against you. I know for me, I personally wouldn't want to live on the corner of Hampden when I'm spending that much money.

Hope you have some luck getting this thing sold!

I just took a quick look at the pics and have a few quick suggestions:

- Home has very large open floor plan which may benefit from staging. It may be hard for buyers to conceptualize furnishings.

- If you haven't already, talk with your Realtor about feedback (other than the busy street). What objections they are receiving at showings, open houses, and from other brokers? 

- Re-evaluate comps going under contract and sold, since you have been on the market. Price may not be issue, in which case,  reductions may only marginally improve your marketability.

I will end with just some food for thought. Perhaps your luxury leaning product may not be best served by a discount brokerage if the price reductions taken,thus far, are already in excess of what the commission payout would have been.

Hopefully your property will soon be sold.

Kindest regards,

- March

Hi Ric.

You didn't say anything about your marketing attempts, but I would find realtors with lots of proven success in the area, get opinions and marketing plans from a few of them, and consider changing realtors.  Maybe not your situation, but it is funny how many people go with a realtor because they "like" them, are friends, family, etc.. 

Armand

@Ric Weidner Staging would really help and may draw some attention away from Hampden. I saw that house before you fixed it. Looks like you did a great job. We passed on it because of the busy road. 

Do you have plan B? Can you refi out of the hard money loan and rent it?

Staging would help buyers to get a feel for how the house will live. Also, as the weather warms, hopefully the a/c is on the thermostat - showing the home with the windows closed should lessen the impact of Hampden. I sold a property fronting to I-25! and with the windows closed the noise was never brought up in showings or the sale.   Best of luck!