Downtown condo sitting with over 100 Days on market
Hey there!
I’m an agent and I have a listing for a 2/bed, 1/bath first floor condo with street access in downtown Cincinnati. it’s been on the market over 100 days and priced at the average of 300k. All the agents that show it can’t figure out why it’s not selling at this price. It’s updated, staged and clean. The top objection is that HoA won’t allow short term rentals.
We have talked to them and they are unwilling to do anything less than 1 year lease.
The seller isn’t willing to go down in price. I don’t think he should. I think this could easily rent for 2000/m.
Any ideas or help would be appreciated!
"First Floor" sounds like the biggest challenge to me. Downtown street access means noise, so people want to be higher up. Owner financing is a way to attract buyers, but that only works if your clients own the unit outright.
@Regina Smith, unfortunately, if it has not sold at that price, that is the issue. A listing is an obligation, and if you can't move it, pricing is usually a key factor. Typically in NYC, lower floors had lower pricing, so make sure it is in line with the market, including its location on the first floor.
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Buy it yourself with seller financing and rent it out
Quote from @Karl McGarvey:Yes, that’s the biggest owner occupied objection. How would owner financing work he still owes about 105k in on it
"First Floor" sounds like the biggest challenge to me. Downtown street access means noise, so people want to be higher up. Owner financing is a way to attract buyers, but that only works if your clients own the unit outright.
Quote from @Regina Smith:
Quote from @Karl McGarvey:Yes, that’s the biggest owner occupied objection. How would owner financing work he still owes about 105k in on it
"First Floor" sounds like the biggest challenge to me. Downtown street access means noise, so people want to be higher up. Owner financing is a way to attract buyers, but that only works if your clients own the unit outright.
The only way is by doing a wrap loan, which needs approval from the current mortgage company, and will probably not happen. Otherwise he needs to find a way to pay it off and have the lien released.
If its a va loan then he could do owner financing. Find out if he has a due on sale clause in the loan. There are many ways to make a deal work but probably the reason why it hasn't moved yet in a sellers market is probably pricing.
Condo market has been slow in many cities the last 2 years.
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$2,000 a month to rent a 2b 1b in downtown Cinci sounds a bit much. Does it come with two parking spots? Just to compare, just one year ago I was renting a two bedroom with a roommate at 4th and Plum apartments downtown. 2 bed 1 bath. 22 foot ceilings, corner unit with wraparound living room windows on the 5th floor. $1250 a month. Parking was $135 a month for one spot and the building had a garage inside of it. The building also had a rooftop pool, pet spa, cardio gym, weight gym, and a deli/cafe on the first floor. What extra value does a first floor unit (assuming) without those amenities provide to make up for that price difference if someone were to rent it?