What's the holdup? Homes that won't sell
By Inman News, Tuesday, September 22, 2009.
Inman News wants to hear about the types of properties that are selling slowest -- or not at all -- in your market area.
Our question to you: Which types of properties are the most difficult to sell in your market area and why?
What makes these homes so undesirable? Why are buyers bypassing them? When did you notice this trend develop and what are your future expectations for this trend?
Send your comment (one or two paragraphs) by e-mail to future@inman.com or leave your comment at the end of this post.
Flickr image by Marionaire.
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Submitted by Mark Jacobs on September 22, 2009 - 1:49pm.
Over priced home in poor condition are the most difficult in our market area. Seller's still think their homes are worth more than the buyers are willing to pay. You need to be in the top 33% as far as price and condition to sell in this market.
Augusta Real Estate
Submitted by Mark Jacobs on September 22, 2009 - 1:50pm.
Link to My market http://www.markjacobsrealtor.com
Submitted by Eileen Bermingham on September 23, 2009 - 2:02pm.
We have a real glut of 1BR/loft spaces in the South of Market area in San Francisco. Basically, anything that is priced on the higher end of the comp scale but that doesn't present itself well tends to sit. There are also quite a few short sale properties in the south part of the city which are sitting.
Houses below the $1M price point, and 2-3BR condos in very central locations are selling quickly, and with multiple offers in San Francisco. The market really picked up over the summer and is moving very rapidly right now.
Submitted by Team Aguilar on September 23, 2009 - 3:19pm.
In San Diego, everything is the same. Anything that is priced higher or that is in a location that has a higher priced neighborhood isn't going to sell. Everyone is being extremely cautious with the trend in the real estate market, which isn't going to help the conditions to improve. Even commercial areas that are priced higher are having some fluctuations in sales. My team offers help with the changes, found athttp://www.teamaguilar.com/.
Submitted by Rick Arvielo on September 25, 2009 - 11:33am.
Thanks for the information
http://www.rickarvielo.com/post/New-American-Funding-New-American-Direct...
http://www.rickarvielo.com/post/Struggling-Homeownere28099s-Across-the-U...
Submitted by Mark Jacobs on September 25, 2009 - 2:12pm.
Anything over $200,000 In the Augusta Market is very slow.
Submitted by Bob Gibbs on September 25, 2009 - 4:06pm.
In the San Ramon Valley which includes the towns of Alamo and Danville and the city of San Ramon. Homes are selling well. In fact the city of San Ramon has an inventory absorption rate of 2 weeks. There only slow area are those homes priced between $1M and $1.2M. Homes under that price range and over that price range are selling.
Submitted by Glenn Ginsburg on September 27, 2009 - 3:51am.
We are seeing homes under $300k moving the best. The months of homes for sale have dropped from 38 months in January 2008 to 12 months in August 2009. The higher priced homes are starting to move.
Condominiums are still weak. Due to the apartment to condominium conversion complexes the prices are being pulled down (short sales - if and when they close and foreclosures). The months of inventory in January 2008 was 37 months and in August down to 20 months.
Glenn Ginsburg
A Delta Realty
Naples real estate
Submitted by Jerzy (George) Szkup on September 27, 2009 - 9:51am.
George Szkup
www.DestinationTucson.biz
For Tucson, AZ area: lately REOs and Short Sales in good condition and priced below $250,000 have two offers within a day or two of coming on the market. Most of them will have 4 to 6 offers in a week. Luxury SFRs and condos priced above $300,000 are hardly moving.
George from Tucson
http://www.trulia.com/profile/httptruliacomprofilegeorgeszkup/
http://twitter.com/geoszk
http://www.DestinationTucson.biz
Submitted by Jim Johnson on October 31, 2009 - 8:34am.
The price/condition rule sticks in SA too, but there's an underlying factor that's relevant in the newer developments where the sub-prime fiasco played out most rampantly. How ever unfair it may seem, short-sales and foreclosures have driven down the comps values in these areas. The worst of these, homes that were "pitched" by the builder as "investments" in the new "I 10 corridor," just cannot meet the expectations of the owner.
Residential development in this new "I 10 corridor" is years ahead of the kinds of business development that would create the kind of demand for homes that has followed the development of the I 35 Corridor. Two otherwise very comparable neighborhoods in each of these corridors will not bring the same value per square foot. Moreover, comparable homes which were built by the same builder in those corridors originally sold for the same price.
I have seen homes priced as much as 16% over the highest value of any sold comparable--homes that have been on the market for over three months without a price change--and feel deeply for the disappointment that reality will one day visit on the seller.