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Friday, March 20, 2009

Pricing property to not sell…

This morning I was performing a Broker Price Opinion (opinion of value similar to a comparable market analysis) on a beachside property in Satellite Beach, Florida.

A look at the active listings in the complex showed a very similar unit priced at $215,000. Another similar unit, also in the same complex, sold in January 2009 for almost $110,000.

This afternoon, while reviewing the newer listings in the Viera area, I saw a new listing in a newer condo complex. The list price was $70,000 above the price of larger contingent listings. Additionally, there were three similar listings priced around $50K less.

I am not sure of the marketing plan here. Perhaps the approach is pricing the property to not sell. Now that is a different strategy!

Buyers are not operating in a vacuum. Lenders, although it has been questioned, are not operating in a vacuum. Sellers can not be pricing in a vacuum.

If you want to sell, you must compete!


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