Thursday, December 04, 2008

System of a Down

Delta rocket vapor trail over Cocoa Beach

Today we get another case history of a bad selling strategy. This is the price history of a 3rd floor original condition, side view condo in an older oceanfront building that has been on the market for 687 days.

Jan. 17 2007 - first listed for $499,000
Jan. 13, 2008 - price drop to $349,900
May 10, 2008 -- 2nd drop to $324,900
June 12, 2008 -- 3rd drop to $319,900
Aug 08, 2008 --- 4th drop to $315,900
Sept 08, 2008 ---5th drop to $310,900
Oct 09, 2008 ----6th drop to $305,900
Nov 08, 2008 --- 7th drop to $300,900
Dec 04, 2008 --- 8th drop to $299,900

After 687 days on the market this seller has shaved 40% off his asking price. During the time since first listing there have been sales of five units in the building, two for $330,000 and three for less than the current asking price. Several were in better shape than the subject unit. Today after eight price drops he is still asking more than two other currently-listed units in the building. My suspicion is that the price drops are not over if he seriously wants to sell. Since the day this unit was first listed, 181 oceanfront condos with at least 2 bedrooms and 2 baths have closed in Cocoa Beach and Cape Canaveral for less than the original asking price of this unit. Sellers take note. This is not the way to sell your unit.

"You say it best when you say nothing at all."
_______Paul Overstreet and Don Schlitz