Can condo buyer’s find deals in this crazy market?
The answer is YES! Many times throughout the year I will see condos come on the market that may not be priced correctly. Most of the times it is because the agent does not know the condominium markets well and do not know how to price them correctly. Sometimes they over price them, sometimes they under price them…and create good buys for a buyer! This weekend. An example of this happened. It was at a very high price point, but still a good buy for the new owners! Last week I wrote about a couple of new listings that were coming to market. One was one of the beautiful townhomes on 11th. It was the combined unit that I thought would be priced at about $3,200,000 to $3,500,000 ( I believe I said low to mid 3 Million range). The agent that got the listing is a well known luxury agent that is known for high end homes, not condos. The listing came on the market at a surprising sub $3,000,000 price ( $2,975,000). As I said, YES, buyer’s can find deals in this market! To me, this shows a good example of working with a specialist. While the above…not mentioned agent, has a decent reputation for higher end homes in the west hills, this agents expertise is not in the condo market. I am not sure why the owners selected the agent but I have my suspicions! Some agents will try to sell their companies “wide global reach” in a sales pitch to get a listing in the high end of the market. To me, this is a little bit of smoke and mirrors because of the internet. With the internet, an agent with a good bit of knowledge of marketing on the internet, can easily get their listing “worldwide”. Keep in mind, condo specialist market to condo buyer’s everyday and maintain a pipeline of qualified buyer’s. Sometimes local, sometimes international. The point I want to make here gets back to today’s topic: Finding deals in this market. As long as you have agents that do not fully understand the condo market, you will always be able to find a deal because those agents will not always understand how to price a unit. Many don’t understand the difference between being on the west side 3rd floor vs 13th floor on the east side. Some don’t understand the difference from having a protected view vs an unprotected view and many of the other issues that come into play when pricing condos. Bottom line if you don’t want to be one of those seller’s that is creating a great buying opportunity for a buyer, make sure you interview a condo specialist!