Quote:
Originally Posted by Gridlock
Well...there you have it folks 
After 20 pages of discussion, we have the best of the economists saying its anything from "game on" to "real estate Armageddon"
Now, if we could hold off on anything until after I sell my mom's condo for premium dollar, that would be awesome.
Here's a tip: never buy an age restricted condo with rental restrictions. I could rent out for $400 to $500 positive cash flow every month...but my hands are tied behind my back. So frustrating.
On that front...I would like to say that on my own personal thoughts on real estate these days, from a sellers perspective. I've been going through and making everything just as perfect as I can. My sister has been rolling her eyes at what I want to do, but I've been finishing off all the little things so that its all "move in ready". It may not be automatically to taste, but its all good to go. You absolutely have to these days. Sellers are all in control...so that 0% did at the top of the chart? It's bullshit. I'm up against 4 other condos in the same complex...think there isn't a potential for a race to the bottom?
EDIT:
On that front: realtors...I hate 'em.
Not personally or anything, but as an industry...hate 'em.
How much negotiation room do I have on commission? I have two thoughts here. One, it's a nice condo, and I think its one of the nicer ones in the complex. But, its an older building and that reflects in the value. No realtor(tm) is really going to go out of their way to push it. I know that. They are going to list it on MLS and wait for some other person to sell it for them...and walk away with 1/2 a check for making a phone call that says, "here's the offer. Papers are in my office"
So, is it reasonable for me to either grind them a bit on commission OR, can I have a requirement for at least some type of proactive marketing, ie...an open house a month? |
Sadly, it was bound to happen - what angers me is the lack of recourse to realtors who lie or stretch the truth to sell you less than ideal real estate (not ur situation, just generally) - I'm a total capitalist, but actually think we should have regulation on the sale of real estate, just as there is for financial securities, maybe just new properties, maybe just to stop brad lamb claiming u can make a 200% ROI over 6 year on a new condo in Toronto
I also completely agree, any restricted real estate will have a discount applied to it, will, by definition, have a smaller market, and inevitably will sell for less, slower, and more painfully.
Having said that, I assume ur mum is still making a gain on this property? And I hope she bought it for less than a comparable, non restricted property
Wrt the realtor, try - I'm sure there are many with no income in the last 3-6 months, call a bunch up, just say "this is what I'll pay, $x to sell for $y to $z, and a percentage for anything above it - can't hurt... Mind u, it might be better to just to a quicker sale
It's is the irony, no realtor ever said the market would get like this - "buy now or buy never" Bullshit!!!!