We have all had condo listings where we have all gone into the contract knowing that:
1. The price was right in line with comps
2. The unit has features unique from others in the area
3. Sellers so motivated they are willing to throw in parking and storage as incentives
My problem is that this unit is in a building with 26 other identical units up for sale and is getting lost in the shuffle.
I have spoken with other brokers who all tell me that their listings are stagnant as well despite expressed interest from the buying public.
We have done a full-scale marketing blitz - good attendance but nothing
I have offered gift cards as incentive to buyers who show up for tours - good attendance but nothing
I have had open houses catered with entertainment - good attendance but nothing
I have even had a colleague bake cookies during the open houses - good attendance but nothing
We have held theme open houses for different business groups - good attendance but nothing
The good news is that there has only been 1 sale of a 1BR unit in this particular building in the past 3 months.
A second unit is on contingent and a third under attorney review. There is some movement however small.
This unit is truly spectacular and is listed as an investment property.
The odd thing is that the other units that have contracts are on lower floors, have lower monthly lease amounts, are priced higher and are all investment properties.
Am I missing something?