How Difficult Was It To Sell Your Condo?

[IamNotaNumber]

Sorry to differ. All my 5 condos bought in 2007-8 were giving me P/E at 11 or less (eg. Bought a 1-bed for Baht1.55m + refurbishing cost at Baht150k and renting out at 15k a month till now). It is just a matter of when you buy them.

There is another part to the calculation that many people here, for whatever reason, seem to ignore and the comparison with stock P/E ratios applies nicely to this.

Say you buy a condo or house for 1MB and you rent it for 100K per year after all costs. Most people, including me, would call this a return of 10%. Then suppose that 5 years down the line the rent is now 125K, after costs. Some people would say that their return is now 12.5%. But what if the condo is now worth 1.5MB (or indeed 0.75MB)?

I maintain that you can't calculate the return today based on the cost at the time of purchase. You can only calculate it based on the value today. Why? Because if you sold the property today you would have x amount of cash that you could invest in something else, and that would produce a return based on the actual amount you invest today, not on the original amount you bought the property for x years ago. Of course this also means that you will have some appreciation or depreciation of the original capital amount that you will take into account when calculating your total return on the purchase, but this is not relevant to the rental return today.

This is exactly the same with P/E ratios. They are based on today's prices and earnings. You will never see a P/E based on today's earnings and a price from x years ago. You may see some speculative P/Es based on today's price and future earnings, but of course that is just guesswork.

I regularly see people making this error on here.

[trogers]

Sorry to differ. All my 5 condos bought in 2007-8 were giving me P/E at 11 or less (eg. Bought a 1-bed for Baht1.55m + refurbishing cost at Baht150k and renting out at 15k a month till now). It is just a matter of when you buy them.

There is another part to the calculation that many people here, for whatever reason, seem to ignore and the comparison with stock P/E ratios applies nicely to this.

Say you buy a condo or house for 1MB and you rent it for 100K per year after all costs. Most people, including me, would call this a return of 10%. Then suppose that 5 years down the line the rent is now 125K, after costs. Some people would say that their return is now 12.5%. But what if the condo is now worth 1.5MB (or indeed 0.75MB)?

I maintain that you can't calculate the return today based on the cost at the time of purchase. You can only calculate it based on the value today. Why? Because if you sold the property today you would have x amount of cash that you could invest in something else, and that would produce a return based on the actual amount you invest today, not on the original amount you bought the property for x years ago. Of course this also means that you will have some appreciation or depreciation of the original capital amount that you will take into account when calculating your total return on the purchase, but this is not relevant to the rental return today.

This is exactly the same with P/E ratios. They are based on today's prices and earnings. You will never see a P/E based on today's earnings and a price from x years ago. You may see some speculative P/Es based on today's price and future earnings, but of course that is just guesswork.

I regularly see people making this error on here.

Total returns on investment = rental income + capital appreciation

When we use P/E ratio, it is considered at the point of making the investment. Using your example, the house was bought with a P/E ratio of 10. Should the P/E change later due either to rise in property price and also rise in rent bringing P/E ratio to 12.5, it is a boon to total returns, and not a detriment - rent is up and property value is also up.

The P/E ratio can tell us roughly where we are in a property cycle, and whether the risk in investing is high. Say we can acquire properties with P/E ratio below 10 near the bottom of a cycle, we will expect P/E ratio to climb above a mean value a few years in the future. I use P/E ratio of 12.5 as the mean.

This will also mean that when P/E ratio goes above 15, the risk of reaching the peak in the property cycle is high.

Price is what I pay. Value is what I will get. I rather buy when price is low and rental yield is high. I can then assume zero capital appreciation with total returns based only on rents. Any capital appreciation is a bonus, and of course, it is real only when I cash out.

Edited November 3, 2012 by trogers

[Khun Jean]

I never work with capital appreciation. It is not that important when you buy for rental purposes. It is not a part of the formula i use.

Return on investment = rental income.

Capital appreciation is on the long term eaten away by inflation. What remains is the real value and its real return.

If a condo not pays for itself in 10-12 years it is not worth considering for use as a rental. It can be perfect for a home though as other measurements of value are used.

Capital appreciation/depreciation is again irrelevant. Once you are 'in the market' it does not really matter, once in the market you can stay in the market.

I bought condo's over the last 10 years all with different prices, but one thing is constant and that is at least an roi of 10%. Rental prices rise with inflation, better than having cash because that only devalues over time. And when in Thailand having a cashflow in Thai baht is also very good to have. Less problems with exchange rates.

Now i am looking to sell a few and buy some newer ones. I am never good at catching the high and lows in the market so i use the approach to buy every 6 months/year. Over a longer period the mean price is good enough.

I only work with lower priced condos as the high priced ones often if not always have a really low roi.

Edited November 8, 2012 by Khun Jean

[davejones]

I never work with capital appreciation. It is not that important when you buy for rental purposes. It is not a part of the formula i use.

Return on investment = rental income.

Capital appreciation is on the long term eaten away by inflation. What remains is the real value and its real return.

If a condo not pays for itself in 10-12 years it is not worth considering for use as a rental. It can be perfect for a home though as other measurements of value are used.

Capital appreciation/depreciation is again irrelevant. Once you are 'in the market' it does not really matter, once in the market you can stay in the market.

I bought condo's over the last 10 years all with different prices, but one thing is constant and that is at least an roi of 10%. Rental prices rise with inflation, better than having cash because that only devalues over time. And when in Thailand having a cashflow in Thai baht is also very good to have. Less problems with exchange rates.

Now i am looking to sell a few and buy some newer ones. I am never good at catching the high and lows in the market so i use the approach to buy every 6 months/year. Over a longer period the mean price is good enough.

I only work with lower priced condos as the high priced ones often if not always have a really low roi.

Why do you want to sell some of them? Is it because they are under-performing or just getting too old? Do you only keep them a certain amount of time?

Edited November 8, 2012 by davejones

[trogers]

I never work with capital appreciation. It is not that important when you buy for rental purposes. It is not a part of the formula i use.

Return on investment = rental income.

Capital appreciation is on the long term eaten away by inflation. What remains is the real value and its real return.

If a condo not pays for itself in 10-12 years it is not worth considering for use as a rental. It can be perfect for a home though as other measurements of value are used.

Capital appreciation/depreciation is again irrelevant. Once you are 'in the market' it does not really matter, once in the market you can stay in the market.

I bought condo's over the last 10 years all with different prices, but one thing is constant and that is at least an roi of 10%. Rental prices rise with inflation, better than having cash because that only devalues over time. And when in Thailand having a cashflow in Thai baht is also very good to have. Less problems with exchange rates.

Now i am looking to sell a few and buy some newer ones. I am never good at catching the high and lows in the market so i use the approach to buy every 6 months/year. Over a longer period the mean price is good enough.

I only work with lower priced condos as the high priced ones often if not always have a really low roi.

Why do you want to sell some of them? Is it because they are under-performing or just getting too old? Do you only keep them a certain amount of time?

Seems he has already told you his answer to why he sells. Lower priced condos are not located in prime areas and cater more to the lower income tenants. Co-owners of the building will probably not pull funds together to upgrade the building, and will probably result in capital depreciation and not appreciation.

[trogers]

Does this mean that a THB50m condo at The Sukhothai Residences renting at THB200,000 per month should really be priced at around THB30m?

Gross rental yield is at only 4.8%? Where is the upside for an investor buying the unit at Bt50m? Why would the investor just lock in his fund of Bt50m for 5 to 10 years for such a return? Would be better to buy government bonds as they are more liquid.

[Khun Jean]

I never work with capital appreciation. It is not that important when you buy for rental purposes. It is not a part of the formula i use.

Return on investment = rental income.

Capital appreciation is on the long term eaten away by inflation. What remains is the real value and its real return.

If a condo not pays for itself in 10-12 years it is not worth considering for use as a rental. It can be perfect for a home though as other measurements of value are used.

Capital appreciation/depreciation is again irrelevant. Once you are 'in the market' it does not really matter, once in the market you can stay in the market.

I bought condo's over the last 10 years all with different prices, but one thing is constant and that is at least an roi of 10%. Rental prices rise with inflation, better than having cash because that only devalues over time. And when in Thailand having a cashflow in Thai baht is also very good to have. Less problems with exchange rates.

Now i am looking to sell a few and buy some newer ones. I am never good at catching the high and lows in the market so i use the approach to buy every 6 months/year. Over a longer period the mean price is good enough.

I only work with lower priced condos as the high priced ones often if not always have a really low roi.

Why do you want to sell some of them? Is it because they are under-performing or just getting too old? Do you only keep them a certain amount of time?

Seems he has already told you his answer to why he sells. Lower priced condos are not located in prime areas and cater more to the lower income tenants. Co-owners of the building will probably not pull funds together to upgrade the building, and will probably result in capital depreciation and not appreciation.

No it is not that, i pay particular a lot of attention to how a building is run. It changes over time of course but most of them are in buildings that are kept up quit good.

As a building gets older the inevitable day that it starts to deteriorate is getting closer. I would like to have condos that are between 10-20 years old. Some are a little over the 20 year mark and with so much being available i can switch without to much costs to a younger building.

Why wait until a building is 30-40 years old if you can switch? That is only interesting when your part of the land is worth a lot.

The older buildings are closer to the center as the new ones and are comparatively more expensive. I am very slowly moving to other areas now that the skytrain is extended. Bang na is interesting as it is becoming a new center of significance.

[cheeryble]

.

As a building gets older the inevitable day that it starts to deteriorate is getting closer..

How about this phrasing Kh Jean:

"As a building gets older the inevitable day will come when all upgradable elements have undergone the cycle of replacement or repair. These replacements will start being needed within a couple of years. Even allowing for major replacements such as lifts, windows, roofing, over many decades, it comes out very cheap (economies of sharing) in the long run, and is more than compensated for by the increasing centrality of location.

As a non-corroding concrete structure does not know how old it is, but will be strong effectively forever, in a building with a proper maintenance schedule you never need sell and will probably thereby retain the best locations."

I know older buildings where most systems....water piping, electrical fittings, decking, pumps, pool, have already been fully renovated. Do we then say the new buildings have the older systems? Because they do :-)

Of course we're in accord that "proper" maintenance is the issue. This is an essential. But given that all condos require an annual surveyor's report should be easy.

Edited November 10, 2012 by cheeryble

[Khun Jean]

I have to agree and disagree because it all depends on the building.

As a very small example, many buildings are build with balconies, overhangs etc at ninety degree angles. There are always small pools of water on them.

This will breakdown the structure over time. Cracks in walls is another easy one, it will indicate how even the building is subsiding Those are the more visible things, others can only be known by being present in the building for a longer time.

If it is done correctly concrete can last forever, but remember this is Thailand and many things are not done correctly.

I am risk averse and will always try to be ahead. Of course this is not always a success but in general it served me well.

At some time a building will stop appreciating in value or at a minimum slow down to a lower percentage then inflation.

If another building just starts to appreciate in my opinion it is better to switch.

It is a lot of work to keep up with this, and switching when a certain age of a building is reached makes it much easier and accomplishes most of the time the same.

Best locations..., for me it is enough if it is a good location. Not all areas are improving with age, bangkok is big enough to have many good locations and newer ones have most of the time better infrastructure.

[sotsira]

Another downside with switching is the expense of Land office fees about 6-7% of property value

and agents commission fees usually 3-5% of sale price, plus lawyers fees.

All in all, it could amount to over 10% loss of sale price.

[IMA_FARANG]

You're all avoiding the real question with Bul----hit arguements.

The question is:

If a person bought a condo for xx million baht 3 years ago and wants to sell that "Used" condo today, can that person expect to sell that condo for 75% to 80% of what they paid for it when they bought it?

Okay, I understand the "Location" thing.

But in general, is it possible?

Or is the whole idea of "investing" in a condo in Thailand all "male cattle excretement"?

[davejones]

You're all avoiding the real question with Bul----hit arguements.

The question is:

If a person bought a condo for xx million baht 3 years ago and wants to sell that "Used" condo today, can that person expect to sell that condo for 75% to 80% of what they paid for it when they bought it?

Okay, I understand the "Location" thing.

But in general, is it possible?

Or is the whole idea of "investing" in a condo in Thailand all "male cattle excretement"?

I think what you're trying to say is that you're no good at property investment. Don't assume the same of others. If you bought well then you may be able to sell at a profit. If you bought badly, then of course you're likely to make a loss. There is nothing general about it.

[LongTimeLurker]

will soon be overtaken by Vietnam too,

I personally won't be going to stay in Vietnam. A friend is paying $1500 a month for a just moderately nice one bedroom apartment. Yes property is very expensive there, which is relevant to this discussion.

I paid $500 a month for my 4 bedroom house in in Ha Noi, and I rent out my 3 bedroom condo for $1,000 a month.

Your friend should shop around but as it's likely his company pays his rent he's probably not bothered.

Edited November 10, 2012 by LongTimeLurker

[LongTimeLurker]

To get a good price for a condo though, i'd be looking at anywhere from 1 to 2 years myself. If you need to sell quick, that just doesn't work. If you sell quick you probably sold too low, or got lucky.

If you wait 1-2 years you have to factor in the interest you will lose on not having the money, also the expenses to keep the condo e.g. annual fee, repairs, etc. If you are planning to buy somewhere where prices are rising it could be better to selling quickly for less. All depends what plans you have for the money. You also run the risk of prices dropping or even crashing. If it's your home and you need to sell before buying somewhere else, then why drag it out for 1-2 years. Sell it and move on.

I definitely agree with the point you made about bank interest. Yet, I personally believe that nobody knows where condos are going. Some think they do, some have theories.... all great, but nobody knows. Point being i think waiting to sell your condo, it could make it go up or down in that time, so it is a wash -- or slightly favor the positive side since real estate has an obvious overall trend upwards.

My overall opinion on Thai condos is that it is pretty darn safe to put money in one and expect to get about that much out after X amount of years after taxes etc, probably a little more. But yes, your post opened my eyes as effective benefits of waiting to sell. I think buying a condo here makes a lot of sense in instances where a person living here may not be so savvy with investing, yet wants to purposefully tie his money up somehow (if you get my drift). Low cost living with the ability to sell and pull the money back out is very appealing to some, including me. Kinda like golilox, not too hard to get the money, not too easy either, condos seem just right for many an expat here. Anyway, I am just rambling on.

Depends on the exchange rate though because you have to remit foreign currency to buy it. So if you buy a 20 million Baht condo at $1=B25 and sell it for 25 million at $1=B40 then you haven't made any money.

[mania]

Depends on the exchange rate though because you have to remit foreign currency to buy it. So if you buy a 20 million Baht condo at $1=B25 and sell it for 25 million at $1=B40 then you haven't made any money.

That would only be valid for folks who did not intend to live here.

Of course anyone could make or lose money based on any currency exchange if they

intend or need to exchange as part of their business plan.

[trogers]

You're all avoiding the real question with Bul----hit arguements.

The question is:

If a person bought a condo for xx million baht 3 years ago and wants to sell that "Used" condo today, can that person expect to sell that condo for 75% to 80% of what they paid for it when they bought it?

Okay, I understand the "Location" thing.

But in general, is it possible?

Or is the whole idea of "investing" in a condo in Thailand all "male cattle excretement"?

Yes, it is possible provided you buy near the bottom of the cycle and wait for the upswing. Time to sell will be when your selling price is still giving a P/E ratio below 13, meaning a potential buyer can still obtain at least 7.5% gross rental yield. Or you can wait out through a property cycle and sell in the next upswing.

[Khun Jean]

Another downside with switching is the expense of Land office fees about 6-7% of property value

and agents commission fees usually 3-5% of sale price, plus lawyers fees.

All in all, it could amount to over 10% loss of sale price.

Agents? What agents? Lawyers? What lawyers?

I avoid them like the plague.

Only the fees can be a downside, but if they are to high (meaning my share of it is proportional higher then the sellers) the deal is not made.

[davejones]

Another downside with switching is the expense of Land office fees about 6-7% of property value

and agents commission fees usually 3-5% of sale price, plus lawyers fees.

All in all, it could amount to over 10% loss of sale price.

Agents? What agents? Lawyers? What lawyers?

I avoid them like the plague.

Only the fees can be a downside, but if they are to high (meaning my share of it is proportional higher then the sellers) the deal is not made.

When I bough my condo in London I know the block I wanted to live and posted leaflets in every condo saying I wanted to buy. Two people contacted me and I bought one of them. He was chuffed to avoid the extortionate agent fees. Agents are definitely not necessary when buying. Haven't tried selling without one, but I reckon it would be pretty easy where my condo is. They charge 3%+VAT in London, so that's £18,000 on a £500,000 condo. Would try to avoid paying that. I think most people are too lazy to try to buy and sell without agents. They'd rather give away £18,000 than put in some effort themselves.

[sotsira]

Another downside with switching is the expense of Land office fees about 6-7% of property value

and agents commission fees usually 3-5% of sale price, plus lawyers fees.

All in all, it could amount to over 10% loss of sale price.

Agents? What agents? Lawyers? What lawyers?

I avoid them like the plague.

Only the fees can be a downside, but if they are to high (meaning my share of it is proportional higher then the sellers) the deal is not made.

I agree, about not using agents & lawyers, but generally speaking most people still do use them both.

As for the land office fees, well they are unavoidable, and have been getting even higher recently, so if you feel they are too high and decline on the sale what good is that?

They don't go down by much even after long term ownership. I think only after the 9th year of ownership they reach their lowest tariff.

[cheeryble]

I have to agree and disagree because it all depends on the building.

As a very small example, many buildings are build with balconies, overhangs etc at ninety degree angles. There are always small pools of water on them.

This will breakdown the structure over time. Cracks in walls is another easy one, .

.

Thankyou for your thoughts Kh Jean

I'm going to overlook cracks in walls as I haven't seen or heard of any settlement cracks in CM

As for water sitting I very much agree the design here is occasionally pathetic, though I would say that the flat areas involved will tend to be not be the main weight bearing beams but the flat areas supported by them, often where the aircons or flower boxes sit. Generally it will not be a real puddle, just be surface wetness, but your point is taken. All any flat puddle areas need is the concrete surface sloping gently, which can invariably be done in retrospect.

Another area to be checked can be where water comes down a vertical surface and when that wall stops and maybe becomes an interior carpark ceiling or window reveal the water can hang underneath instead of dropping off cleanly. This hanging water alone can deteriorate the paint and occasionally even the surface concrete, though rarely does any real damage. All the latter needs is a (virtually free) Birdsmouth on all these drop offs.

I would push for all condos old and new to be amended in this simple and extremely cheap way to obviate any problems.

Birds mouths are missing ubiquitously, even on new condos, yet they are so cheap and easy that architects who miss them should have their license revoked.

As fir the real structure, The meta-good-news is that because deep rusting ALWAYS causes the big expansion from the small iron molecule to the many times larger iron oxide/hydroxide molecules, causing "blowing" of the neighbouring concrete, any meaningful deterioration is ALWAYS very visible indeed, can simply not be missed, and will be easily noticed in the annual survey and can be repaired properly. Whenever I have inspected exposed rebar in a building, whilst it looks rusty, one will find it is invariably only the finest of surface rust, a penknife will scratch through this in a second to the sound bright steel. This coupled with the fact that the function of the concrete on the bottom half of a beam is actually only holding the rebar in position rather than needing any real strength is encouraging.

I have a bee in my bonnet about this water running down buildings!

It seems to me that all the many buildings with flat roofs and a wall around the top could do two things to really change their weathering:

1. The wall top is invariably flat, horizontal. Revoke more architect licences!! This means the water sits there before it dries instead of running off. Then the black mould grows and you get a black build-up. Then with more rain the black streaks the side of the building. You see this everywhere, it's pathetic! All that needs doing is for the top edge of the wall to be sloped backwards with mortar or perhaps tile so rain on it runs back onto the flat roof and never down the outside taking the unsightly colouration with it.

Better still,

2. Fit a sort of edge-wall-sheltering mini roof along the top wall maybe a couple of foot wide, that overhangs the outsides by say a foot. Most rain drops vertically, so I think you would stop more than 90% of the weathering by this simple cheap method.

Repaints of the building would be put back by maybe two or three years and the net saving would be very considerable, whilst keeping the building in the best visual shape possible.

But yes I take your points Kh Jean.......

Edited November 11, 2012 by cheeryble

[LongTimeLurker]

Depends on the exchange rate though because you have to remit foreign currency to buy it. So if you buy a 20 million Baht condo at $1=B25 and sell it for 25 million at $1=B40 then you haven't made any money.

That would only be valid for folks who did not intend to live here.

Of course anyone could make or lose money based on any currency exchange if they

intend or need to exchange as part of their business plan.

Even if you intend to live here and are selling a condo to buy another you still have to send out the money and bring it back in again so get hit with an exchange rate double whammy to make it even worse.

Edited November 12, 2012 by LongTimeLurker

[beachyman]

No that is not correct. You can use the original fet form to register your name as the foreign owner at the land office. Provided the sum is more than the new property or you would have to supplement the funds with a new transfer and get a credit advice or new fet form depending on amount. I've done this three times.

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[Delight]

It seems to me that a condo has the following uses:

1. A place to live
   
2. A place to rent out
   
3. A place as a holiday home. A holiday being around 6 months in any year.
   
4. A place as a holiday home. A holiday being around 1 to 2 months in any year.
   

Any condo has the potential to be all 4, but typically just one from the foregoing list will be the main driving motive at the point in time when a decision is taken by the purchaser .

When I purchased –back in 2006 moved in 2007 - the buyers were mostly about 1 and 3. Virtually no interest in 2 or 4 at that time

Motives 1 and 3 are now at the bottom of the pile .Or possibly not on any list of buyers motives. It is now all about 2 and 4

In my area ,condos that satisfy these motive are selling. They have to be close to the beach and be small (for ‘small ’read cheap). New build is required to satisfy motive 4.

Very low sales for 1 and 3.Top enders which are exceptionally well appointed do ,however ,buck this trend, i.e. To my mind high end has a limit of about 12 m Baht. However I am not talking Bangkok.

So my answer to the OP,s question is that it will be easy if your property is in line with current trends or exceedingly difficult if not.

To sell a condo with a 20m price tag will, I think, require a single buyer

who needs to buy in a market where only one such expensive condo is available.

If I wished to sell my condo I would typically expect to get what I paid (total including furniture) less 15%. That is when there are buyers with motives 1 or 3.

Given that there are no buyers with such motives I would probably have to sell at 50% of my original purchase price.

Right now the only buyer will be a speculator –who takes a risk that buyers with motives 1 and 3 will return in the future ,and in the meantime he hopes to rent it out .

[LongTimeLurker]

No that is not correct. You can use the original fet form to register your name as the foreign owner at the land office. Provided the sum is more than the new property or you would have to supplement the funds with a new transfer and get a credit advice or new fet form depending on amount. I've done this three times.

Sent from my GT-P6200L using Thaivisa Connect App

The Land Office keep the original FETF forms

[cheeryble]

No that is not correct. You can use the original fet form to register your name as the foreign owner at the land office. Provided the sum is more than the new property or you would have to supplement the funds with a new transfer and get a credit advice or new fet form depending on amount. I've done this three times.

Sent from my GT-P6200L using Thaivisa Connect App

The Land Office keep the original FETF forms

Is that a fact?......did you see some attached to a file??

Actually I don't remember providing a FETF form, but just the letter from the bank saying the money came in a transfer.

If one has trouble getting old records from the bank to export the money again, is it possible to get copies from the LO?

Edited November 15, 2012 by cheeryble

[Zatoichi]

I sold my Penthouse in the Noble Remix on Thong lo in 2009 after being on the market for about 6 months, for around 15Mil+

The new buyers where a early 40's proffesional Thai couple.

Use prakard dot com, it's all in Thai but it has crazy traffic.

[LongTimeLurker]

No that is not correct. You can use the original fet form to register your name as the foreign owner at the land office. Provided the sum is more than the new property or you would have to supplement the funds with a new transfer and get a credit advice or new fet form depending on amount. I've done this three times.

Sent from my GT-P6200L using Thaivisa Connect App

The Land Office keep the original FETF forms

Is that a fact?......did you see some attached to a file??

Yes and Yes

Actually I don't remember providing a FETF form, but just the letter from the bank saying the money came in a transfer.

If one has trouble getting old records from the bank to export the money again, is it possible to get copies from the LO?

You don't get a FETF (old TT3) if the value of the money you send in is less than $50k now ($20k previously), you get a bai rap rong, which is your letter from the bank.

[cheeryble]

Thankyou Lurker

I guess the letter from the bank would be OK for exporting money....

BTW amid all this talk of many condos being built in CM I was told yesterday that Richard Ellis are saying there is, or will be, a shortage of 30,000 units here in CM.

Anyone good at searching could source this?

Edited November 18, 2012 by cheeryble

[rockymountain]

it depends:

-First, you need to sit down with a realtor for a consultation to define your real estate needs and motivation. Have you bought or sold a property before?

-Second, you need a formal market analysis to display the recent sales,the properties on the market and the ones that didn't sell. then you can reach a reasonable decision on what to offer.There is no secret formula , but it's a science.with the facts..

-Selling a condo is like any other property. Location,condition and price..Price is important but that's not the only key. As a seller you don't want to give it away either. It's marketing and how to do it is the key. Preparing, staging and presenting is also a key factor.

-You need to be aware of your conditions and facts surrounding you before you enter the market. so you can have enough ammunition to attract, please and entertain buyers for your property.

.

[davejones]

it depends:

-First, you need to sit down with a realtor for a consultation to define your real estate needs and motivation. Have you bought or sold a property before?

-Second, you need a formal market analysis to display the recent sales,the properties on the market and the ones that didn't sell. then you can reach a reasonable decision on what to offer.There is no secret formula , but it's a science.with the facts..

-Selling a condo is like any other property. Location,condition and price..Price is important but that's not the only key. As a seller you don't want to give it away either. It's marketing and how to do it is the key. Preparing, staging and presenting is also a key factor.

-You need to be aware of your conditions and facts surrounding you before you enter the market. so you can have enough ammunition to attract, please and entertain buyers for your property.

It's amazing how many sellers try to sell their property but can't even be bothered to tidy up before getting photos taken and showing potential buyers around. And then they wonder why it won't sell.