High-end Property - Posted by Israel

import · March 17, 2003, 12:46pm

Posted by Steve (Atl) on March 17, 2003 at 13:55:50:

Unless you have some value added to this deal, it will be just shear dumb luck that you are able to move this. Here in Atlanta, there are many, many, many homes in the Million dollar club that has been on the market for upward of over a year. This was created by the dot-com failures several years ago. It will take putting the right person in that wants this exact house at this exact time for this house to move. I mean in today’s day and time, coming off 300k on a 2.5million doallar house is not showing the buyer an incentive to purchase this house. The buyer is going to have to LOVE this house. I would definitely think twice, three times, four times before I get involved in a deal like this. There are many other easier ways to make a buck in real estate than for (as Joe Kaiser most eloquently puts it)the proverbial planets to align.

import · March 17, 2003, 12:46pm

Posted by Israel on March 17, 2003 at 13:46:14:

I recently came across a property in Jersey City valued at 2.5 million. The seller is willing to sell at 1.9, but he’s working with an agent that has a multiple-listing service contract on it. At this rate, he’ll get 4 1/2% for doing nothing unless I wait until the contract expires on May 19. That is not the problem though. The problem is finding someone that will take it off my hands for around 2.2, either to flip it or for residence. How do I go about finding a buyer to such an expensive property? Thanks for the help.