I'm a Real Estate Agent: The 4 Types of Condos That Are Hardest To Sell
Trying to sell your condo, but the listing seems to have gone stale? While it may be easy to blame the marketplace or the turbulent economy, the hard truth is that four types of condos are just inherently disadvantaged when it comes to attracting a buyer.
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But first: What specifically is a condo? And how does it differ from an apartment? While the terms 'condo' and 'apartment' are often used interchangeably, 'when you own the unit, you bought a condo even if it looks exactly like an apartment building, but when you rent the unit, you live in an apartment regardless of whether the owner calls it a condo,' said Eli Pasternak, real estate agent at Liberty House Buying Group. In other words, renting equals an apartment; buying equals a condo. Now that the terminology is out of the way…
Here are what experts, Pasternak and Brett Cobb, real estate agent and owner of Premier OKC Home Buyers, have to say about the four types of condos that are hardest to sell — and some ways to make them easier to sell.
Sure, sometimes a lack of stairs is swell. But Pasternak stated ground-floor units (especially those in buildings without doormen) are tough to sell because buyers worry about safety and security. In addition, ground-floor units don't exactly offer the same view as, let's say, penthouse units. And noise from the street or lobby is often looked upon unfavorably — especially by those who work remotely or have sleeping children. What's more, ground-floor units are especially vulnerable to flooding in hurricane-prone areas.
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Even in prime Miami locations, Pasternak has struggled to move studio units, 'because buyers worry about resale value down the road.' The reason is that studios are intended primarily for single occupants, leaving no room for family planning and making the pool of potential buyers smaller. Therefore, studios face limited demand and the possibility of not appreciating much over time. And, if there's no return on investment, a client could just rent.
Additionally, studios are not always suitable for certain mortgages because lenders can have minimum square footage requirements.
Condos with peculiar layouts often hurt sales because buyers simply can't envision living comfortably in them. In addition, furniture placement becomes awkward.
'I tell my clients that units with kitchens opening directly into bedrooms, or bathrooms accessible only through living rooms scare away most buyers who do not want renovation projects,' said Pasternak.
'Hands down, the hardest apartments to sell, in my experience, are the ones with sky-high HOA fees and no clear value to show for it,' said Cobb. While these fees may be tolerable with the right amenities or upkeep, no one wants to spend large amounts of money: 'If the pool's always closed and the roof looks like it's from 1995.'
And even the cost of upkeep has become an issue in certain parts of the country. Following Miami's Surfside condominium collapse in 2021 due to corrosion, HOA fees skyrocketed throughout the state of Florida as mandatory repairs and six-figure assessment fees were immediately put in place for buildings 30 years or older. According to The Economic Times, Florida's condo market is in steep decline.
If you're an owner trying to move one of these condos, don't panic. The task may be difficult, but some workarounds can help increase the odds of a sale. As the saying goes, it's all in the presentation.
If you're trying to sell a studio, Pasternak advised staging it to show multiple functions, perhaps adding Murphy beds or convertible furniture to demonstrate how to maximize square footage. In other words, turn a negative into a positive. 'You can demonstrate how spaces work for sleeping, working and entertaining in the same room,' he said.
Pricing aggressively is another strategy Pasternak advised for hard-to-sell units because the seller needs to offer enough value to overcome a buyer's concerns.
Additionally, sellers should consider sweetening the deal of any hard-to-sell condo by offering a few months off HOA fees.
Cobb advised brightening things up to make the condo more appealing — particularly for ground-floor condos with no natural light. A coat of white paint, or the addition of light fixtures and mirrors, ought to do the trick. After all, dark and dingy doesn't exactly scream, 'live here!'
New floors, refurbished cabinets, and updated appliances can all go a long way in making a condo look more current and appealing.
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This article originally appeared on GOBankingRates.com: I'm a Real Estate Agent: The 4 Types of Condos That Are Hardest To Sell
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