Condo sellers want CMAs plus historic market trends for their building

By
Real Estate Broker/Owner with (831) 626-4000 CA #01772851 HI #RB-21268
https://activerain.com/droplet/4BqH

When a condominium owner gets in touch with me to list his unit for sale, I supply a whole packet of statistics that go beyond the normal Comparative Market Analysis (CMA). The CMA is meant to arrive at a sales price that the market is likely to accept. These CMA's are derived from, most often, similar units consisting of 2 or 3 "sold" and "for sale" ones.

But is this enough?  My sellers want to know not only what the market conditions are in the area, but also WANT TO KNOW THE STATE OF THE MARKET IN "HIS" CONDOMINIUM COMPLEX.

For this seller, I develop some custom graphs:

1. how long will a well-priced unit be on the market before it sells in his building,
2. the sales price vs "sold" price overall in his building
3. and how many units have been sold and when.

Below are some sample graphs that I developed for one of Honolulu's most well-known condominiums:  

Ilikai Apartment Building Condominium Complex, 1777 Ala Moana Blvd, Honolulu, Hawaii 96815

Ilikai Median Versus Average DOM

Above: Interesting how the "days on market" went down to virutally ZERO in April, 2013.

Ilikai Original Price Versus Sold Price

 

Above: In 2012, pricing and "sold" price were pretty close. Starting in February 2013, prices went up, but "sold" prices low. Right up until April 2013, when the "days on market" in the chart above, was virtually ZERO, then the demand went up along with prices.

Ilikai Sales and price Range

 

Above: Higher prices were certainly paid for more condominiums in 2013 than in 2012. This bodes well for the sellers. When I now look on the MLS, pretty much all the condominiums are priced in the higher price ranges.

If you are interested in listing your unit with me in the Ilikai or any other condominium complex  in Honolulu, please give me a call and I will prepare not only a CMA, but also some historic charts like this that will help you in pricing your condominium for today's market.

Please call me on my cell phone at (808) 226-1095.

Posted by

Hella Mitschke Rothwell, Broker/Owner/REALTOR 

 

Let me be your independent real estate broker for oceanfront and oceanview property in California and Hawaii.  If you are a seller/owner, I will travel to your property to help get it ready for sale, then list and market it. If you are a buyer and we have a Buyers Representation Agreement in place, I will preview property on your behalf anywhere in California and Hawaii.  Please call me to discuss how I can help you.

Search Hawaii Listings on www.HellaHawaii.com

Member: Honolulu Board of REALTORS; National Association of REALTORS; Hawaii Association of REALTORS; Del Norte Association of REALTORS; California Association of REALTORS; MLSListings, Inc., the premier MLS listing service in Northern California.

 

________________________________________________________________

Hella Mitschke Rothwell (R)

Real Estate Broker/Owner/Realtor®
Licensed in California #01772851 & Hawaii #RB-21268

Tel. 808-226-1095 or 831-626-4000 

Fax 1-877-822-9332

www.HellaHawaii.com

www.HellaRothwell.com

www.RothwellRealty.com

HAWAII OFFICE: 1128 Ala Napunani Street, #1809, Honolulu, HI 96818

 CALIFORNIA OFFICE: Su Vecino Court, Lincoln & Dolores between 5th & 6th, Carmel-by-the-Sea, CA 93921

MAILING: P.O. Box 4554, Carmel-by-the-Sea, CA 93921

 
Email: HellaRothwell@gmail.com


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Disclaimer: Hella Rothwell does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.

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condominium sellers want cmas plus historic market trends for their building

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Rainmaker
2,970,146
Michael Jacobs
Coldwell Banker Residential Brokerage - Pasadena, CA
Los Angeles Pasadena Area Real Estate 818.516.4393

Hi Hella - this is a very smart approach.   Although the general location of a condo building will be the same for all units in the building, it's the nuances that can make a difference and the historical background can be very beneficial.   

Aug 20, 2013 04:25 PM #1
Rainmaker
2,859,677
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Hella that is amazing, how many of the other agents would do that? It is clear to me you would be the best choice as the listing agent!, Endre

Aug 20, 2013 04:37 PM #2
Rainmaker
686,269
Hella Mitschke Rothwell
(831) 626-4000 - Honolulu, HI
Hawaii & California Real Estate Broker

Michael: I find that it really rounds out the information about a complex.

Aug 20, 2013 04:40 PM #3
Rainmaker
686,269
Hella Mitschke Rothwell
(831) 626-4000 - Honolulu, HI
Hawaii & California Real Estate Broker

Endre: It just told me so much more, such as, how many days do we expect to be on the market if priced right. And that a high price will not fly at this time.

Aug 20, 2013 04:49 PM #4
Ambassador
1,234,888
Kristin Hamilton CA Realtor
Sun Lakes Realt - Banning, CA
(909) 557-6966- Specialize 55+ Communties Banning

Hi Hella,

Great post and congrats on a nice listing. I love all the graphs and it gives buyers and sellers confidence.

Aug 20, 2013 04:52 PM #5
Rainmaker
686,269
Hella Mitschke Rothwell
(831) 626-4000 - Honolulu, HI
Hawaii & California Real Estate Broker

Kristin: It does round out the information rather than just picking those for the CMAs.

Aug 20, 2013 05:12 PM #6
Rainmaker
2,161,567
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

From what I know about the way you run your business, you will give the seller everything the need to make the decisions that are right for them.

Aug 20, 2013 06:26 PM #7
Rainmaker
4,467,476
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
"Franklin MA Homes"

Good morning, Hella...that's why homeowners  should and will be calling you for that CMA and BEYOND... you do a very thorough job...

Aug 20, 2013 08:27 PM #8
Ambassador
1,758,228
Noah Seidenberg
Coldwell Banker - Evanston, IL
Chicagoland and Suburbs (800) 858-7917

Hi Hella, very import data for the homeowner (or even buyer) to know for piece of mind in the market. Graphs and data and CMAs really help back up our answer to the clients question of how much?

Thanks

Aug 20, 2013 09:08 PM #9
Rainer
405,298
Brad MacKenzie
Brad MacKenzie - Duxbury, MA
Turning Houses into Homes on the South Shore

Nice graphs.  That makes a lot of sense for someone in a community, whether vertical or horizontal!

Aug 21, 2013 02:13 AM #10
Rainmaker
686,269
Hella Mitschke Rothwell
(831) 626-4000 - Honolulu, HI
Hawaii & California Real Estate Broker

Joe: To visualize historic information in a graph helps me get my information across.

Barbara: Thank you. It is part of the service that I supply.

Noah: You are right, the buyer wants to see this also.

Brad: Yes, these graphs will also be forthcoming from me for townhouse developments, of which we have many 

Aug 21, 2013 03:12 AM #11
Rainmaker
4,805,360
Roy Kelley
Realty Group Referrals - Gaithersburg, MD
Roy and Dolores Kelley Photographs

This is certainly good information for prospective condo sellers.

Best wishes for continued success.

Aug 21, 2013 11:51 PM #12
Rainmaker
686,269
Hella Mitschke Rothwell
(831) 626-4000 - Honolulu, HI
Hawaii & California Real Estate Broker

Roy: Thank you. These graphs do answer some questions visually that they always ask.

Aug 22, 2013 02:32 AM #13
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Rainmaker
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Hella Mitschke Rothwell

Hawaii & California Real Estate Broker
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