I went on a listing appointment this past Sunday. It was a 1 Bed/1 Bath condo in a very exclusive high rise that sits in the heart of Buckhead. A prominent landmark in Atlanta. The view was gorgeous, and it was quite spacious for a 1 Bed condo. Floor to ceiling windows, hardwood floors, granite countertops, stainless steel appliances, whirlpool tub, seperate shower and all the necessities and amenities one would love in a place called "home". However; upon talking to the owner who is an investor I found out that it had been vacant for almost a year. He had previously had it rented for almost $3,000/mth prior to this and had never had a problem with vacancy until now. Was I surprised?? NO considering the market. However, I was a bit surprised to learn that he had waited almost a year before seeking professional help and is now at a place of desperation.
Housing values have declined about 23% nationwide but only about 7% in GA. Any decrease in home values are not necessarily good and are sure to result in negativity in the media and civilians alike. It's a no brainer not to sell in this market if you don't have to; but if you do your main focus should be condition, exposure and price. All three determine market time. However; expect to price about 3% lower than the competition if you want to be first choice on todays buyers list. Buyers main concern now is preceived value, so if you're overpriced they won't see the value in the home and will move on to the next one.
At this point; I would advise the investor in this situation to consider lease/purchase since occupants tend to take better care of a home they think they will own someday. He complained about the last tenant not maintaining the condo as well as he expected so this may be a better option. He doesn't want to outright sell because he will probaly have to sell for less than what is owed on the condo.
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