Real Estate Agent with eXp Realty

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.

Dan Bennett
John L. Scott - Gig Harbor, WA
Adell- I agree about your statement that condition, expsosure and price determine market time. I am finding if my sellers are not the absolute best value in any price point, they will sit. So I tell them this upfront and advise them that now is not the time to test the market or not be motivated about selling.
Apr 22, 2008 11:00 AM
Linda Lipscomb
Linda Lipscomb RE/MAX Lexington Henderson County TN - Lexington, TN
731-695-1118, Lexington TN Homes


Good post.

Now is the right time to sell for the motivated!!!!!


Apr 22, 2008 11:30 AM
Jeffery Griffin
Jeff Griffin LLC - Wailuku, HI
Broker Owner
excellent information well put lease option to own.
Apr 22, 2008 11:32 AM

Thanks for the feedback guys. I'm really hoping to get this baby as much exposure as possible and get it on the market. I still can't believe he waited so long to seek professional help! A year is long time to have an investment property vacant. Now he's to the point where he says he will even accept half of the going rental rate in the area which is $3,000/mth. Hopefully, we can get a long term lease. At lease until the market corrects itself.

Apr 22, 2008 02:12 PM
Kirk Westervelt
Van West Realty - Greenville, SC Realtor -Short Sale Expert! - Greenville, SC
Kirk Westervelt, Broker In Charge, Van West Realty - CDPE - Short Sale Agent - Home for Sale - Greenville, Simpsonvil...

Hey Adell,

I hope Atlanta turns around for you soon.

Welcome to Active Rain!


Apr 22, 2008 02:30 PM
Adell Forbes (REALTOR®)
eXp Realty - Atlanta, GA
"Knowledge & Experience Working for You"

Hello Kirk- Thank you. I guess considering what's going on in California, Nevada, and Florida to name a few Georgia isn't doing so bad. At least it's spring and things always pick up during this time.

Apr 22, 2008 02:46 PM
Keith Elliott Jr
KEIRE Realty Group - Manassas, VA
Principal Broker/Owner

Hello Adell,

Welcome to Active Rain and congrats on your first post! The opportunities to learn and network are incredible here. Best of luck to ya!


Apr 22, 2008 05:15 PM
Dorene Shirley
The Mortgage & Property Connection - Campbell, CA
Silicon Valley Real Estate

Adell - Welcome to the Rain, make sure that you browse the site and become familiar with everything this site has to offer.  The more you browse the more you will learn.  I have found this site to be really helpful to me.  If you have any questions, please don't hesitate to email me, I will do whatever I can to help.

Apr 23, 2008 12:14 AM
KEITH- Gracias! and Good Morning by the way. The site seems pretty easy to use. I'm about to head out the door and get my day started (IT'S ALREADY 8:12AM) I will check in later and continue to browse the site to see how everything works. Thanks again!
Apr 23, 2008 12:16 AM
Hello Dorene, and thank you. I must say I really do feel welcomed on here. I need to see how to add associations and what the correct etiquette is with doing that. I'm thinking I need permission from the person first, but I will look into that later this evening. GOTTA GO! Coffee is calling me! Haven't had a cup all week..............I was up to 3 cups a day and decided it was probaly too much so I stopped COLD TURKEY! Anyway, toodles everyone.
Apr 23, 2008 12:21 AM