Sellers: Swollow Your Pride!

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Like many areas in the country, the Palm Beach County real estate market is not what it used to be. Still, many desperate sellers still refuse to lower their price or tell buyers "I need out! Buy my house NOW!!!" Of course, it goes against conventional wisdom to let buyers in on the desperation of a seller, but I'm beginning to question that logic.

Case in point: In the early part of the decade during the boom, many developers in our area rushed to put up condominium buildings. Unfortunately, some of the developers jumped on the bandwagon much too late, and are left sitting on empty luxury buildings, unable to move the units. The Edge in West Palm Beach and The Landmark at the Gardens in Palm Beach Gardens are two such buildings. Recently,

The position of The Landmark reminds me of many sellers. They do not want buyers to think they are desperate, and they do not want to admit their home is worth much less than it was in 2004. Maybe if sellers learn to be more like The Edge, if they are honest with buyers about their motives, and even more honest still with themselves about the true value of their home, they will get a buyer faster than the neighbor who can't swallow his pride.

each held an auction. The Edge dramatically cut prices (over 60% cuts for starting bids) and made clear that the developer was cutting his losses, and the units had to go no matter what. Meanwhile, The Landmark made more moderate price cuts (around 40% for starting bids) and touted the auction as more of an "open house" event, not a desperation sale. The Edge ended up selling out, while The Landmark did not sell one single unit.

Date: Friday, December, 19th 2008 @ 08:15:47 AM
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