No condos have sold in the last three months on St Pete Beach between $600,000 and $700,000.
That statement is what made the difference with the sellers. This weekend we were negotiating an offer on a condo I have listed on St Pete Beach, Florida in the upper 600s. It's a new condo and was already listed below the appraisal done less than two months ago. The offer came in $75,000 less than list price.
The first response is emotional. No way! Didn't you tell them it's already below current appraisal? Yes, I did. Do you want to buy it for this price? That's what you're doing if you don't negotiate. Buyers are scarce, and monthly payments for a vacant condo continue. Here's a buyer - do you want him, or should he buy one of the hundred of other condos available?
The sellers accepted a price about 95% of list price. My investor sellers were lucky - they made money over what they paid for the unit, at a pre-construction price 2-1/2 years ago. Many similar purchasers are deciding how much of a loss they're willing to take to stop the outflow on money every month.
