Hello, I am going to be listing my own property. I am new to the business, I am in south florida. I checked the cs & some of the active & figured a price for my home. I based the info on my lot being 11,790sq ft w/an oversized drive way (which no one has) on a culdesac & marble floors throughout the house it is 2334 adj.sq ft. None of the homes sold or listed have such large lots, some have a lake but my lot is larger. The home is currently tenant occupied & I gave them a month to let me know, they already told me they did the numbers & they can't do it. I want to polish the floors & I asked them to let me know of a convenient date for them & they seem to be prolonging it. They asked me to delay the date when I want to list until Sept. I said I was unable to, their contract is up in Feb. but they have a clause in there that if they need to move they need to give me 2 months advance notice in case he was going to be relocated. I guess they are shocked that I am selling. They said they are working w/another realtor & I spoke to a realtor that rented my house to the first tenants a couple of years ago & she said that the current tenants called her to see one of her listings & said my price was outrageous! Then the realtor told me I think they are right. I can't believe she actually told me that when she has sold smaller homes & has gotten that price. I think she got excited to hear my voice & thought she was going to get a my listing (she did not know I was licensed). I got very upset to hear her say that. All she says oh & it's not even on the lake. Oh well, I should not have told her anything at all. Is this normal for realtors to do? Another realtor that I spoke with was very nice, but she is w/my same company just another area. Well I hope my tenants work w/me, the house does not look as nice as I had it when I lived it so it's going to be tough to do good pictures but I will have to manage. Any suggestions in working w/tenant occupied homes?
Thanks.

Hey, You are overpriced! I can tell by the way you try to rationalize it. You are not on the lake and the house is a dump and I bet it will be hard to show.
Hold a broker open house and invite your colleagues to give their honest opinion of where it should be priced.
Sometimes reality is hard to take.

The house is a dump? Why even say that; it negates your whole point.

Anyway, yes... I have seen some agents inflate or deflate prices based on their objective. All that matters is what will a buyer pay for your house in this market? Will a buyer be sold on your rationale? Will a buyer need to be sold? Are buyers hard to come by in your market? Will buyers pass on your house no matter what the justification if it is priced too high, or do you have a sought-after commodity to offer?
--A

Offer the tenant a free month to reside there and than have them move out so you can fix the house up properly.Lake lots always are worth more than garden views which is what you have. Normally, a lake view in South Florida can be worth anywhere from $15,000-$50,000 depending on the area.
What was the lasted close sale that matches yours? Also, when was it sold?
Remember, the prices have dropped in SFlA. So i suggest strongly you don`t over price the home.
Good Luck.

My house is definitely not a dump! Like I said my lot is 11790 1/4 acre, the cs w/a bit more living sq footage 2330 vs 2700 is $539k on a lake lot size 8912 $499 for a 2400 sq ft lot size 5300 w/pool no lake. I priced mine at $510k, the actives are smaller than mine w/lot size being 5300 at $499 so I think I priced mine at the right target. The sales have occured between 2/06-5/06. I am just taking everything into consideration, the lot size, the floors, the oversized driveway, & the oversized lot. I think I am right on the money compared to the others. I guess the thing is being confident & knowing the market. Thanks for your input.

I can barely make heads or tails of your description... but here it goes.

Your Home...
230O SF
Lot Size 11790
Asking 510K

Comparable1
2700 SF
Lot Size 8912 (Lake Front)
Sold for 539K

Comparable1
2400 SF
Lot Size 5300 (Pool)
Sold for 499K

I hate to share the bad news... but unless you can split your lot into two without tearing down your current home there is little actual utility to having a larger lot.

But let's say the larger lot is a wash with a pool or a lakeview, ignoring the fact the pool and lakeview add a great deal to the value of property, and look strictly at square footage.

The home on the lake fetched $199/SF and the home with a pool brought $207/SF... How on earth is your home going to justify $222/SF in a softening market?

Looking at the comps... the home will probably sell for between $445-$475K.

You're overpriced.

Z,
I have my own listing in the Isles as well. (MLS#H795831). There are approx. 19 Active listings ranging from $389,000-$825,000 in your neighborhood. Looking at the listings on the MLS based on your description of the home I will offer my opinion. Regardless of the lot size, I believe that you should adjust your price down by $10,000 in order to attract attention. The prices are all over the place in this area.In the last 180 days there have been 12 closed sales. I suggest that you take a look at the closed sales and review how you determined your List Price. I hope this helps..

Don't even LOOK at lake front comps. Your house is NOT a lakefront and cannot compare with a lakefront. Lake frontage is a HUGE asset. Floors and a larger lot? Not even CLOSE to being compensating factors.

Look strictly at NON-LAKEFRONT CLOSED SALES. That's where your value will lie.

Ok, thanks for all your input I really appreciate it. I will bring it down a bit, is there a problem bringing down the price after I asked the tenants for $510?

Disregard my previous post. I will speak to them again & see what happens. Thanks a bunch.