Hello, I have this 63 unit apartment for sale in Thunder Bay. I`m trying to sell it but I`m a bit uncertain as to how to determine what the best selling price would be. I tried selling it for about 40k per door. I didn`t get any offers. Since then I`ve dropped the price considerably to just 35k per door. But the offers that I`m getting end up then coming in way too low. Not sure what to do because for Ontario 35k per door is already way too cheap. I`m just debating if I should maybe bump it back up to 40k and just wait it things out, even if it takes longer to sell. Or if I should just continue trying to sell it for cheap. My goal is to get out but I don`t want to let it go for peanuts either. Trying to figure out what kind of pricing strategy would work best. Thanks.
Trying to determine the best price to list an apt building I have
- Thread starter rainman11
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QUOTE (rainman11 @ Jul 23 2009, 02:50 PM) Hello, I have this 63 unit apartment for sale in Thunder Bay. I`m trying to sell it but I`m a bit uncertain as to how to determine what the best selling price would be. I tried selling it for about 40k per door. I didn`t get any offers. Since then I`ve dropped the price considerably to just 35k per door. But the offers that I`m getting end up then coming in way too low. Not sure what to do because for Ontario 35k per door is already way too cheap. I`m just debating if I should maybe bump it back up to 40k and just wait it things out, even if it takes longer to sell. Or if I should just continue trying to sell it for cheap. My goal is to get out but I don`t want to let it go for peanuts either. Trying to figure out what kind of pricing strategy would work best. Thanks.
What does 35-40k a door get you? Is there large amount of deferred maintenance? Is there room for growth within the building? What is the actual vacancy rate? What is the cap rate?
The bottom line is, it is only worth what someone else is willing to pay...
Why do you want to sell it? Cash? Bad building? Want out of RE? Want to move your money elsewhere?
How long has it been on the market?
What does 35-40k a door get you? Is there large amount of deferred maintenance? Is there room for growth within the building? What is the actual vacancy rate? What is the cap rate?
The bottom line is, it is only worth what someone else is willing to pay...
Why do you want to sell it? Cash? Bad building? Want out of RE? Want to move your money elsewhere?
How long has it been on the market?
- Joined
- Aug 30, 2007
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- 13,881
QUOTE (rainman11 @ Jul 23 2009, 12:50 PM) Hello, I have this 63 unit apartment for sale in Thunder Bay. I`m trying to sell it but I`m a bit uncertain as to how to determine what the best selling price would be. I tried selling it for about 40k per door. I didn`t get any offers. Since then I`ve dropped the price considerably to just 35k per door. But the offers that I`m getting end up then coming in way too low. Not sure what to do because for Ontario 35k per door is already way too cheap. I`m just debating if I should maybe bump it back up to 40k and just wait it things out, even if it takes longer to sell. Or if I should just continue trying to sell it for cheap. My goal is to get out but I don`t want to let it go for peanuts either. Trying to figure out what kind of pricing strategy would work best. Thanks.
Feel free to send me details on town (in-migration, industry mix, size, unemployment rate) and asset (such as: rent roll, vacancies, age, pictures, suite mix, op. costs for 2-3 ..) .. and I`ll tell you why ..
We bought a 93 suiter in Sudbury for low 40`s a year ago .. which was a decent purchase .. so I`d guess that a similar asset in ThunderBay would be slightly lower .. but this is just a hunch as I do know little about ThunderBay
Feel free to send me details on town (in-migration, industry mix, size, unemployment rate) and asset (such as: rent roll, vacancies, age, pictures, suite mix, op. costs for 2-3 ..) .. and I`ll tell you why ..
We bought a 93 suiter in Sudbury for low 40`s a year ago .. which was a decent purchase .. so I`d guess that a similar asset in ThunderBay would be slightly lower .. but this is just a hunch as I do know little about ThunderBay
Why are you trying to sell? Do you have to or do you want to?
Mac Graham
General Manager
Top-Notch Properties
Kitchener ON
519-721-7254
QUOTE (rainman11 @ Jul 23 2009, 12:50 PM) Hello, I have this 63 unit apartment for sale in Thunder Bay. I`m trying to sell it but I`m a bit uncertain as to how to determine what the best selling price would be. I tried selling it for about 40k per door. I didn`t get any offers. Since then I`ve dropped the price considerably to just 35k per door. But the offers that I`m getting end up then coming in way too low. Not sure what to do because for Ontario 35k per door is already way too cheap. I`m just debating if I should maybe bump it back up to 40k and just wait it things out, even if it takes longer to sell. Or if I should just continue trying to sell it for cheap. My goal is to get out but I don`t want to let it go for peanuts either. Trying to figure out what kind of pricing strategy would work best. Thanks.
Mac Graham
General Manager
Top-Notch Properties
Kitchener ON
519-721-7254
QUOTE (rainman11 @ Jul 23 2009, 12:50 PM) Hello, I have this 63 unit apartment for sale in Thunder Bay. I`m trying to sell it but I`m a bit uncertain as to how to determine what the best selling price would be. I tried selling it for about 40k per door. I didn`t get any offers. Since then I`ve dropped the price considerably to just 35k per door. But the offers that I`m getting end up then coming in way too low. Not sure what to do because for Ontario 35k per door is already way too cheap. I`m just debating if I should maybe bump it back up to 40k and just wait it things out, even if it takes longer to sell. Or if I should just continue trying to sell it for cheap. My goal is to get out but I don`t want to let it go for peanuts either. Trying to figure out what kind of pricing strategy would work best. Thanks.