Category Archives: The Pearl

Buyer Tips: Buying a Short Sale

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Buying short sales is a different experience than buying in a non-distressed situation. Buyer expectations need to be modified accordingly. Sellers are not going to spend any money making the property attractive to buyers nor will they do repairs. Why? Because they have no incentive to do so. They are losing money no matter what, and any money they spend increasing the attractiveness of the house just adds to their losses.

So, as a buyer, if you want to avail yourself of the bargain price that short sales can offer, be ready to take the imperfections as part of the package. If you aren’t ready to do that, stick with voluntary sales, albeit at higher prices.

Condos in The Pearl

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The Pearl has 74 condos for sale at this moment. The range is from a $140,000 short sale, which is a 432 square foot unit, to a fabulous 2,600 sq. ft., 3 bedroom home with a view, and what a view! This jewel is on the market at $1,395,000.

The averages — remember to use averages with a great deal of caution — are an average size of nearly 1,400 sq.ft., an average price of some $565,000 and an average price per square foot of $406.

As usual, homes with better views command higher prices. Parking is hard to come by in or near the city center, including The Pearl, so you should be willing to pay more for a unit with a deeded parking spot, preferably in an underground or adjacent parking structure. Buildings with a concierge service don’t necessarily command a higher price than electronic passkey buildings, but they do add a bit to the HOAs. A good concierge service is very nice. You won’t care whether you have it until you need it, but when you need it…

During the past six months, 104 condos have sold which implies there is currently slightly more than a four month supply, a reasonably tight market. Properly priced units have taken about 3½ months to sell, so if you find a unit that is properly priced and you love it, keep price dickering to a minimum, lest another buyer take “your” condo.