Saturday, February 05, 2005

Together or Separate?

More of the same going on. Moving. Getting ready to sell Condo.

But, we informed others in our condo building that we would be moving, and our next door neighbors made us an offer already. Should we refuse?

We have the luxury of being the first people to move that own a garage space in the condo building. Naturally, others that have moved in are jealous of us. And now our neighbors have offered to buy just our garage space from us at a premium price. They are confident that I could better determine this price than them since I develop education for real estate appraisers all day.

With our broker's help, we found that garages are going from between 12k to 23k in Oak Park, probably due to the this town's notorious evil enforcement of its parking laws. Anyway, we originally planned to list the condo and garage for $240k. Our broker thinks without the garage, we would have to list it at $230k and it would likely take longer to sell. [Of course, all the units that have sold in our building before don't have a garage, and all went under contract within 1 week]

The question is, should we risk a lower selling price and longer market time for in order to make more money by separating the two properties? We haven't decided what to do exactly, so if anyone has thoughts, please share! :)


Anonymous said...

I think it depends on which is more important - the funds or the timing? Do you need to get out now - will an extra month of mortgage be worth the possible extra 5,000 dollars? It's an interesting question - sorry I don't have the answer!

Ellyn B.

jay said...

If we wait an extra month, it would definitely be worth it! Another related issue is that in Oak Park, parking is a definite problem. Not having the garage could be a negative from a buyer's perspective.

But one other possibility comes to mind. We could offer the garage separately to our neighbor, on one condition: our condo sells without listing the garage within 30 days. If it does, then our neighbors can purchase the garage separately. If not, we relist the properties together.

Hmmm. Decisions, decisions. more thinking required.

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