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FSBO in a private gated community - anybody?
Old 05-14-2008, 04:27 PM   #1
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FSBO in a private gated community - anybody?

I have inherited a condo that is located in a gated community where there is no access without resident approval. This pretty much eliminates any opportunity for "drive by" viewers, open houses, etc.

I have read Nords FSBO advice and found it helpful...in fact, I have FSBO'd all of my previous 3 personal residences and have sold them quickly without ANY problems at all....so I'm not unfamiliar with all that it takes....I'm use to the curb appeal approach and believe in it wholeheartedly, but am at a loss as to how to market this condo

NO place to put a sign....not even a community bulletin board to post a flyer....regulations prohibit leaving flyers at each owner's door....

Help!!.....I'm ready to sell it.....Craigslist will be a start.....but I'm really looking for someone who might have sold one under similar circumstances....ideas to promote the sale, etc....anyone?....Bueller, Bueller??
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Old 05-14-2008, 04:41 PM   #2
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You should ask your association what allowances they make for sellers. Your buyer would be interested in this info also. Depending on the size and desirability of the project it might be worth a mass mailing to all owners/occupants for potential buyers.

With gasoline prices and modern time constraints I believe most people prescreen using pictures on the internet. I would put a little effort into getting good pictures and posting them on Craigslist.. Why couldn't you hold an open house? I can see them not allowing outside signs but they should not be able to stop you from advertising and letting people in.

In my experience, most buyers are familiar with condo developments and will look only in the projects they find desirable so I think the "drive by" need is diminished.
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Old 05-14-2008, 06:33 PM   #3
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honobob, how do people get the sense of whether they'd want to live in this gated community versus that one, seeing as they can't drive by? Do they usually change hands through people who are friends of the existing owners? Or do they just go by some stats on a page?

I always remembered RE advice saying to visit the property at different times of day/night, workdays, weekends, etc., to get a better feel of the surroundings.
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Old 05-14-2008, 07:22 PM   #4
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Honobob, the association makes no special "allowances" for sellers as I would be able to admit most anyone to view the condo. My problem is that any "visitor" must contact the resident thru the security guard posted at the entrance. They call to confirm the visitor and the resident must then meet them to let them in....

Problem is that I do not have a phone installed there...guess I could talk to the guards and use my cell?

I like the idea of the mailing as this community is very small - only two buildings, each with 17 +/- floors (this is the ONLY high rise condo in this city).

Craigslist will be my initial ad but I was hoping that someone might have had experience with a FSBO site....maybe with the additonal cost of adding the property to MLS??

Ladelfina......it seems to me that prior to the current real estate environment, most of the condos WERE sold to friends of other residents, but I'm not so sure about that now.

I actually met with a real estate agent today and was surprised to find that there were currently 20 units available for sale in the community which is quite a change from July 2006 when my Mom bought it and it was the ONLY unit available!!

....and to answer you other concern - there is NO opportunity for anyone not familiar with the community to view it without an agent or resident accompanying them.....quite a shame as I'm sure that many would be impressed with the pool, tennis courts, exercise room and the view of the water and the marina seen from most units!!

Anyone had any experience selling a condo in a secure environment?
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Old 05-14-2008, 09:15 PM   #5
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No experience.

Are there brokers/agents that could buy the property and manage/sell it? The cost might be worth the hassle.
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Old 05-14-2008, 09:25 PM   #6
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Quote:
Originally Posted by VaCollector View Post
Anyone had any experience selling a condo in a secure environment?
Well, at least you're dealing with a human instead of a gate code. And you might even be able to work with someone on the homeowner's board. They want the place to be occupied to keep their resale values up, so they have a stake in this too. Many CC&Rs allow small "For Sale" signs and again something might be worked out with the board. You can't be the first & only seller!

When we did this 20 years ago we buzzed people in over the phone, and you may be able to work a similar system with the board and the guard.

Another option would be to advertise the heck out of the place on Craigslist and whoever will add you to MLS. When realtors contact you to "bring you a full-price cash buyer right away" you could ask them what they've bought/sold in your community and how they handled the access issue. I bet they're skilled at working their way through the gate.
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Old 05-14-2008, 09:26 PM   #7
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Craigslist will be my initial ad but I was hoping that someone might have had experience with a FSBO site....maybe with the additonal cost of adding the property to MLS??
I like Craigslist for rentals but I don't see how it would work for Sales. Very hard to search and most people are going to be at Realtor.com or an individual Realtors website. I haven't seen any other FSBO sites that look any better.

Now why do you think your unit is going to sell before the other 20 on the market? Do you have the best floorplan or best location in the building? If not the only thing you've got going is the ability to sell for 6% less minus your time and trouble but you are at a disadvantage to the full service brokers because you can't advertise onsite. All 20 realtors will be aware of your unit and may try to convince you to give them 3% for a buyer but more likely in this market they won't inform their buyers or if their buyers ask they can tell them it's a probate situation, lots of hassle, etc.

If I thought the unit was unique or was willing to drop the 6% off at the get go I'd have a open house inviting all the owners/tenants to an open house (bring a friend) but also advertise an open house to the public either earlier or later being specific to RSVP so they can be "on the list" to enter their future exclusive home. Have some extra people around to take groups (hopefully) on the tour of the facilities while you greet your guests in the unit. I'm sure they do lists for parties. I know when I attended an event at an exclusive development in Vegas , Spanish Trails, the guard let us in by naming the resident and the event. A tip would be a nice gesture here. I would probably keep the public away from the residents as they are paying not to have a bunch of strangers around.

Since it's the only high rise I'm sure the general public took a peek when it was new so I'm sure there's a reputation.

With 20 units on the market I'd have to consider renting at least short term unless you think your unit is the one.
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