Cant sell a 2 bed Apartment in Dublin 8 (near Usher's Island/Guinness's)

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tobar123

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Myself and my wife have lived in a 2 bed Apartment in Dublin 8 (near Usher's Island/Guinness's), and have moved out into a house in the suburbs, with the intention of selling the Apartment.

We have reduced the price from €340k to now €298k, which we thought would certainly get it moving, but still no phonecall.

Can anybody give us any advise as to what we could do to sell on our previous home?

Thanks.
 
I'd say that you would need to take a minimum of a third off the original asking price to get people interested and may have to drop further to secure a sale. The market is in freefall at present.
 
you need to drop the price by at least another 60k just to stimulate some viewings, then hopefully you will get a couple of people who may go head to head. The market is what someone will pay not percentage drops talked on websites or TV. Alot of people are mssing this point. It works different on the way down than the way up.
 
mercman said:
I'd say that you would need to take a minimum of a third off the original asking price
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... or if that's not low enough, then 10-15% below the lowest adverstised price in a similar or competing area.

One question that has always puzzled me is why do home-sellers generally price at the high end? Surely it makes sense to advertise below your expected (or probable) rate in order to get some footfall through your door that you can then negotiate with.

Don't worry - you don't have to stick to your advertised price!!

aristotle25 said:
Why 60k? Why not 160 or just 10?
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I'd say as low as possible, but not too low - not ridiculously low which would stimulate either too many viewings from the wrong target market or so low that you would lose credibility in the negotiation process. It's hard to know if 60/70/80k or 10/20/30% is correct. Trial and error and careful analysis might work.
 
Bob_tg said:
I'd say as low as possible, but not too low - not ridiculously low which would stimulate either too many viewings from the wrong target market or so low that you would lose credibility in the negotiation process. It's hard to know if 60/70/80k or 10/20/30% is correct. Trial and error and careful analysis might work.
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Why do you say wrong target market surely they dont care who they sell it to?? If they were renting you'd have a point. I reckon its probably a lot harder to sell an apartment these days so you'd definitely need to knock a big chunk off 298K. Thats a lot for a 2 bed in my opinion...anywhere. Sellers in general are unrealistic I think in what they're looking for especially with the state of the economy these days people (buyers) mightnt want to overstretch themselves the way they have in the last few years??
 
Reduce your asking price by €20k a month until you get some interest.

When your asking price is low enough to attract some interest from the market, then you know you are in the ballpark. You are attempting to sell into a market that is both oversupplied and overpriced, those are the reasons why prices are declining. They will continue to decline until those large imbalances are rectified, a process which will take several (more) years imo. The Irish property market is falling all the time (has been for the last 20 months in a row according to the available information) so the sooner you drop your asking price to where the market is at - the less money you will lose by failing to sell in a market that is rather predictably crashing, after a decade of supernormal gains.

You can chase the market all the way to the bottom if you like by continually reducing your asking price to a point which is always above the market. You need to get below the market to make a sale.
 
queenlex said:
Why do you say wrong target market
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I mean that there is a target market of people who want to buy in lower price segments, e.g. €150k-€174k; €175k-€199k, etc.

If your target price (price you will settle at) is around €260k, and you advertise the price at €160k, then you could have too many viewers in the €150k-€174k bracket. You have to price low enough to generate interest, but not too low so that you can't negotiate up to your target price.

queenlex said:
surely they dont care who they sell it to??
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I am merely suggesting negotiating tactics to acheive a desirable financial outcome - I was not making a social statement.

Here's some further discussion on "target market" from Wikipedia:

Defining a target market requires market segmentation, the process of pulling apart the entire market as a whole and separating it into manageable, disparate units based on demographics.
The market segmentation process includes: 1. Determining the characteristics of segments in the target market. Then separating these segments in the market based on these characteristics. 2. Checking to see whether any of this market segments are large enough to support the organization's product. If not, the organization must return to step one (or review its product to see if it's viable). 3. Once a target market is chosen, the organization can develop its marketing strategy to target this market.
Defining a target market requires market segmentation, the process of pulling apart the entire market as a whole and separating it into manageable, disparate units based on demographics.
The market segmentation process includes: 1. Determining the characteristics of segments in the target market. Then separating these segments in the market based on these characteristics. 2. Checking to see whether any of this market segments are large enough to support the organization's product. If not, the organization must return to step one (or review its product to see if it's viable). 3. Once a target market is chosen, the organization can develop its marketing strategy to target this market.
 
Bob_tg said:
can't negotiate up to your target price.
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I think you need a reality check, negotiate up?? what market are you looking at?

Once you drop the price you will never get more than that, nobody will even pay asking, so expect offers of -10% if your price is some way realistic and -25% if the price is unrealistic.
If the OP has had no offers i'd say their price is in another bracket altogether, madness. Drop your price till it gets offers.
But unlike someones advice above, dont drop your price by a set amount every month, anyone who is looking will pay close attension to the market and see this pattern. Why would they put an offer in this month is next month will be -10/20/30k.
I cant advice a price as i dont know the area.
 
A quick look on daft.ie shows that 2-bed apartments on Ussher's Island are going for €230,000:

http://www.daft.ie/1422084

Therefore, you will have to price accordingly. I'm familiar with the area and it is not very salubrious.

 
Do you need to sell this apartment? Can you not rent the apartment out while you're trying to sell it? Would rent even cover the mortgage?

This is perhaps the worst time to be selling a property in 20 years. Mortgage drawdowns are at 1987 levels. It does not look like we're going to see a rapid turnaround this year.

If it's not already rented out, I would put it up for letting.
 
Senna said:
I think you need a reality check, negotiate up?? what market are you looking at?

Once you drop the price you will never get more than that, nobody will even pay asking, so expect offers of -10% if your price is some way realistic and -25% if the price is unrealistic.
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If the target is realistic, then the advertised price should be at a point low enough to generate interest. Per the other post, if the lowest price in the area is €230k, let's set a target of, say, €200k (now, we have already dropped our price). Then advertise for €180k, generate some interest at that level and then you may have a few buyers interested - and you may be able to generate a bit of competition among them. If you advertise at the high end, then you risk no viewers - the very problem that the OP is having. Even in a declining market, you can still always negoatiate. The trick is to set a realistic target and a very low advertised price in the first place. I'm not sure the OP's target nor advertised prices are realistic.
 
I think you have missed the boat in trying to sell your apartment at this stage. Last Summer I put in an offer for 300K (they looking for 339K) for an apartment in Traders W. Ushers Island for 2 bed apartment (with parking space) overlooking liffey for my son and it was turned down now I'm so glad as the only reason I was buying there it was the cheapest area near town but now I'm so glad I didn't get it soon I'll be able to afford nicer place in nicer area for same price I think anyone would be foolish to buy until at least the end of this year until we see what way the housing market is going (wont be going up for some time yet). The seller of apartment came back to me in the mean time and asked if I was interested neeedless to say I said 'no thank you'.
 
generate some interest at that level and then you may have a few buyers interested - and you may be able to generate a bit of competition among them.
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Maybe before 2006 that would have worked. These days there are tens of thousands of other empty apartments to choose from. If I was a buyer, I would even return the call to this proposition.
 
I know the area pretty well, and there's no way I'd pay 300k for a two bed apartment there.

I'd consider 200k.
 
aristotle25 said:
That one doesnt have a car space. Other 2 beds in the area are priced at 300+
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I hope you're never in a position to give advice to anyone looking to sell then.

The ONLY way you will stand any chance of even getting viewings on an apartment like this is to look on DAFT and myhome. Find the CHEAPEST property of similar size and number of rooms, and find the BEST property of the similar size and number of rooms.

Now, make your property better than the best by redecorating, clearing out, and getting a professional property photographer in. Then, set your asking price 10% cheaper than the cheapest, no matter how many car parking spaces your has compared to the other, or what floor yours is on compared to the other etc.

Yours needs to be the cheapest, and the best.
 
23rdbuchan said:
I hope you're never in a position to give advice to anyone looking to sell then.

The ONLY way you will stand any chance of even getting viewings on an apartment like this is to look on DAFT and myhome. Find the CHEAPEST property of similar size and number of rooms, and find the BEST property of the similar size and number of rooms.

Now, make your property better than the best by redecorating, clearing out, and getting a professional property photographer in. Then, set your asking price 10% cheaper than the cheapest, no matter how many car parking spaces your has compared to the other, or what floor yours is on compared to the other etc.

Yours needs to be the cheapest, and the best.
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If you are advising someone that a car space has no value then you are wrong.
 
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