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Updated about 10 years ago on . Most recent reply
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New construction deal seeking advice
I got involved with a new construction deal. The overages have been far beyond anything I expected. Also, my partner’s spending on materials has been very high. He’s built a very high end luxury property in a neighborhood that is hard to justify the price we have it listed for. It’s an amazing property that would sell very quickly at our current or even a higher price if it were even a few blocks down the street, but I don’t see any local buyers buying it.
We’ve done price drops but nothing is attracting buyers. I think we need to attract foreign buyers or someone looking at luxury property in other towns who would see this as a value. We’ve been through multiple brokers and no bites yet.
Does anyone have any advice on what things I can do on my end to try and attract a buyer? I'm tired of sitting and waiting for the broker to produce results and want to take things into my own hands. I’m not sure if another price drop or a different broker is going to help or not, I think we’re just not getting the right eyes on the property. The broker is willing to give a higher split to a co-broker. Is there anything I can do to market this to other brokers with the higher split mention, specially ones that specialize in luxury properties? And if so, how do I find the right ones?
Since it is a challenging property to sell because of the location, I’m looking for any ideas at all on how I can move this property faster without just sitting and waiting for my broker to sell it. Any suggestions would be appreciated.
Thanks!