Downtown condo sitting with over 100 Days on market

[Regina Smith]

Hey there! 

I’m an agent and I have a listing for a 2/bed, 1/bath first floor condo with street access in downtown Cincinnati. it’s been on the market over 100 days and priced at the average of 300k. All the agents that show it can’t figure out why it’s not selling at this price. It’s updated, staged and clean. The top objection is  that HoA won’t allow short term rentals.

We have talked to them and they are unwilling to do anything less than 1 year lease.

The seller isn’t willing to go down in price.  I don’t think he should. I think this could easily rent for 2000/m. 

Any ideas or help would be appreciated! 

[Scott Wolf]

@Regina Smith, unfortunately, if it has not sold at that price, that is the issue.  A listing is an obligation, and if you can't move it, pricing is usually a key factor.  Typically in NYC, lower floors had lower pricing, so make sure it is in line with the market, including its location on the first floor.