I just spoke to a builder who is selling a $890,000 property in an area that averages $550k. It is a massive mansion so it’s worth the money, but my problem is how to advertise such an expensive building in an area that has a lot less average pricing?
Also, the rent is very high, $4000 per month.
I am asking help on how to market this, not analyzing the deal. Any input would be appreciated!!
Ask the builder what he was thinking when he decided to build it. It may actually give you a clue of some kind to use. My experience is he is going to have to take a hit or keep it and take a monthly hit. I have been watching a similar case in my area for over two years now, and the builder wants to sell it as new so won’t rent it for whatever he can.
I saw him out front one day and asked him have you dropped the price yet? It is listed, and he said you sound like my Realtor, and I said if I was your Realtor the sound you would hear from me is thank you for letting me keep a sign in front of your place, I may pick up a buyer or two for some other property from it, plus it is not new, it is now three years old, just never been occupied but the roof is now three years old, etc. etc.
Maybe he will get lucky and some squatter will accidentally burn the place down and he can build a new home more in line with the area.
That’s pretty expensive! Is the place in a well developed area? Is it worth living for and worth the monthly rental?
I went to see the place, the project is pretty much done, but inside still need some finishing. It’s going to take at least 2 months for the place to be ready for retail sale.
The area is good, i mean, average home price of 550k neighborhood, of course it’s good. But it’s not packed with millionaires.
I actually found a few people interested just by placing ads online, but there are complications now with the deal and the owner is giving me headaches. Let’s just say he thinks he is a big shot and he wants to dictate what happens.
As you said that the project is pretty much done so I think you should do the needful. If you want to advertise then you should contact with nearly advertising company, they can suggested you the better advice.
Good Luck 
I can afford a $500 apartment. So, I live in an area where there are several $500-700 apartments. There are some areas where there are $300 apartments. You can find some $500 apartments in those poorer areas but since I can afford $500 why would I choose to live there? I live on the more expensive side.
The builder obviously wasn’t thinking of that when he built the home. Many people who can afford $890k might not want to live by a bunch of bums who can only afford $550k. If you do find one, however, what happens if they move out or default? Are you going to come to an agreement with the buyer saying you don’t have to make those ridiculous month payments to him?
Let's just say he thinks he is a big shot and he wants to dictate what happens.
Time to move on…next!