Hi I am an investor in Myrtle SC area. I have gotten caught in this blood bath of a real estate market. I have one luxury home in which I have not been able to sell or even get a buyer. I also have two luxury condos brand new, never lived in and can’t find a buyer. With the condos the competiion is fearce. Because of the soft market everyone is in panic selling mode so I am 2 condos for sale out of 103 active listings in that complex. The propblem is mine are high end 3 bed 2 bath cornor luxury suite condos that each come with a private one car garage. My competition are non luxury suites and are priced $50 to $60K below mine. The ones for sale like mine which are few are all priced in the same price range. Now I have tryed to advertise owner financing with all the usual language to the add. I have advertised for lease purchase option in which I would credit back 100% payments on purchase. I have tried a 5 day best bidder sale through www.5daysale.com. I have done these advertisings in 2 different local papers. I have even taken more expensive eye catching adds. Used a realtor, open houses, listed it on www.craigslist.org. I have done these advertisings in 2 different local papers. I have even taken more expensive eye catching adds. Used a realtor, open houses, listed them on many different for sale by owner websites. The luxury house same marketing as the condos. All without any leads or buyers. The luxury house I have just got it appraised and it came in at $485,000 I am selling it for $399,500. Again nothing. I need some creative ideas in which I may not have done to help get these sold and off my books.
May I suggest reading Frank McKinney’s latest book “The Maverick Approach to Real Estate Success”. Frank sells $100+ MILLION dollar spec homes in FL and is currently doing a $135 MILLION dollar spec home. His book is excellent and he describes what he does to sell his spec homes in less than 120 days on average out of a pool of only 50,000 ultra wealthy people in the entire world. It s a fascinating read A-Z on his marketing ideas, how he does it, why he does what he does when others might question his marketing savvy, all spelled out. There has to be some nuggets of gold in his book that might not have occured to you in your marketing efforts that you might be able to apply.
Anytime someone like him with no college and a 1.8 GPA can go from $50,000 junker properties to $135M spec houses in 20 years, I want to learn as much as I can from him. If he can sell a $135M luxury estate regardless of the market in FL with no actual buyer, so can you in Myrtle Beach with your luxury condo’s.
You can get Franks book on Amazon for around $12 & it’s certinately worth a try if you’re out of creative options to unload your albatrosses in Myrtle Beach.
Otherwise, maybe you can rent them out to tourists who come to play golf or vacation. Try marketing to a different niche instead of competing for the same buyers as your lesser priced “competition” $50-$60k less than you in the same complex.
Maybe advertise in Wall St Journal, Barrons, or some other luxury publications that the affluent read. Find out what Doctors, Dentists, etc read and advertise there. I’m just throwing some ideas up against the wall and hoping something sticks. Of course, if you have a money tree, all the better or if your Uncle is named Donald you can afford to advertise in all the high-end publications.
Otherwise you’ll have to pick your poison.
Best of luck to you.
Good advice in the last paragraph of the above reply. You have to think outside the box, that is, think and position yourself differently than everybody else. You may have to forego sell and settle for lease or rent on weekends and holidays to the golfing crowd.