Living in Los Cabos: Want to get the best price for your property?
I am just so psyched today! When you see the video, you’ll understand why.
I have this little listing, a studio apartment. The location couldn’t get better; it’s right on the marina here in Cabo San Lucas. It’s been on the market a few months, and has gotten a few offers (which is amazing considering the market and that it’s low season). But here’s the problem: the offers were very low. In fact, both offers were about one third less than our asking price. I tried to be as tactful as possible, but the seller was not getting it…
Here’s the thing. Everybody thinks their stuff is better than it is. Including real estate. In Cabo we don’t really have good data on final sales price, and even when we have some data the sellers usually dismiss it. They tell me those are exceptions because of the economy, desperate sellers, etc etc etc…. So they look instead at what their neighbors are asking, and because obviously their property is better they price it higher than their neighbors, so the entire area’s prices are escalating and buyers are turned off. Which is probably why we have (I’m not joking) five years of inventory and average time on market is over a year.
This little condo was priced well under other units in the same building, which is why we were getting offers. But the offers were reflecting the buyer’s belief that this condo was a fixer-upper if not a candidate for complete gutting and rebuilding.
Finally the manager of the building and I got approval to do a little cosmetic work. The building manager, Lulu, was convinced that for very little money she could turn this condo into a showplace. I went by this morning to check on her progress and feel like I was witnessing a miracle. So here’s a really short ‘before and after’ video showing you how some creativity, a little paint, and some creative touches can turn your home around. I’m expecting our next offer to be a good one.
As yes, I’ll be asking Lulu’s help many times in the future. Enjoy the video:
Carol Billups is Broker/Owner of REALTY EXECUTIVES Los Cabos. A Certified Home Marketing Specialist, she has enjoyed working with both buyers and sellers for over ten years and still thinks hers is the best job on earth. She is also the real estate columnist for Los Cabos Magazine and Chairman of the AMPI Los Cabos Board of Realtors. You can read more of her articles on www.reloscabos.com. You can reach her from the U.S. or Canada at 1-760-481-7694, or in Cabo at 044-624-147-7541. You can listen to our 24/7 broadcast on http://www.livecabo.net.
© 2011 Carol S. Billups
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Tags: Baja, Cabo, Cabo San Lucas, condo, decoration, fideicomiso, house, interior design, Los Cabos, Marina Cabo Plaza, Mexico, property, real estate, realtor, realty, San Jose del Cabo, staging
