Do Luxury Homes/Condos Work?
My ads have attracted two sellers in particular who each own a 2 bedroom luxury condominium. Both have offered options. the seller are unrelated and the properties are in different developments. The areas are very nice and in very good demand. We have been in a very good sellers market for many years. One of the properties may have to be acquired subject2 since the HOA does not allow rentals.
Both developments are fairly new and the units were built in 2001...sold 2002. My MLS research indicates both were former models and their asking prices have been on the high end compared to other recent sales and listings. Not having any success on the MLS, both sellers want out (don't wanters).
My questions is are these high end condos right for the lease option program? I won't say I have attracted many, but very few buyers responding to my ads have been interested in upscale homes and condominiums.
These condos are in the $275,000+ range, with associations fees ranging from $250 to $309 monthly. What's been some other experiences with townhomes and condominiums?
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