I’m sense-checking a small sample of mixed-use buildings in Lima. Asking prices run from PEN 2,415,000 to PEN 3,622,000, and the typical listing has been visible for 15 days.
My working theory is that property condition and deferred maintenance explain much of the difference between listings that move quickly and those that linger, but the sample may be hiding neighbourhood effects or unrealistic seller expectations. Buyer financing and seller motivation could also matter more than the building itself.
For anyone watching this segment locally: are recent completed sales supporting these asking prices? I’d especially value street-level observations on new-listing volume, withdrawn stock, when price cuts tend to appear, how sharply neighbourhood boundaries affect demand, and whether renovated buildings are actually selling faster rather than merely being advertised at a premium.
My working theory is that property condition and deferred maintenance explain much of the difference between listings that move quickly and those that linger, but the sample may be hiding neighbourhood effects or unrealistic seller expectations. Buyer financing and seller motivation could also matter more than the building itself.
For anyone watching this segment locally: are recent completed sales supporting these asking prices? I’d especially value street-level observations on new-listing volume, withdrawn stock, when price cuts tend to appear, how sharply neighbourhood boundaries affect demand, and whether renovated buildings are actually selling faster rather than merely being advertised at a premium.