I want to put an offer on a condo tomorrow that is 2bedrm/2bath asking $339000... 1467 sq ft. It just came on the market 2 days ago and is one of the larger 2 bedrms in the building. It is on the NON-SCENIC side of the bldg. It is in great shape. It is now empty. The seller said they did not want to "overprice it" but felt they had chosen an attractive price for the size. The agent is the nephew of the seller & just wants to get it sold as the Uncle is moving in with a family member. Tomorrow is the first Open House, but I got to see it early by calling. I really want this and the spaceis great.

-new kitchen floor was installed (tiles)... new gas stove top... new dishwasher-all newly painted... fridge is 1 yr old... all hardwood floors just redone

I walked through with the seller and saw all this.

I would like to know what I should offer. Not using a buyer's agent but have a broker who will write the contract for me.


Recent sales in the bldg for 2 Brm/2 Ba have been:

11/09/09 1336 sq ft $350000



07/24/09 1467 sq ft $325000 this is the same size of the one I want. I noted it said in the description "this unit has not been updated although the dishwasher and fridge are newish". So nothing was done to upgarde it.

Smaller 2 bedrm 2Ba units in the same bldg... for sale now are:

1360 sq ft - $329000 (reduced from $349000 on mtk 114 days.. this one needs work) scenic side of bldg

1360 sq ft - $382500 (reduced from $392500) on mkt 70 days.. new upgrades to kitchen/bathrm & scenic side of bldg and higher floor)


1336 sq ft - $329000 on mkt 75 days non-scenic side of bldg

Can you help me decide what I should offer?

Thanks

If your heart is set on it, then offer the asking price of $339,000. Has it been appraised recently? If so, ask the seller to see the appraisal. As long as it appraises for at least the asking price and you can otherwise qualify for a mortgage then you'll be OK.

Given the comparable sales especially the July one, I would offer no less than $330K. If you really want to lock out other buyers, then at least $335, or the asking price.

Given the July sale, for the same unit without updated appliances, at $339K its priced very competitively. While the new appliances might not equal the $14K difference, it shows a better maintained unit and prices have come up slightly.

Went in at $330... they countered at list I countered back at $335 and got it. Thanks for all the help! I am a happy homeowner!

Good luck

Congrats. :)

Thanks Altenweg.

good luck

Scottgem
Great advice you gave me thanks for the guidance!