how negotiable is the asking price for an apartment?

Question

I live in Queens, NY and I am considering buying an apartment but I don't really know what price to start looking at, for example if an apartment is going for 269000 is it crazy to think we could get it for 2000000 or lower?

Answer 1

The asking price for a house or apartment is usually negotiable by a small percentage of about 5 maybe up to 8 percent. 10 percent would be unusual. The approximate 30% reduction you are suggesting would probably be insulting to the seller and he wouldn't be willing to negotiate any further if you raised your offer.
Then again he might be desperate to sell and hasn't had any other offers. Check to see how long the apartment has been on the market.

Answer 2

Because it's currently a buyer's market, I would say you have some room to negotiate and possibly get the price significantly lower than the asking price. Unfortunately, due to the fact that you live in NY, I doubt you can get that apartment for less than $200,000. You should check other listings in the area and see how much property was sold for so that you have something to compare when negotiating. If you really want the apartment, be careful not to underbid too much. This may turn off the seller or may make them think you're not serious on your offer......good luck!

Answer 3

In NYC no-one would come down that much on an Apartment unless they needed to sell on the spot. Normally a good first offer is 10% from asking price. Rarley is that accepted and but typically they will counter offer and ussualy you will find ground somewhere in the middle.

Perpaps you could get this APT for 250k. Alot would depend on how anxious the seller is though.

Answer 4

It depends on the value of the property. If I had an apartment worth $150,000 and listed it for $269,000 and someone offered me $200,000 I'd jump on it. Find out what the place is worth and what the sellers motivation is. There is generally some wiggle room, but you're not likely to get a steal.

Answer 5

There is no way someone is going to drop their price by that much around here.

Depending on the sellers circumstances, you may have a little bit of wiggle room but the cheap (under 300k) condo market around here is pretty stable.

Answer 6

it somewhat is negotiable if the owner is versatile. the terrific way is to invite, "is the lease negotiable" after the excursion of the premises. It additionally helps to understand what the going lease is for comparable residences contained domestically.