for real estate savvy people, preferably property appraisers!!!!!!!!!!!!!!!!!!!!!!!!?

Question

i'm trying to buy a condo. the owner is asking $165,000.00. i did some research and the nearest condo that was sold at $168,000.00 had over 100 sqaure feet more than the one i'm trying to buy, nonetheless, these people want that amount. is ti fair? do 100 ft more make a big difference in the sale price?

Answer 1

I would say a little bit. That 100sf could be an extra bedroom, dining area, etc. If it is somerging like hallway space etc I would say not really. In NY where I'm from NYC condo prices are 1,000 per SF so it would be a 100k difference (big difference). To get precise divide the sales price by the # of sqaure feet to get a price per SF. Multiply the 100 square feet by the price per square foot and subtract it from the selling price of the nearest condo.

Answer 2

There are many things to think about when pricing a condo. Ideally, the comparable sales should all be from within the same condo complex (because when you buy a condo, you buy the unit and a part of the complex). Lacking inside sales, look for competing projects that are similar in age, HOA dues and project amenities.

100 sqft. can make a difference, but there are so many other differences to consider. One unit may be larger than the other, but the smaller may be in better condition or have a pool view, updates, or some other superior amenity. Consider why the asking price seems high, what this condo has to offer, and what unique benefits it has to justify the seemingly high asking price. Don't just rely on basic price/square foot averages. The difference is in the details.

Additionally, it is the nature of real estate to creep up in value. A small natural tolerance of appreciation is expected, driven by demand. Otherwise, the price would be the same as it was 10 years ago if sellers didn't try to get just a little more out of it and buyers didn't want it so bad. That's the hard-core definition of market value: when sellers try to sell for as much as they can and buyers try to buy for as little as they can. The balance between the two is usually market.

Answer 3

As a long term broker, you are wise to examine sales comps of actual solds.

My suggestion is to make a resonable written offer and during your presentation, show them actual sales.

Make sure your pre-qualified and show them your approval with your lender.

Make the purchase in a reasobale period of time such as under 60 day's.

I suspect you may see a difference and you may end up owning the condo.

Be sure to to exmaine any disclosures that also would include condo fee's etc.

You may want consider the time of a good real estate broker or attorney to review your documents.

Good luck