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Coco, Home Buyer in Somerville, MA

How much is reasonable price for 500sq feet studio with view in Arlington, which was bought at 191K in 2003?

Asked by Coco, Somerville, MA Mon Jun 9, 2008

The proprety was sold @ 193K in 1997. Seller asking 219K for sale now, which to me is way too expensive for current market and the price that the seller originally bought.

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Seems like the price per square foot is a little high. I am seeing 600+ square foot 1 bedroom units selling for that price so unless the studio is beautifully done, the location can't be beat and perhaps the unit has more than one parking spot, it doesn't seem justified. At the moment the property is at about $438/square foot but there may not be a lot of room to negotiate because looks like they may have over paid in 2003. If you offer them less than their loan amount they will be in short sale territory (i.e in trouble with the bank). This is probably the reason they have it priced so high.

Without seeing the exact property it is hard to make an exact judgment but again it does seem overpriced.

Hope that helps.
1 vote Thank Flag Link Tue Jun 10, 2008
Home prices are based on supply and demand. There are very few properties in Arlington for $219,000 and Arlington is a very high demand town, which is not to say the property may not be overpriced - the value of any property in any market is only worth what buyers are willing to pay.

An experienced buyer broker/agent who knows the local area will have the information you need to get the house you want for the best terms - an offer is more than price. If the house is listed with a real estate agent, they will pay a buyer agent, so there is no reason for you to go it alone. The seller has representation, why wouldn't you want a real estate professional working in your best interest? You have nothing to lose and everything to gain. If you would like help let me know - good luck, Marilyn
0 votes Thank Flag Link Wed Jul 2, 2008
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