This all depends on whether it is priced high, fair market or low. There is no set formula. What you need to do is have a skilled real estate agent analyze comparable sales to see what fair market value is. We do this by looking at what is on the market, in contract and recently closed and correct for a myriad of aspects.
I would really suggest you have an experienced agent work with you to establish what the unit should trade for, and have them negotiate on your behalf and then take you through all the steps of purchasing.
Halstead Property, LLC
Once you've made an offer, however, it's hard or sometimes impossible to bring a broker on board, so decide before you make your opening offer.
One thing I can tell you--the listing price only tells you the seller's expectations, or sometimes dreams!, it does not tell you what the apartment "should" sell for in the current market. For that you need to work with data from comparable sales, in-contract listings, and current listings.
If you'd like me to represent you as a buyer's broker, just let me know, I'd be happy to help you.
Karla Harby, VP
Charles Rutenberg Realty
You just can't offer anything. If the offer is too low and by some small miracle it gets accepted, the board may reject the application as they have to watch their valuation throughout the building sine they are shareholders themselves. Your very question tells us all that you need someone to represent you. Yield to the obvious and get with a broker of your choice. Good luck.
I am sure you know by now: most real estate transactions in New York are co-broke. That means that the sellers broker and the buyers broker split the commission 50/50.
The buyerâ€™s broker is working with and for you, at no charge for you- the Buyer. Your brokerâ€™s job is to inform you and help you analyze the ever-changing New York real estate market, so that your decisions are the right ones. Your broker will help you find recent and relevant comps, help you navigate through the buying process and help you prepare an offer that feels right for you based on the current market and this specific apartment.
The buyer's broker's goal is to get their buyer the best available property for the best possible price - in the buyers case this is usually the lowest possible price.
The seller's broker's goal is the get their seller the best possible price - in the seller's case, this is the highest possible price.
If you are working without a buyer's broker on your side, the sellers broker will just receive 100% of the total commission and the broker on the other side of the transaction will only be looking out for their client's best interest, not yours.
My advice to you, or anyone else who is looking to buy real estate in Manhattan, is to meet and interview a couple of brokers (preferably brokers that work in the neighborhood you are interested in) and see who you feel will best represent you. As a buyer this is a great deal for you, as you don't have to pay anything to get a professional to work with you and look after your best interest.
I am working primarily on the West side of Manhattan: West Village, Soho, the High Line Area, Chelsea, Flatiron, but I am always happy to meet with you and explain more in detail how I work as a buyer's broker.
BOND NEW YORK
A good buyers' broker can also let you know how long the apartment has been on the market and provide more information, in addition to negotiate a good deal for you and prepare your board package.
There is no broker paid by the BUYER in a sales deal. The seller is already in contract to pay a broker's fee, which will be split between the buyer's broker and the seller's broker. It is only to the buyers' advantage to be well-represented.
Metropolitan Residential Partners, LLC
John Speaks Bond New York 917-697-6035 (P) firstname.lastname@example.org (W) email@example.comJ
Best, Christopher M., Broker
working with a broker who represents you in any transaction will save you a lot of money and it is for free...
It does not cost you a penny. In fact you will learn a lot and you will be aware of of all the steps in the process of buying , selling and even subleasing your coOp eventually.
So if you wi sh to know a lot more than how much you should offer you should call me and I will be able to help. I have to know which coop? what views? etc... etc...and whether or not you should even be in the building to begin with..
but to answer your question you should start the offer 5-10% of the asking price. and that will all depend on the seller and how motivated they are, how long was the coop on the market and how overpriced the coop is and the comparables in the area. there are a lot of parameters required to analyze the offering price....
and please do not hesitate to give me a call at 646-660-0060
or email me at firstname.lastname@example.org
Has anyone been able to show you comps? Also, is this the first apartment you have looked at, or have you seen a lot of others? if you know that the asking price is fair, and you really want it, then you should offer closer to asking to get it. If you could take it or leave it, and you have seen better apartments for less, then offer less. There is no right answer here. You have to do what you feel is right for you.