Home Buying in Century City>Question Details

Aihan, Home Buyer in Los Angeles, CA

I am interested in a condo I saw that was reduced to $899,000 from $1,006,000. It's a brand new 3bd 21/2 ba

Asked by Aihan, Los Angeles, CA Tue Apr 15, 2008

1950 sq ft condo. I'm wondering how condo sales are doing in Century City as there seems to be a lot of inventory and also the lowest price we should put in an offer at without offending the owners. Please advise ASAP.
Thanks!

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7
You really need a good buyer agent Aihan, someone to run comps for you so that you make an offer that will get you the property. Century City is a very nice and centrally located area.
0 votes Thank Flag Link Fri Aug 8, 2008
Hi Aihan,
There is no correct price to offer. First, I strongly recommend you work with a realtor to help you make that decision. Our last client made an offer on a properties that sold for 200,000 less than asking, however the offer was accepted over higher offers because they were ready to act and more likely to close escrow...they had less contingencies than any other offer that was put in, and there were several offers!
Its not always about the money, you have to take into consideration the whole picture. Also, a seller may be more motivated once a property has been sitting on the market for awhile and they really need to move!
There are so many factors that could influence such a decision, including timing.
Please feel free to contact us if we can help you in any way.
Good Luck to you
Lou and Alex
LA Real Estate Group
info@myLARealEstateGroup.com
http://www.myLARealEstateGroup.com
0 votes Thank Flag Link Fri May 9, 2008
I suggest having your Realtor pull comparable properties that have sold in the past 1-2 months to determine what would be a fair price for the property. Once you have that backup, your Realtor should feel out the listing agent and see what state of mind and situation the sellers are in. A good Realtor will order a property profile to see what is owed on the property (before an offer is made). The more information you have on the property, the better able you will be to make an offer that will be accepted.
Best of Luck to you!
Regards,
Revi Mendelsohn, Realtor
President's Circle Award Recipient
Coldwell Banker Beverly Hills East

9388 Santa Monica Blvd.
Beverly Hills, CA 90210
Email: Revi@ReviMendelsohn.com
Phone: 310-838-3056
Fax: 310-388-1101

Integrity, Reliability, and Outstanding Customer Service.
0 votes Thank Flag Link Wed Apr 30, 2008
Hi Aihan,

You don't say when the property was reduced...that will make a difference as to how to present your offer. If it's brand new construction, then maybe the builder is in trouble, or just trying to move unsold inventory and may be motivated further. If it is brand new construction, it's better for you as the seller won't be as emotionally attached to the property...they will just be looking at their bottom line, vs having an emotional attachement to the property. If you want to email me and have me do an analysis of what's on the market and what's sold in Century City, I would be happy to do so. You can also look on my website to pull up properties currently on the market in Century City.

Good luck,

Jodie
0 votes Thank Flag Link Wed Apr 30, 2008
I would put in an offer that you are comfortable with. If you can afford $899k, then maybe you should consider it. If someone else offered $899k and the offer was accepted, would you feel like you missed out? The bottom line is, put in an offer at the price you feel comfortable. If you look at the LA Times recently, you will see that home prices on the Westside have increased. It could be because of the season, but it could be that that area is very desirable and buyers may be thinking the downturn in property values is near the bottom and soon to recover. I suggest you don't wait too long to make a decision, because someone may make the decision for you, If you want me to email you the trends showing what parts of LA are going up and down in value, just let me know. Good luck. bbyhower@remaxpv.com
0 votes Thank Flag Link Thu Apr 24, 2008
I would say to offer 50k under asking. They should be willing to negotiate. If it is a short sale it is up to the bank... cameron.fedderman@era.com
0 votes Thank Flag Link Thu Apr 24, 2008
My first advice would be to get a Realtor to assist you with the offer price. If the price was reduced over $100k, it would be pretty hard to offend the owner since it obvious it's not moving too fast. If its a possible short sale, the decision is up to the bank and the owner has no say in what price to accept anyway. I would love to evaluate the property in more detail and assist you.

Jimmy Hutchinson
Atmosphere Realty
310-350-4280
0 votes Thank Flag Link Tue Apr 15, 2008
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