Home Buying in 11238>Question Details

Jade Wong, Home Buyer in Brooklyn, NY

I want to know whether the purchase price is close to the market price?

Asked by Jade Wong, Brooklyn, NY Thu Jan 27, 2011

I just got an accepted offer for a new condo. How can I find out the price for the other units in the same building? I have check the NYC web site but I did not able to find the sell price for any other units. Is it because that is a new building? They only start to sell in the pass several months. I would like to find out whether I am paying the fair price or I over pay it before I go to sign the contact. Please advice ASAP.

Help the community by answering this question:


Dear Jade:

The definition of fair market value is the price a ready willing and able buyer is willing to pay right now. Hence, if you purchase a property, the price you pay IS the market value! If you cannot find info regarding the condo development you are purchasing on the NYC web site you can also try http://www.PropertyShark.com. Given that you stated that this is a new development, there may not be any closed and/or reported sales as of yet, in that case you have to research sales in other condo buildings in the area to get an idea.

Aside from that, if you are still unsure, you should go out and look at more/many properties for sale so you can further compare the prices and value. If you have already looked at many properties, I wouldn't worry about it too much because the only reason you would have offered what you did was because you thought it was a good deal.

If you are already in contract it is too late, you are bound by the contract. If you are not in contract and this is bothering you, there are several steps you can take, such as 1) Try to renegotiate the price down, 2) see if the seller will throw in some free upgrades (better appliances, flooring, tiles, etc), 3) see if the seller will be willing to pay some of your closing costs or 4) Simply back out of the deal. Keep in mind that if you try any of these things the seller may also decide they do not want to sell you the place and then you will have nothing, so be prepared for that. I also want to say that when you give an offer it is supposed to be in good faith, hence if your offer is accepted, you are expected to buy the place. So you really should not give an offer umnless you are prepared to move forward because if you renege without a legitimate reason, that would be unfair to the seller.

Lastly, often times when a buyer gets their offer accepted they may get what we call buyer's remorse. You may be experiencing this. It is a normal reaction because purchasing a property is a big step and it can be very nerve racking. I have personally witnessed buyers back out of a deal due to this nervousness and later regret it when they cannot find an equal or better deal down the road.

If you would like to discuss this further or if I can be of assistance, please contact me. Good luck!

Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
1 vote Thank Flag Link Thu Jan 27, 2011
Hi Jade:

Check the $ / sq. ft for similar new condos.
Check with County Tax Collectors office as to what the Property Taxes are and then reverse calculate.

Go to the Accessors office.

1 vote Thank Flag Link Thu Jan 27, 2011
check how much you are paying per sf. compared to other condos in the area.
1 vote Thank Flag Link Thu Jan 27, 2011
I would strongly suggest that you have you Realtor map out the whole complex and have her email all the sales for the last 3 months. I do this so my clients can actually see the condition of the property they are comparing prices to. When you Realtor pulls it from the MLS, you can still view the pics and detail about the property. That should give you the best representation of the current values in the area.

Good Luck
Kindest Regards,
Dianne Hicks
HomeSmart Real Estate
Web Reference: http://www.di4homes.com
0 votes Thank Flag Link Fri Jan 28, 2011
Your buyers agent person who is required to do all this work on your behalf. Direct your questions to your Realtor

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
0 votes Thank Flag Link Fri Jan 28, 2011
Hi Jade,

This apartment is within the "Market Price". One bedroom apartments in Midwood run from $159,000 to $209,000 depending on size and condition. I can try to check the prices for other units in the building, please send me the address. I don't know if you worked with a broker or not, but if you did you broker should have access to that information as well.
0 votes Thank Flag Link Fri Jan 28, 2011
There are two possibilities, the first one is that the developer is waiting for the majority of the units to enter contract before recording the sales with the city. the other possibility is that the other units have not sold. if thats the case you can request a list of all the offering prices.

feel free to call me, i am a licensed appraiser and have experience with this type of situations

347 666 4233
0 votes Thank Flag Link Thu Jan 27, 2011
What is your agent advising, he/she can best help you as none of us are directly involved in the transaction...depending on the newness of the complex, there is the possibility that those units did not close yet, if that's the case, compare against other nearby similar properties--again, your agent can best help you.
0 votes Thank Flag Link Thu Jan 27, 2011
Hi Jade what is the address - what is the asking price/and your accepted offer. i will try to find some info
if i can
0 votes Thank Flag Link Thu Jan 27, 2011
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