Home Buying in Sutton Place>Question Details

Mas, Home Buyer in Sutton Place, New York...

In today's market (manhanttan coops), what is the appropriate % to bid below the asking price? Thank you.

Asked by Mas, Sutton Place, New York, NY Sat Aug 22, 2009

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Great question and I agree with the majority of comments. There's no appropriate % but if you want to be taken seriously you'll make a serious offer and not an outrageous low ball offer. First impressions count. Secondly, speak to your broker and get the comps in the building, neighborhood. Stick to your gut feeling, if you feel that your best and final is just that then be prepared to walk away. In today's market you'll read about 15-20% offers below asking, and you'll also read that depending on the location sellers aren't always that flexible. There's many variables involved but I want to stress that it's a buyer's market, so don't be afraid of making an offer regardless how low you or your broker might think it is. You're the boss, we brokers are the advisers, good luck & keep the faith!!!!
1 vote Thank Flag Link Sun Aug 23, 2009
Hello Mas,

There is no such thing as an appropriate % that you can subtract from the asking price. Several factors come into play in determining the price of an apartment. Some owners may set the price too high and not be willing to negotiate down, others may set the price high and be willing to negotiate. Then there are those that have already priced their property based on the current market conditions, thereby leaving little or no room to negotiate.

At the end of the day, you need to ask yourself this question - is this a place you wish to come home to every day? Would you be upset if your offered too low a price and lost the apartment to another home buyer?

If you are working with a good broker, they should be in a position to guide you about current conditions and prevaling prices for comparable apartments.

If you are not working with a broker, you need to find one that works with a reputable firm and who will have your best intrerestas their top priority. Give me a call if you wish proper representation.

Sincerely
Anoop Punjabi
Halsetad Property LLC
Email: apunjabi@halstead.com
Tel: (212) 317-7844
1 vote Thank Flag Link Sat Aug 22, 2009
Mas
There is no standard or appropriate price . Your broker should advise you on what to bid based on condition of apt. previous sales in the building in 09, asking price ( is it reasonable or high) also price will be based on the floor the apt is on. Higher floors are usually a bit more expensive . some apts have better views this may be factored in as well. Some people will be more negotiable then others they may have to sell. other people can wait and hold out for a better price. If you love this apt and you feel its right for you go for it!!! If this apt meets 75% of your criteria you have a home run. Good Luck Carol Friedman NestSeekers International
0 votes Thank Flag Link Sun Aug 23, 2009
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