Maintenance varies greatly based upon a number of factors. Maintenance consists of 3 things: your share of the underlying mortgage, your share of the real estate taxes and your share of the upkeep of the building. If there are many units, more of you share these costs than in a smaller building. The amount and terms of the underlying mortgage are a factor, as well as how many employees are on staff and other operating costs.
As far as a fair offer, I can't answer that based upon just knowing the asking price, because I don't know if the asking price was in the ballpark, or too high or low. To bid correctly, you'd have to know the current comps, particularly the recently sold. A fair offer is what is fair for this market, not a percentage off of the asking price, because the asking price could be off. A good agent can do that research for you.
Halstead Property, LLC
And that is not the end of it, if it is high now, when was the last assessment on the building, future assessment etc...Is it a LAND LEASE???
just as they seller and the bank qualifies you in order for you to get a mortgage, you the buyer have to qualify the building you are buying...
Let me know if you need any help offline
Senior Asso Nroker
Maintenance costs are representative of the actual costs of the building. If they are high, it would represent either expensive amenities/staff, a low number of sold units to spread out the cost, or an inefficiently run building.
I've seen many West Village apartments in the 700k range with reasonable (and sometimes low) maintenance costs.
I specialize in representing buyers and am an expert in uncovering below market deals and negotiating down to the last penny. We have been very creative about saving the buyer money through the deal price as well as deal terms (closing costs, etc.).
You can call me at 212-545-0729 or email me at firstname.lastname@example.org
This is the reason the internet will never replace a good broker. I saw a blog here recently claiming their new website takes the broker out of the equation. It's really important to work with someone that is experienced & knowledgable about the market. A good broker can save you money & heartache when making, what for most people, is their biggest investment. It's a huge decision & you want to be sure to get it right.
If the maintenance seems high in this bldg compared to others, an experienced broker will be able to find out what's going on there before you get your attorney involved in due diligence. With regard to a fair offer, an experienced broker will check the comps of the bldg & advise you as to the price per sqft for similarly sized apts in the bldg. Do yourself a favor & choose a broker you feel comfortable with. You'll be glad you did in the long run. Best of luck in your apt search...
Licensed Real Estate Salesperson
Charles Rutenberg Realty
We will need more info on the apt. If you can email the link, that would be great. A good idea is to have your attorney do due diligence on the building finances, History of maintenance, Assessments etc.
Halstead Property, LLC