Hi There,
I hope you are working with a buyer agent..if not..please consider working with one who knows your area. Your buyer agent will help you to make decisions like this, based upon the comps for the area. I can tell you that there are 1500sf condo's in Torrance that have sold recently for 410,000. range,and in very nice developments.

Is there a reason why you want a Condo over a Single Family Residence? I've seen quite a few Single Family Residences selling for about $400k in the Gardena area (of course, this depends which part you're searching). The realtors below are correct about determining value on an offer. Properties have been moving more because of the affordability, so you may be seeing some multiple offers. Also, since you're post was created you may be forced to pay Hazard Insurance on top of your HOA fees because Fannie Mae and Freddie Mac are requiring all Condo/Townhomes to have the interior ("Between the Walls" was their definition) insured (via a HO-6 Policy). I've been finding most HOAs' Master Insurance Policies carry only the exterior coverage, so this means you have to come out of pocket for the interior. Helpfully this two cents was helpful. Best wishes on your search.

It depends on the comps in the area..and the price of other condos...if it is underpriced...you may want to give them their asking price...or lose it...if it has been on the market for a while you may be able to bid lower...and see what they want to do.
Shy 310-429-4170

It depends on the comparible sales in the area, length of time on the market, condition of the property, availability of similar properties, availability of other properties that you like and that meet your needs. If the property is priced right (average of sold comparibles) and the condition is in the top 50% of properties on the market then a reasonable offer is 3%-5% under asking. If the market is very slow in your area and the property has been on market a long time with declining values then 15% under market comparibles is not unreasonable. On the other hand, if the market is healthy, the property is priced well, the condition is good to excellent and it's just what you want you should pay asking price.