Home Buying in West New York>Question Details

Lu, Home Buyer in West New York, NJ

COndo in West New York

Asked by Lu, West New York, NJ Wed Mar 5, 2008

I liked a newly built condo in West New York (1 bed. 1 den, 1 bath with 1 parking space approximatly 993sf) But I think is overly priced given the house crisis. They are asking 250K. How much lower is a good offer? 10% - 15% - 20% less?

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4
Hello Lu,
That's a question in every home buyers mind now and since day one.
There are a few ways to understand the value of the market of Condo's in WNY.
1. Look at recent condo sales in WNY
2. Look at recent New Condo sales in WNY
3. Look at the asking price and divide it by the sq. ft. of the unit and you will get the Price per Sq. Ft.
example: 250,000 divide by 993 Sq. Ft. = 251.76 dollard per Sq. Ft.
Most one bedroom new construction condo in WNY are selling for more than this price per sq. Ft.
320 62nd Street - 1 BR New Condo Sold in March for 219,000 for 600 Sq. Ft. = 365 per Sq. Ft.
Seller or Developerss asking price has no value. The value for the property comes from what other buyers like yourself are paying for new condo's in WNY and what banks are lending on the appraised value for the same?
In this market the banks are more careful to lend than the buyers are careful to offer. Rest assure you will not over pay in this market if you are getting a mortgage loan. If you are buying cash use the information I provided you and do your research and make an offer.
Remember one of the only areas in US today that is still holding its prices from last year.
Thanks and all the best
Munish
0 votes Thank Flag Link Wed Apr 23, 2008
Hi Lu, I am interested to know what you ended up doing about this property. Did you end up making an offer 10% less as I think I am interested in the same complex and I am looking for a good deal too.
0 votes Thank Flag Link Sun Mar 30, 2008
Momentarily, set aside the sellers asking price. What do you think is a fair market value for the property? Are there comps and data to support this fair market price? Construct your offer based upon this data and attach the supporting documentation. Your Realtor can help with this.
0 votes Thank Flag Link Sat Mar 8, 2008
Deborah Madey, Real Estate Pro in Brick, NJ
MVP'08
Contact
Not sure that is the way to look at it if you are interested in the unit. what if the Realtor took the market into consideration when it was being price- or it is 100K over priced-10% would not be enough. I'm sure they will not sell it 40% below the 2005 price. You need to compare it to the rest of the local market. Most all k would like to purchase something for less what they think it is worth but does that mean it is wise for the seller to sell it at that price? Ask Your Realtor for the comps. This should provide the best direction. I am currently marketing a spectacular townhome and I did not price it at 2005 prices-- I priced it at todays price and would not even expect to entertain an offer 10% less being it is priced correctly- but that is up to the owner. Hope this helps
Web Reference: http://www.bparkes.com
0 votes Thank Flag Link Wed Mar 5, 2008
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