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