Is putting in a bid at 20% below offer price reasonable in the West End Boston market?

Asked by St Investor, Cambridge, MA Wed Apr 30, 2008

Why is there such a range ($100k) in prices for a similar size condo in the same complex?

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Brecht Palom…, , Massachusetts
Thu May 1, 2008
BEST ANSWER
If you're talking about 150 Staniford Street in the West End then it could be because there are "affordable units" in the building which have a restricted resale value. 10% isn't a very big gap in this market depending on how accurately priced the property was to begin with.
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Jeannine Dyer, Agent, Middleburg Heights, OH
Wed Apr 30, 2008
If you were the seller, would you think an offer of 20% under asking would be reasonable? It is hard to determine whether your offer would be reasonable or not. You need to work with an agent and have them do Comparable sales in the area. Then make an educated decision based on what has sold in the area, what type of improvements have been done and where the home/condo would appraise in todays market.
1 vote
St Investor, Home Buyer, Cambridge, MA
Wed Apr 30, 2008
Sorry, I meant 10%. I mean I don't understand how a very similar size unit in the exact same apartment complex can vary in asking price by $100K? $100K in renovations? I think not. More likely, wanton wishes on the sellers' part? Seriously.....
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