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Asked by James T, Chicago, IL Fri Mar 6, 2009

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Answers

4
Matt Heisler, Agent, Westborough, MA
Fri Mar 6, 2009
James:

Housing is about supply and demand. But you have a larger problem here:

Are you buying this property direct from the seller? And are you listening to what the seller's representative is telling you? So, first things first:
1) How do you know what the current market condition is? Have you been watching the market for several years? Are you aware of the active/sold ratios in your area for condos? Or are you reading the paper and drawing your conclusions from that?
2) If you were an expert in purchasing property, you wouldn't be posting here, so here's some advice you should take: GET REPRESENTATION. It sounds to me like your being played, and they are winning.
3) There's only two units left in this development. Basically, the builder has taken the loss/profit on this building already, and the last two units are the easiest to sell. The first two are the hardest, the last two are the easiest. If he's got 50 units on the market, he's going to do deals. But two? Sadly, James, you are a little fish, and he is a big fish, and this is a big fish game. The spring is here, and he knows he can get more in the spring than he can in February, and you know what? He probably is right.

So: Get some help, make sure you're paying the right price, and get someone who can represent you!!! You don't have to listen to the listing agent who is telling you these, ahem, rather silly stories. Even if they are true, this information isn't professional or helpful to deliver to a prospective buyer, unless they want you to go away, in which case, re-read the beginning of this paragraph.

Good luck, sounds like you need some.

Matt Heisler
0 votes
Maria K Than…, Agent, Chicago, IL
Fri Mar 6, 2009
James, depending on the location of the development, certain areas are selling well. The developer reserves the right to do this. He has probably discounted the other units quite a bit and felt that he can hold out to geth a higher price. They might have had a second party interested with a back-up offer. The other scenario might be that he is not in financial disarray like so many other developers. Nonetheless you should know that the sales price to list price ratio is still quite tight in Lincoln Park, Lakeview, Bucktown and Wicker Park. The prices have come down so now the prices the seller's are willing to accept are firm regardless of what the media continues to tell us. Chicago's market is not nearly as bad as others. Good luck!
0 votes
JonTheBanker, , Chicago, IL
Fri Mar 6, 2009
Could be multiple offers all of a sudden. Could be the developer obtained some cash he was expecting and does not feel a need any longer for a reduction in price. Maybe your senses are serving you correctly James. Could it be they sensed you wanted the unit and knew it was a great deal? maybe they think you will agree that 25K higher is still a good deal and will offer a bit more than the price you offered initially. maybe the seller is incredibly frustrated in general at the market and some of the rather insulting offers he may have had from who knows how many buyers in the last 2.5 years?...and this is his form of payback?

A myriad of reasons could apply. If you are interested in the property, continue to be persistent and ask if they will accept your initial offer with a reasonable sum of earnest money.
0 votes
Will, , Chicago, IL
Fri Mar 6, 2009
sellers are gonna go nuts before they come to thier senses. we can wait, many sellers need to sell, don't let it get to you. That condo is the developers problem not yours.
0 votes
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