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Asked by Kelly, Prospect Heights, Brooklyn, NY Sun Mar 15, 2009

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2
Mitchell Fel…, Agent, Brooklyn, NY
Sun Mar 15, 2009
Kelly:

I assume you are looking to purchase a condo.

Do not go by average price per square foot, that is what computers do on sites like http://www.Zillow.com and http://www.HomeGain.com. Not that there is anything wrong with that, it gives you an idea, but could be WAY off.

You best bet is to view as many condos as humanly possible, get an education as to what is out there for sale, what types of prices they are asking, do comparable sales research http://(www.Zillow.com) and then just go with your gut and make an offer. Usually it is a good idea to offer 10% to 20% below the asking price in today's market due to the fact that most homes are overpriced. However, it you spot a good deal, you still may have to pay the full price as good deals are still hard to find!

If I can be of assistance, please contact me and good luck!

Mitchell Feldman
Madison Estates & Properties, Inc.
Office: (718) 645-1665
Email: MFeldman@MadisonEstates.com
0 votes
Catherine "C…, Agent, Metuchen, NJ
Sun Mar 15, 2009
Hi Kelly,
Where did you get your average price per square foot? The problem might be that your average price per square foot is inaccurate, thus the discrepancy.
I calculate and provide many Real Estate statistics on my websites and blogs but I stay away from the average price per square foot. I just do not provide this statistic. Why? Because I find it in most cases very inaccurate (at least for resale).
Cathy C.
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