I made an offer 245k for a studio listed 285k in tudor city in 3 H bldg Im paying all cash is it a fair deal i

Asked by Sandro, New York, NY Mon Jun 1, 2009

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Elena Ravich,…, Agent, New York City, NY
Mon Jul 8, 2013
Now in this market even 3%-5% difference is hardly negotiable. I miss 2009.
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Sandro, , New York, NY
Fri Aug 21, 2009
the seller bought the apt in 2004 at 215k so 5 years later and in this market my cash offer of 245 is in my mind fair isn't ?a profit of 30 K is not bad in this economy
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Tony Lara, , New York, NY
Fri Aug 21, 2009
Sandro, I agree with Alan's point about the seller may not need to sell, that he's testing the waters. Cash offers are attractive because the seller doesn’t' have to worry about financing or the bank changing their mind at closing (in this market anything is possible). To answer your specific question, is it a fair deal? It's a fair deal in your mind, the buyer's mind. You're offering it at approx 14% and you feel it's a fair deal. I agree with you, now let's look at the seller's mindset. We don't exactly know his/her situation but what's fair in the eyes of one person might not be fair in the eyes of another. The seller will most likely counter because he/she wants to feel like they're not giving their apartment away and I agree with that also. You have to come to a meeting of the minds and both parties agree but regardless of the market we're in there's no freebees, when it comes to Manhattan real estate. I'm here if for you to answer any questions. Keep the faith!!!!
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Alen Moshkov…, Agent, Brooklyn, NY
Thu Jun 4, 2009
Sandro I wish you would have told me the exact address for this building.
There are three buildings there, 304, 314 and 324 on 41st. The 3 H's. I'm not sure which building you are referring to, I wasn't able to find a studio for a listed price of $285,000 in any of those 3 buildings.

This is what I have for your area of interest.
There is a 300sq studio priced at $295,000 in 25 Tudor City.
Another priced at $299,000 same building.
There is a studio in one of the H buildings that's priced at $229,000 but is only 225 sq ft.
Also a 250 sq studio priced at $250,000.
I was able to find two sales in that area since January 1st, which is going further back then your average comps of 2 to 3 months.
Studio sold in Turtle Bay for $244,500 no dimensions on the size.
And another studio sold on East 36th for $300,000.

Without an address and the actual apartment # this is the best I can do for you.
If I had to give you an answer right now, I think you might be a little low on your offer of $245,000. $40,000 on a small apartment is a big drop. That's about 13 to 14%. I don't know if the apartment you are interested in was priced above $285,000 originally, or is this the first price?

Sandro, you can email me with the information I asked for, and I'll be able to give you a better idea.

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Sandro, , New York, NY
Wed Jun 3, 2009
Dear Alen ,
Thank you for your mail ,the apartement is located in tudor city in hardwick hall on 41 street and 1st avenue
the apt is on the 14 floor overlooking the UN the river and is very sunny .the dimension is almost 300 but the appraisail report said it's 285sq ft
the building is a coop with condo rules no board approval and immidiate subletting policy
the maintenance is 680 the apt is fully renovated .this is the situation
the asking price is 285 and i made an all cash offer of 245 k is a a good deal?
your input is appreciated
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Alen Moshkov…, Agent, Brooklyn, NY
Tue Jun 2, 2009

You didn't give enough information for anyone to determine if it's a fair price or not. Building address would help alot.
Even though Cash is King in this market, how are you backing up your offer? Where did you get the number of $245,000?
Several things can happen. The seller of this apartment may not need to sell, they are testing the market, in which case your offer may not mean anything to them.
This seller may be desperate to sell and they will consider all offers -OR- this seller may be very motivated to sell and they priced the apartment correctly. In the case that this apartment is priced to sell in todays market, a $40,000 on such a small apartment is too low of an offer.

If you are willing to share more facts, your question could be better answered.

Best of luck
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