REALLY? you want HOW MUCH for this condo?. Someone bought one for almost 500K Aug of 2012 - and u are asking 650K now? U take us for fools dont u?

Asked by bauerfoto, Revere, MA Sat Jan 19, 2013

This question was asked from http://=www.trulia.com%2Fproperty%2F3105974453-100-Station-Lndg-612… target="_blank" rel="nofollow">http://www.trulia.com/property/3105974453-100-Station-Lndg-6…

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Territory.com’s answer
Territory.c…, Agent, MA,
Sat Jan 19, 2013
Looks like the sellers break even is about $610,000 which explains the high(er) price.

In the last 2 years 22 condo's have sold in this building at an average price / square foot of $443.
13 of those sales were in the last year with an average sale price / square foot of $453
... compared to those that sold the year before at an average sale p/sqre ft of $430

Here is one that sold in May at a higher price point.
Sold for $635,000, 2 bed/2 full bath, around the same square footage with similar views and layout, carpeted bedrooms and bathrooms look to be in the same condition:
http://territory.com/mlspin/71339761/100-stationlanding-medf…

Here is the unit that sold at $519,000 in December. Larger square footage and in fair condition. Appears the big difference is layout and view:
http://territory.com/mlspin/71430627/100-station-landing-med…

Everything currently on the market in Medford:
http://territory.com/search?search_string=MEDFORD&min_pr…

Hope that helps!

Good luck.

Territory.com
Massachusetts Premier Buyer Brokerage
617 848 5407 x701
Web Reference:  http://territory.com
2 votes
David Laven, Agent, Boston, MA
Mon Jan 21, 2013
Unlike the other answers to this question I am going to give you the truth. The seller is hoping to find a buyer that is willing to overpay for the property. Most agents will try to give you some bs excuse like "what they paid for it does not matter" or "the market is red hot right now" . Don't buy those attempts to sell you! This is a classic case of a listing agent bsing the seller on price to get the listing and then hoping some sucker will buy it(which could happen).
0 votes
Ron Thomas, Agent, Fresno, CA
Mon Jan 21, 2013
You would be advised to open up your mind and lose the chip on your shoulder:
The PRICE that the SELLER paid for the place has nothing to do with anything; you also do not know how much money they put in to the place to repair and update it. At this price point, the updating and features are critical.

The LISTING PRICE that a SELLER may select is never set in stone, and may not even be a good guide to the eventual selling price: It may be what the Seller thinks their property is worth, or not.
If you were the seller, wouldn't you want to get a premium price. Particularly if the Seller was not "distressed".

You, as the Buyer, have the option to dismiss that property and move on.
0 votes
Scott A. Nel…, , 02155
Mon Jan 21, 2013
The water view & corner units in this building all have sold at a premium over the other units in the building.
0 votes
Loreen Cinga…, Agent, Medford, MA
Sat Jan 19, 2013
I stand corrected by the broker at Territory.com. There was a recent sale which did NOT come up in my initial search in MLS. Reason being that the broker listed the property as 100 stationlanding (all one word). A perfect example of why details are so very important in our business. The correct address is "100 Station Landing" (two words). Unfortunately, this could also cause an appraiser not to see it in his/her search, jumping to the same conclusion you and I did. Thumbs up to Territory.com for finding it. Let's hope an appraiser does.
0 votes
Heath Coker, Agent, Falmouth, MA
Sat Jan 19, 2013
List price has a lot of varaibles that make it up.
Sometimes it is the debt, sometimes it is the varaibles that have already been montioned.
Sometimes it is just the wish of the seller and the willingness of a licensee.


(Please note: when you choose an answer as a Best Answer, or at least give a thumbs up, it helps those who answer questions here.)
0 votes
Sarah Goulart…, Agent, Plymouth, MA
Sat Jan 19, 2013
Loreen, excellent advice and knowledge! Thank you :-).
0 votes
Loreen Cinga…, Agent, Medford, MA
Sat Jan 19, 2013
It's funny that I just looked at this property yesterday for a potential seller at the same complex in Station Landing. I, also, could not figure out where this listing price came from until I researched public records. My guess is that the seller paid $575,000 for this unit in 2008 and is trying to see if she can make her money back and cover the expenses associated with selling the unit. Most often, the realtors take their lead from the sellers, and the listing realtor of this property has been in the business for a very long time; she may know something about this unit that I don't. However, although inventory is low (pushing prices higher), they will definitely set records for an all-time high price in this building if they can pull it off. They will need a cash buyer to do so because, even if they found a buyer to pay this amount, the unit will probably not appraise at this value so the buyer's mortgage company would not approve the purchase. What this unit does have that others don't is a second garage parking space that, back in a day, was valued at $40,000. I think the extra garage space is valued much lower in today's market; I am told around $11,000 or $12,000 now. If you are, in fact, interested in this building, feel free to contact me at 781-608-1157 since I may have a similarly sized 2-bedroom unit coming on the market (not right away) soon.
0 votes
Sarah Goulart…, Agent, Plymouth, MA
Sat Jan 19, 2013
If you find yourself a good buyers agent in Medford, he/she can run comparisons in the area and building and explain the differences in this unit vs the ones that have recently sold. The particular one you are talking about was a bit smaller, had no parking spaces and does not look as updated. It also sold very quickly for over asking price so there may have been other factors at play. Another unit sold for 519 recently with one parking space.

How much is a second space worth? I am not a Medford agent and can't answer the question but I always find that the issue with buyers relying only on sites like Trulia and Zillow are comments like these. Sure, this unit seems over priced, but is it? And if so, by how much?

Find a good buyers agent and try to use these sites as a compliment to him or her.

Best of luck!
0 votes
Annette Law…, Agent, Palm Harbor, FL
Sat Jan 19, 2013
Bauer,
There is nothing preventing you from offering $500K for this condo.
If you were a 'real' buyer that is exactly what you would do.
Contact a Revere Ma agent and get in the game instead of complaining about the officiating.

The only thing you know for sure is 'If you don't ask, the answer is always NO!"
The 'fool' allow others to make their decisions for them.
So, are you a buyer or something else?
0 votes
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