CONDOS - How Much Can I Negotiate?

[Kenji4861]

Currently, I'm looking to buy a condo

- 1 bedroom for "mid 300s", but the realtor there told me.. it'll be in the higher $300s because of the demand..
- http://www.prometheusreg.com/residential/vea.html - that is the website.. this place is selling their apartments as condos starting in a week or so. The building was just built last year.

So when I negotiate.. how much can I negotiate.. If they ask for mid 300s.. is it okay to say.. $300k flat and I'll take it? Thanks for any advice!

 

[arcenite]

Originally posted by: Kenji4861
Currently, I'm looking to buy a condo

- 1 bedroom for "mid 300s", but the realtor there told me.. it'll be in the higher $300s because of the demand..
- http://www.prometheusreg.com/residential/vea.html - that is the website.. this place is selling their apartments as condos starting in a week or so. The building was just built last year.

So when I negotiate.. how much can I negotiate.. If they ask for mid 300s.. is it okay to say.. $300k flat and I'll take it? Thanks for any advice!

if i had 300k, i'd buy a house for 150k and then buy a z06 and take it to dr. lingenfelter

 

[StormRider]

You must be rich...

 

[Kenji4861]

Yea.. cost of living here is very expensive. There is no way.. we can find a house for $150k or $300k.

 

[GasX]

It all depends on your local market. Where I live, condos are selling less than a week after they go on the market at or above ask....

 

[Kenji4861]

That's another thing.. I'm not rich.. I'm probably going on 2 loans to get this place. I have about $60k saved up.. so I'm aiming for a $300k condo.

Originally posted by: StormRider
You must be rich...

 

[NutBucket]

I wouldn't touch a condo personally. But I don't see why there would be any less room to negotiate on a condo then with a house. It's all based on the market anyway.

 

[bozack]

I was going to ask if you were living in MA or CA but after checking your profile I saw it was Cali...

I know here in MA where the market is just as bad there really isn't much room for negotiation....a little more with condos and townhouses but nothing to write home about....

good luck, condo's here generally go anywhere from $275 - $700, we are currently looking at townhouses for about $400K...

 

[AlienCraft]

DudE! If you're shopping in the Bay Area, be prepared to pay a premium for the area. Your "take it or leave it" approach will not work. They will simply shelve your offer and move to someone who is motivated to buy.
Sorry, but hardball games don't work in a suppy short market, which is what the Bay Area is.
A person I know was ready to list their industrial condo for $350k. It was appraised by the buyers Bank at $500k. He took the $500k.

 

[RossMAN]

If you moved to Wyoming you could probably buy a MANSION with servants.

 

[Modeps]

always pay full price, maybe more.

 

[StageLeft]

Originally posted by: aRCeNiTe
if i had 300k, i'd buy a house for 150k and then buy a z06 and take it to dr. lingenfelter

Only if you can go back in time

You are wasting everyone's time asking them to slash $50k off a $300k condo. Most mass sellers like condos or builders will not be willing to move their price much. I know that with our house and everyone of them on the street - and even the ones elsewhere we looked at in the area - were going at asking price or 99% of it. In most areas at the moment what you see is what u pay.

 

[DBL]

It depends. Offer what you are willing to pay, although 50K off a 350k+ condo does seem a little extreme. It's defiantly not the case that you have to offer what they are asking. There are many reasons a seller may be motivated to accept a lower asking price, even in a hot market. They may want some early action and if you are one of the first buyers, it's possible they could entertain a lower price.

I'm speaking from some experience. I was able to get my condo in the NYC area (very hot market) in the summer of 2002 for 10% off asking b/c of a motivated seller. In my case, motivated meant divorce, estate sale and title problems. Needless to say, it took almost 7 months and a lot of work for my lawyer to close, although it all worked out in the end

 

[vi edit]

The historically low interest rates take away much of your bartering power. Espeically if it is a fast moving property.

 

[RichieZ]

deanza and stevens creak huh. Its gonna be expensive. I live in saratoga so ya this area is pretty expensive. Dunno about condos tho, but the house prices peaked a few months ago i heard.

 

[dxkj]

Is renting not an option anymore? 300k seems a lot to invest in a 1br condo. Move somewhere else and get a job that pays half as well, and you could still get a better place.

 

[notfred]

Originally posted by: aRCeNiTe

if i had 300k, i'd buy a house for 150k and then buy a z06 and take it to dr. lingenfelter

And you'd have a lot of fun driving very quickly around Ohio or Kansas or wherever you live that's obviously not anywhere near the SF Bay Area.

 

[Kenji4861]

Thanks guys, I'm lost as what to do.
- Want the condo, but $340~350k sounds a bit on the high side for me.. I would need to go on a double loan to get it.

Rar.. I think I have to give up on it.. and go for something I can actually put the downpayment for.

 

[vi edit]

Originally posted by: notfred

Originally posted by: aRCeNiTe

if i had 300k, i'd buy a house for 150k and then buy a z06 and take it to dr. lingenfelter

And you'd have a lot of fun driving very quickly around Ohio or Kansas or wherever you live that's obviously not anywhere near the SF Bay Area.

Hell, even Phoenix which has 3+ million has very reasonable housing. I'd have fun driving a drop top Vette around there with the savings.

 

[JulesMaximus]

I would go by what your real estate agent advises you. They usually know the market and can tell you what it will bear.

In this market in California I wouldn't expect to get anything under full asking price. A friend of mine just had his offer accepted on a house in the Seal Beach area. He offered $20k over the asking price because there were 4 other people also bidding on the place. He is paying over $900,000 for that house (4 bedroom house w/pool-nothing special). It is crazy but that's the market right now. My wife and I paid $220k for our house less than 4 years ago. We could sell it for $500k right now easily.

 

[GalvanizedYankee]

If this is your first house, I would encourage you to look into Fannie Mae, true some are in rough neighborhoods, but not all. No PMI, no impounds, low interest and 3.5% down.
Most are FHA repo's. Thats how I got started.

If that link puts you off, look at Freddie Mac also.

 

[Ameesh]

Originally posted by: RossMAN
If you moved to Wyoming you could probably buy a MANSION with servants.

yeah, but who the fvck wants to live in Wyoming?

 

[Jumpem]

Wow, and I was complaining about 1500-200 sq.ft. houses I've been looking at being in the $125-175k range.

 

[brnbngls]

I'll sell you my condo for $99,000. Course, it's in Ohio. Anyone want a condo?

 

[DBL]

Originally posted by: Jumpem
Wow, and I was complaining about 1500-200 sq.ft. houses I've been looking at being in the $125-175k range.

Heh. You could tack another 0 on the that range if you were looking for a condo/co-op in a fancy Manhattan building. I believe Trumps new building on the west side has 500 sq. ft. studios going for the mid 600's.

There was an article in the NY Times a couple of weeks ago that said a particular co-op on Park Avenue (I forget the address) will not consider a potential buyer unless they have 100+ million in net assets.