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#1 DaDude

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Posted 26 April 2013 - 18:02

I'm looking to move out of my parents house and buy a Co-op. My parents live in Queens, New York. The part of Queens we live is Woodside. I would like to buy a Co-op apartment in that neighborhood so I'm not too far from my family. Many 1 bedroom apartments are available for around $220k-250k. I'm looking to negotiate and have them knock their price down to $200k. Is that too unreasonable or is what I'm offering fair? I would like to know if there's a good chance they'll accept my offer. If it's not a fair price, what's a good price to offer?

Thanks.


#2 ILikeTobacco

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Posted 26 April 2013 - 18:15

I'm looking to move out of my parents house and buy a Co-op. My parents live in Queens, New York. The part of Queens we live is Woodside. I would like to buy a Co-op apartment in that neighborhood so I'm not too far from my family. Many 1 bedroom apartments are available for around $220k-250k. I'm looking to negotiate and have them knock their price down to $200k. Is that too unreasonable or is what I'm offering fair? I would like to know if there's a good chance they'll accept my offer. If it's not a fair price, what's a good price to offer?

Thanks.

Sounds like a fair price IMO. If prices are posted at $220-$250, it is because they expect to have to negotiate. Gives them more room to negotiate and still profit.

#3 +Zag L.

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Posted 26 April 2013 - 18:17

Can't hurt to offer low. All they can do is say no. Most likely they will come back with another number they would consider giving you an opportunity to counter offer.

#4 HawkMan

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Posted 26 April 2013 - 18:53

people still sell at below asking price over there...

#5 Xilo

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Posted 26 April 2013 - 19:02

Holy crap that's expensive. How do people stand living in such extremely pricey cities? $200k here can get you a nice 2000+ sqft 4 bedroom home.

#6 Head of Tech Geek and More

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Posted 26 April 2013 - 19:12

I would actually put your offer at $190k (Like ILikeTobacco said) they will probably give you a counter offer. If they just say no to the offer and don't give you a counter, then you can just say "OK now how about $200k". You know they have room to move , make sure you give yourself room to move on the offer as well. Never start with what you hope/want/wish......

Good Luck

#7 PsYcHoKiLLa

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Posted 26 April 2013 - 19:19

Yup, I was going to say, make your first offer around $180,000 then work your way up so they think they've hooked you. Law of bidding, always start low.

#8 +Nik L

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Posted 26 April 2013 - 19:23

Yup, having sold 4 places now, I always have them listed at a price that factors in downward negotiation.

#9 OP DaDude

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Posted 26 April 2013 - 19:23

Holy crap that's expensive. How do people stand living in such extremely pricey cities? $200k here can get you a nice 2000+ sqft 4 bedroom home.


Because it's close to Manhattan and Manhattan has a lot of good jobs that pay lots of money. :)

#10 Astra.Xtreme

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Posted 26 April 2013 - 19:24

Yup, I was going to say, make your first offer around $180,000 then work your way up so they think they've hooked you. Law of bidding, always start low.


This. If you bid $200k right away, they will counteroffer with something higher. $180k is a good starting ground.

#11 crazzy88ss

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Posted 26 April 2013 - 19:26

Holy crap that's expensive. How do people stand living in such extremely pricey cities? $200k here can get you a nice 2000+ sqft 4 bedroom home.


Dude, welcome to real estate across the country.

$200k gets you a 2 bd condo at most where I live. Most 3 bd homes start at $350k+ and they're 60 years old.

#12 OP DaDude

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Posted 26 April 2013 - 19:28

This. If you bid $200k right away, they will counteroffer with something higher. $180k is a good starting ground.


The apartment I'm looking to get is priced at $245k. Wouldn't $180k be too low? It's only 73% of the asking price. I'm afraid they may look at me like I'm nuts.

#13 Astra.Xtreme

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Posted 26 April 2013 - 19:46

The apartment I'm looking to get is priced at $245k. Wouldn't $180k be too low? It's only 73% of the asking price. I'm afraid they may look at me like I'm nuts.


It also depends on how long it's been on the market. If it's been up for close to a year or more, then I think $180k is a perfectly reasonable starting point. If it's been up for a few weeks, then yeah they might think it's a lowball offer. Regardless of any of that, if you want a place for $200k, you'll have to start your offer at something around $180k no matter what.

#14 Deihmos

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Posted 26 April 2013 - 20:00

Because it's close to Manhattan and Manhattan has a lot of good jobs that pay lots of money. :)


I was about to say the same thing. Also in NY you can get by just fine without owning a vehicle and the city is full of culture.

#15 xendrome

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Posted 26 April 2013 - 20:00

Because it's close to Manhattan and Manhattan has a lot of good jobs that pay lots of money. :)


Lots of money required to pay for expensive bills. Move somewhere else, make less money pay for less expensive but the same stuff...



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