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Posted

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.

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Posted

[quote name='DaDude' timestamp='1366999337' post='595659814']
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.
[/quote]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.
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Posted

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.
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Posted

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

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Posted

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.
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I would actually put your offer at $190k (Like [url="http://www.neowin.net/forum/user/344880-iliketobacco/"][color="#466ea0"]ILikeTobacco[/color][/url] 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
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Posted

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.

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Posted

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

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Posted

[quote name='Xilo' timestamp='1367002921' post='595659872']
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.
[/quote]

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

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[quote name='PsYcHoKiLLa' timestamp='1367003961' post='595659882']
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.
[/quote]

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

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[quote name='Xilo' timestamp='1367002921' post='595659872']
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.
[/quote]

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.

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Posted

[quote name='Astra.Xtreme' timestamp='1367004282' post='595659892']
This. If you bid $200k right away, they will counteroffer with something higher. $180k is a good starting ground.
[/quote]

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.

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Posted

[quote name='DaDude' timestamp='1367004481' post='595659900']
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.
[/quote]

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.

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[quote name='DaDude' timestamp='1367004214' post='595659888']
Because it's close to Manhattan and Manhattan has a lot of good jobs that pay lots of money. :)
[/quote]

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.

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[quote name='DaDude' timestamp='1367004214' post='595659888']
Because it's close to Manhattan and Manhattan has a lot of good jobs that pay lots of money. :)
[/quote]

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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Posted

[quote name='Xilo' timestamp='1367002921' post='595659872']
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.
[/quote]
The downside is that it's Texas.
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Posted

[quote name='xendrome' timestamp='1367006453' post='595659936']
Lots of money required to pay for expensive bills. Move somewhere else, make less money pay for less expensive but the same stuff...
[/quote]

But salaries outside NY are so low. Not sure how much difference that would make, especially when you factor in the added cost of moving. My aunt and her kids live in Florida and their life is not any easier than mine. I don't understand why people insist that life outside NY is such glory.

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[quote name='DaDude' timestamp='1367006609' post='595659948']
But salaries outside NY are so low. Not sure how much difference that would make, especially when you factor in the added cost of moving. My aunt and her kids live in Florida and their life is not any easier than mine. I don't understand why people insist that life outside NY is such glory.
[/quote]

I live in Florida, and you can buy a 3 bedroom 2 bath house for $100K, property taxes would be about $1000 a year, and insurance about $1000 a year also. Just to give you an idea. Cost of living is also lower here, and no state income tax.
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[quote name='xendrome' timestamp='1367007562' post='595659958']
I live in Florida, and you can buy a 3 bedroom 2 bath house for $100K, property taxes would be about $1000 a year, and insurance about $1000 a year also. Just to give you an idea. Cost of living is also lower here, and no state income tax.
[/quote]

I live in Ontario Canada. I bought a 2 bedroom, 1 bathroom house (one level) for 132k. I pay ~1600 a year property taxes, and 1000$ or so insurance.

I too was :o when I read this topic, here you can get a 1 bedroom apartment for under 100k no questions. 200k gets you the 3 bedroom, 2 bathroom 3 level style houses, 250k is the 4 bedroom, 2 bath, 3 level houses.

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[quote name='xendrome' timestamp='1367007562' post='595659958']
I live in Florida, and you can buy a 3 bedroom 2 bath house for $100K, property taxes would be about $1000 a year, and insurance about $1000 a year also. Just to give you an idea. Cost of living is also lower here, and no state income tax.
[/quote]

Yes, but I grew up in NY. It's going to cost me a pretty penny to move to somewhere like Florida. And to find a good job like I do here in NY is going to be harder. I understand working for low pay and paying for less, but it's not so much the money, but the job opportunities here. There so much room to move up and advance in my career here because there's so many great jobs around.

And don't forget that here in NYC, we don't need to buy an expensive car and pay expensive gas prices. We have public transportation and while the fares aren't as cheap as they used to be, they're still pretty reasonable. And most stores are walking distance. No need to pay for any transportation to run errands.

I'm not saying that living in New York is better than Florida or vice-versa, but I'm just saying that each state has their ups and downs. You can't say living in NY is so bad while living in X state is 100% glory. That's just not true.

And please, I would like to get back to the topic here.....i.e. a 1 bedroom apartment in Queens for $200,000.00. Moving out is out of the question. NY is where I grew up, this is where my family is and this is where my career is. It is simply not worth the expense and hassle to move considering my situation.

Oh... and in case you didn't know, with houses, you have to work and pay to maintain it, you have to sweep and clean your yard, and you have to shovel in the winter when it snows. In an apartment in NYC, the maintenance workers take care of all that. Again, each has their pros and cons.

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Posted

you have to look at comparables in that neighborhood before you can have any leverage in bringing down the price. no one is going to just give you $50K off the price just for asking,unless they are desperate. If there are other similar places that sold for around $200k in the area, then maybe you'll have a leg to stand on. Do your research,and bring this info when you make an offer.

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[quote name='vcfan' timestamp='1367011771' post='595660024']
you have to look at comparables in that neighborhood before you can have any leverage in bringing down the price. no one is going to just give you $50K off the price just for asking,unless they are desperate. If there are other similar places that sold for around $200k in the area, then maybe you'll have a leg to stand on. Do your research,and bring this info when you make an offer.
[/quote]

In my neighborhood, 1 bedroom apartments are selling between $160K to $260K in my area.

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[quote name='DaDude' timestamp='1367011955' post='595660030']
In my neighborhood, 1 bedroom apartments are selling between $160K to $260K in my area.
[/quote]

then you have a case. document the square footage and all the features of the ones that have sold, then you have a lot of leverage. You have to make sure you don't start too low,or else this could **** off the seller and they wont want to speak with you anymore.

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Posted

[quote name='DaDude' timestamp='1366999337' post='595659814']
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.
[/quote]

Make your broker provide comparisons of the local area to see what prices of other similar sites started at, and what they finally sold for. Make your Realtor jump through all the hoops because they are being very well compensated for the work they are doing. ALWAYS use a Realtor to buy, even if you buy from a private party. Make sure your agent is NOT affiliated with the buyer

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Posted

[quote name='vcfan' timestamp='1367012684' post='595660052']
then you have a case. document the square footage and all the features of the ones that have sold, then you have a lot of leverage. You have to make sure you don't start too low,or else this could **** off the seller and they wont want to speak with you anymore.
[/quote]

[color=#222222]Just sold our home, and the jerk started out 80k less than we were asking. We instructed our agent to not respond. They had two more viewing, and made two more offers, which we never responded. Finally our agent wanted to counter, and we authorized 4k less than our asking price, and they accepted. We were expecting to retreat maybe 7-10k but this jerk started out by insulting us. We

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