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#31 PhilTheThrill

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Posted 27 April 2013 - 00:18

Near Hamilton.


The wife is from Hamilton. Minus the downtown core it's splendid.


#32 OP DaDude

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Posted 27 April 2013 - 00:50

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.


I spoke to the super of the building. He's good friends with my parents. He said that their asking price (which is $245k) is way too high and overpriced. Even though it's one of the bigger 1 bedroom apartments in the building, they should not be charging more than $200k and even that's a lot, according to him. He thinks $190ish is about right.

So, there I have it. If the seller gets **** off because I won't go for his crazy asking price, then he can can just **** himself.

Oh and btw, I'm negotiating DIRECTLY with the owner. So, he's not paying any commission to an agent. So, he's retaining all the money. So, I don't see how $200k is so bad, but we'll see....

#33 OP DaDude

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Posted 13 May 2013 - 15:17

Just letting everyone know that I didn't get the apartment. The owner of said apartment bought it during 2009 when the economy was very bad, so they paid a lot of money. They're selling it at $250,000 just to break even; at least, that's what they claim.

That's really ridiculous that these people paid so much for these apartments. This agent that's a friend of my mom (who has been helping me look for an apartment) said to me that if I do buy a 1 bedroom apartment for $250,000+, the bank will not loan the entire money when I take out a mortgage because these 1 bedroom apartments are only worth around $200,000 (sometimes lower) and they will find that out during appraisal. This just goes to show how many people are rip offs when selling. I heard that my best bet is to find someone that bought their apartment long time ago since they paid less and will therefore, be more flexible when negotiating. And I believe that. My parents paid only $70,000 for their 1 bedroom apartment back in 1989.

I can't believe how hard it is to find a decent apartment due to all the greedy people in this world. Very frustrating.

#34 gameboy1977

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Posted 13 May 2013 - 15:31

Is this topic about rent or buy an apartment?

#35 OP DaDude

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Posted 13 May 2013 - 16:41

Is this topic about rent or buy an apartment?


BUY

#36 chrisj1968

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Posted 13 May 2013 - 16:55

No way is it fair. All cities have a fair market value of price per square footage.

http://www.propertys...-Price-Sqft-Map

hope this helps

#37 OP DaDude

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Posted 13 May 2013 - 17:54

No way is it fair. All cities have a fair market value of price per square footage.

http://www.propertys...-Price-Sqft-Map

hope this helps


After endless amount of research and speaking to people I know, $200,000 is more than fair for a small 1 bedroom apartment.

And according to that link, my area is around $250 per square foot. The apartment I looked at was 770 sq. ft. So, that means it's only worth $192,500. So, you've proved my point further. Rip-offs!!!!!

#38 chrisj1968

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Posted 13 May 2013 - 18:12

After endless amount of research and speaking to people I know, $200,000 is more than fair for a small 1 bedroom apartment.

And according to that link, my area is around $250 per square foot. The apartment I looked at was 770 sq. ft. So, that means it's only worth $192,500. So, you've proved my point further. Rip-offs!!!!!


that's less then my apartment condo here in MD. I'm at 995 sq feet and a 2 bedroom

#39 OP DaDude

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Posted 13 May 2013 - 18:31

that's less then my apartment condo here in MD. I'm at 995 sq feet and a 2 bedroom


2 bedrooms here in Queens sell for over $300-400k. So, of course, a 2 bedroom will cost more.

#40 +warwagon

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Posted 13 May 2013 - 18:43

I love my small town! I have zero desire to live in a big city.

#41 vcfan

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Posted 13 May 2013 - 18:43

Just letting everyone know that I didn't get the apartment. The owner of said apartment bought it during 2009 when the economy was very bad, so they paid a lot of money. They're selling it at $250,000 just to break even; at least, that's what they claim.


I would have told them its not my problem they made a ****ty real estate deal. trust me, they'll never unload that thing and will be forced to lower their price if it isn't based on market value. they need to stop being delusional.

#42 sc302

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Posted 13 May 2013 - 22:36

Just letting everyone know that I didn't get the apartment. The owner of said apartment bought it during 2009 when the economy was very bad, so they paid a lot of money. They're selling it at $250,000 just to break even; at least, that's what they claim.

That's really ridiculous that these people paid so much for these apartments. This agent that's a friend of my mom (who has been helping me look for an apartment) said to me that if I do buy a 1 bedroom apartment for $250,000+, the bank will not loan the entire money when I take out a mortgage because these 1 bedroom apartments are only worth around $200,000 (sometimes lower) and they will find that out during appraisal. This just goes to show how many people are rip offs when selling. I heard that my best bet is to find someone that bought their apartment long time ago since they paid less and will therefore, be more flexible when negotiating. And I believe that. My parents paid only $70,000 for their 1 bedroom apartment back in 1989.

I can't believe how hard it is to find a decent apartment due to all the greedy people in this world. Very frustrating.

It's not really greed from the sellers perspective, it is greed from everyone else that causes the market to bubble up and crash. If inflation were to grow at a constant steady pace on all corners we would be fine, but we are not. NY is one of those places where inflation and salary do not increase at the same rate where living is a fortune and your salary is squat.

Just as an example in order to live in a middle class area in NJ you need 60k. That 60k only covers bare necessities, no car, no cable, no TV, no nothing. Just food, heat, and electricity. The poor areas aren't too far off that number. I am barely scraping by being that I am the only money maker in my family and I have 3 children, I make somewhere between 60 and 100.

It isn't easy by any means and I can't move. If I did I would be in the same predicament as your seller is, where I would have to inflate my house so much to cover taxes and realtor fees just to be able to get 20k to put down on my next house. Inflating my house that much would be above what my house is appraised for. I bought 10 years ago in September.

I would say maybe an owner in the 15 to 20 range is where you want to be.

#43 aionaddict

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Posted 13 May 2013 - 23:05

dunno why you would ask this on a tech forum. It would be much better to do research locally. Also I wouldn't go by the square foot calculation there are many different grades of apartments.

#44 chrisj1968

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Posted 13 May 2013 - 23:12

2 bedrooms here in Queens sell for over $300-400k. So, of course, a 2 bedroom will cost more.


Got mine during the housing boom here in Maryland in 2003 for $71,000. now I'm upside down since most units only sell for $25,000 .soo... I'm $46,000 upside down. the whole ponzi-scheme was a mess. once you figure out that, most mortgages carry a mortgage insurance to give security to the lender. so sad how many people don't know about this. So all the foreclosures didn't hurt the banks one bit. then they tried to get after owners for even more money, all the while, the lender has filed and gotten the money from the mortgage insurance policy.

#45 OP DaDude

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Posted 13 May 2013 - 23:33

dunno why you would ask this on a tech forum. It would be much better to do research locally. Also I wouldn't go by the square foot calculation there are many different grades of apartments.


Yeah, square feet is futile. Like I said, a 2 bedroom apartment will cost you around $300-400K while a 1 bedroom will cost you around $200k. Even if the 1 bedroom is bigger in sq ft than the 2 bedroom one, the 2 bedroom one will still cost you significantly more. That's just the way it is here.