Friday, April 21, 2006

Follow-up on the Condo I DIDN'T Buy

Remember that other condo I made an offer on, where I thought I was so smart for making a lowball offer? The original asking price was $240k, I offered $175k. The seller countered at $195k, then I backed out and later saw it relisted for $210k.
I just checked and a deal closed on April 6th for $172,500. I guess the seller realized he'd better take the money and run. And the person who bought it was even smarter than me!

9 comments:

TADollar said...

Not necessarily smarter, but timing was on their side. Seems like the seller held out for better offers and then got nothing. So the seller lost in this case, since he could have gotten your $175K!

mapgirl said...

The seller really lost out since he could have had your money a lot sooner, so he lost on the time-value of money front as well.

I had no idea you could buy a studio in NYC for so little. Equivalent units are priced about the same in DC and Northern VA.

Anonymous said...

Please do a follow up on why condos are priced that low in NYC. Thought they were in the $1 million range.

Madame X said...

This condo was a very small one-bedroom in Brooklyn, in a kind of sketchy building on a major road with lots of traffic. It's right on the verge of a semi-desolate industrial area, and though it had a fabulous skyline view and was very close to the subway, its location was not ideal and it needed some renovation. Definitely on the bottom end of the real estate market, not a million dollar pad.

IRA said...

Okay...I'm glad that the seller didn't accept your offer. Then I'd be constantly worried that one of my favorite bloggers was lying in a ditch somewhere. I hope your new pad is in a safer neighborhood.

James L said...

i'm glad you didn't buy it. i did not like the building either. the seller/broker got a good price for it, since he "helped" someone sell another unit in the same building for 106k a year ago.

Empty Spaces Inc. said...

since you haven't bought the condo, are you still looking for another one or are you going to lay low for awhile. if so, what are you going to do with the cash you got from the sale of your stock.

Madame X said...

James-- yes, the seller still managed to get about twice what he paid for it, if I remember correctly!
Empty Spaces-- I am in the process of buying a different condo and will be closing sometime over the summer.

optioned unarmed said...

Your $175K lowball probably helped to break in the seller, helping lower his expectations. If if weren't for you introducing him to reality with your lowball offer, he might have turned down the $172,500 that he finally got.

I'm a fan of lowballing as a form of activism and seller education. (but i also believe in keeping one's commitments, so don't do activism lowballing unless you are prepared to buy!)