[blueman]

Hi Everyone- I was hoping to gain from everyone's collective wisdom here. About two weeks ago, I looked at a very nice studio in South Norwalk. The building was nice and modern. It had plenty of parking, low common charges, and was about a 10 minute walk to Washington Street. The studio was totally renovated in a sleek modern style.

It was very small, but I know at my price point something has got to give. The asking price was 199k. The realtor seemed to think that was a bit optimistic and that 189k was a more realistic price. It's been on the market for three weeks now. It was previously renter occupied and now is sitting open after these renovations.

The million dollar question is: Is now a good time to buy? I like the studio and the location. I have a fairly reasonable rental situation now so this isn't urgent. I am wondering if the middle of winter is a better time to look for a place? Or is the ecomomy about to dive off a cliff?? It would be nice to have a place of my own- when it makes sense.......

Thanks for everyones two cent worth. CC

[Bob The Builder]

Blue

The 189k is realtor talk for "I am trying to look like I am earning my keep". Notice the cute 99, 89 stuff. Does she/he have comps to back that up? Wait till winter after you have done some homework. Also try looking at Countrywide Foreclosures (REO) Blog - Housing Bubble
The REO basket is increasing. Get on the mailing list at Free Custom Foreclosures Search -- Foreclosures By Email -- EmailForeclosures.com

If you love the place, then it might be worth it, otherwise shop till the prices drop. It amazes me how lazy some (not all) of these broker/agents are being.

There is a house in Norwalk for 318k Map of 67 Lexington Ave Norwalk, CT by MapQuest and that is just the ask. Try 189k! you can get roommates!

[Rich Lee]

Originally Posted by blueman

Hi Everyone- I was hoping to gain from everyone's collective wisdom here. About two weeks ago, I looked at a very nice studio in South Norwalk. The building was nice and modern. It had plenty of parking, low common charges, and was about a 10 minute walk to Washington Street. The studio was totally renovated in a sleek modern style.

It was very small, but I know at my price point something has got to give. The asking price was 199k. The realtor seemed to think that was a bit optimistic and that 189k was a more realistic price. It's been on the market for three weeks now. It was previously renter occupied and now is sitting open after these renovations.

The million dollar question is: Is now a good time to buy? I like the studio and the location. I have a fairly reasonable rental situation now so this isn't urgent. I am wondering if the middle of winter is a better time to look for a place? Or is the ecomomy about to dive off a cliff?? It would be nice to have a place of my own- when it makes sense.......

Thanks for everyones two cent worth. CC

I think I see the one you referenced above (98355815 - Unit 38). Unit 9 is $179,000. There are no comps for this complex during the past two years.

[blueman]

Rich- that is the one I looked condo I looked at. I couldn't find anything quite the same on zillow either. It had some at the same complex, but they were bigger units.

[shwee]

Originally Posted by Bob The Builder

Blue

The 189k is realtor talk for "I am trying to look like I am earning my keep". Notice the cute 99, 89 stuff. Does she/he have comps to back that up? Wait till winter after you have done some homework. Also try looking at Countrywide Foreclosures (REO) Blog - Housing Bubble
The REO basket is increasing. Get on the mailing list at Free Custom Foreclosures Search -- Foreclosures By Email -- EmailForeclosures.com

If you love the place, then it might be worth it, otherwise shop till the prices drop. It amazes me how lazy some (not all) of these broker/agents are being.

There is a house in Norwalk for 318k Map of 67 Lexington Ave Norwalk, CT by MapQuest and that is just the ask. Try 189k! you can get roommates!

There's a reason why that house is on the market for 318k (hint: location).

[Rich Lee]

Originally Posted by blueman

Rich- that is the one condo I looked at. I couldn't find anything quite the same on zillow either. It had some at the same complex, but they were bigger units.

Since there are no true comps, it comes down to you offering what YOU think it's worth. If you are financing, the bank's appraiser will tell you if you're financing more than its market value.

[blueman]

I think am going to try and find out how much the condo was rented for pre-renovations. It should be a helpful number to know and easy to get from the realtor.

[Bob The Builder]

Originally Posted by shwee

There's a reason why that house is on the market for 318k (hint: location).

That House is a bank REO. The 318k is a bloated asking price.

[shwee]

Originally Posted by Bob The Builder

That House is a bank REO. The 318k is a bloated asking price.

I was actually referring to the $318k asking price as being a low price for a house in Norwalk, but if you know where this particular house is located, you would understand why the number is what it is. You're probably right though... even at $318k, it is overpriced.

[blueman]

The condo was rented prior to the renovations for $1250 a month. A similar unit in the building was just rented for $1275.

I was hoping to hear poeople's opinion whether now is good time or just wait it out. Or even people's opinion on south norwalk area condos. This is about a 10 minute walk from washington street.

Thanks- CC