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Old 02-06-2010, 08:59 AM
 
12 posts, read 14,738 times
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How much below list price would be good to generally maker for an offer on a condo, assuming I'm paying cash?

Thanks
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Old 02-06-2010, 02:58 PM
 
Location: Here and there, you decide.
11,008 posts, read 21,904,246 times
Reputation: 3487
umm.. most are still going for ABOVE list if its in a desirable area. 5% above for condos 7-10 for townhomes and 10% and up for homes... if you tell the agent, you are going to lowball, he'll put one offer in and won't work with you.. there are bidding wars on the good stuff.. and at your price range, you are fighting with investors.. so below list.. very very doubtful.. have to run the comps in the specific area.
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Old 02-06-2010, 04:58 PM
 
Location: Rockport Texas from El Paso
2,601 posts, read 7,120,652 times
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Fine if that's the case - then put the money in an undervalued stock and rent for a year. MOST but not all of the evidence points to lower prices over the next year or two. So if you have $80k cash and the condo is asking $80k perhaps in a year you will have 95K and the condo will be at $75k Not an unreasonable assumption.
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Old 02-06-2010, 05:36 PM
 
Location: Here and there, you decide.
11,008 posts, read 21,904,246 times
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of course, you could put the 80k in stock and in a years time.. lose 25k and not be able to buy... just saying it can go both ways.. especially in this economy.
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Old 02-06-2010, 05:52 PM
 
17 posts, read 34,434 times
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I am looking to buy also ....Good question topdawg. We were going to try to ofeer just a bit below 2 to 3%. Now not sure if we should. Can someone tell me WHAT is the difference between a condo and a townhome?
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Old 02-06-2010, 06:45 PM
 
Location: Here and there, you decide.
11,008 posts, read 21,904,246 times
Reputation: 3487
Quote:
Originally Posted by ruuruu View Post
I am looking to buy also ....Good question topdawg. We were going to try to ofeer just a bit below 2 to 3%. Now not sure if we should. Can someone tell me WHAT is the difference between a condo and a townhome?
http://www.ideal-realty.com/townhome-condo-FAQ.htm (broken link)

Last edited by scirocco22; 02-06-2010 at 07:12 PM.. Reason: please refrain from copy-and-pasting especially when no source is cited, even then there could be copyright issues.
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Old 02-06-2010, 08:16 PM
 
Location: Green Valley
383 posts, read 713,477 times
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Thanks airics I was wondering that too. Good info.
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Old 02-07-2010, 09:35 AM
 
17 posts, read 34,434 times
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Thanks for the info Airics. Now my question would be............. What are advantages / disadvantages of owning townhome versus a condo? Sounds to me like if you want more freedom from maintanance and everyday ownership "worries". That the condo is the way to go as the association covers more??????
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Old 02-07-2010, 06:20 PM
 
1,357 posts, read 2,684,003 times
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Neither one of you buyers has specified if you are looking at typical/normal sales or repo's? It's hard to answer your question correctly without that info. If you are talking a typical sale, I am finding offers being accepted anywhere from 2% to 10% below asking price. I just spent some time this morning going through the Clark County Assessors website researching the homes that have sold recently in the area I intend to buy in and they were all running in this percentile.
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Old 02-07-2010, 08:55 PM
 
Location: Here and there, you decide.
11,008 posts, read 21,904,246 times
Reputation: 3487
what areas are you looking in at the numbers.. if you are seeing a multitude of sales below list, you are not looking in the best of areas...
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