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There's a chance you'll run into this with several buyers in a row-- I'd never pay over appraisal for a house. I'd find a new house. Its like paying more than sticker for a car...anything happens, you're underwater on the loan.
Not necessarily true at all. In a rising or rapidly rising market, it takes time for the closed sales to catch up to the current market. The comparable sales may be 6 months old (i.e. from last winter vs. this spring....i.e. a whole new year)
So let's say you are a buyer. You can buy this one for $302,500 or find a similar unit that quite probably could cost even more.
I only saw one comparable sale noted here. Is it the most recent sale, are there other sales on the appraisal that are also similar sold recently and sold for less than $300K? One sale does not make a market, but if it is the most similar it should probably be given the most weight.
I am just wondering why anyone would buy an apartment. LOL
Can only rent them in my area. Have had apartment complexes become condo complexes and the units are sold as condos not apartments.
So is there a difference?
Rent here in DC is insanely expensive, 1 bedrooms run from $1700 and up, no utilities included. My total payment per month is about $1500, all utillities included, pool, maintenance, etc, so it's cheaper and I get tax benefits from it. Not to mention I got property taxes waved off for the first five years. Too good of a deal to pass up on.
I am just wondering why anyone would buy an apartment. LOL
Can only rent them in my area. Have had apartment complexes become condo complexes and the units are sold as condos not apartments.
So is there a difference?
Millions of people buy apartments. See NYC, Chicago, Miami, San Francisco, etc.
Quote:
Originally Posted by DomRep
Rent here in DC is insanely expensive, 1 bedrooms run from $1700 and up, no utilities included. My total payment per month is about $1500, all utillities included, pool, maintenance, etc, so it's cheaper and I get tax benefits from it. Not to mention I got property taxes waved off for the first five years. Too good of a deal to pass up on.
Millions of people buy apartments. See NYC, Chicago, Miami, San Francisco, etc.
Congrats! Smart move!
I guess I am not familiar with people buying apartments. Here in Southern California people rent them. I don't know of any building owners that would sell them. You can check with every building around here and unless you are buying the entire building you would not be buying the apartment.
I have seen former apartment complexes turned into condo complexes. The condos are sold to individuals. In one complex years ago a former renter bought her one bedroom unit. At first not many people wanted them because they considered them to be apartments. It is like the terminology is not liked well out here. To explain further, growing up it always seemed that those living in apartments were less successful then those that live in a house or condo.
I guess it is all about what is common in a given area.
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Probably
