does this sound like a reasonable offer on a townhouse? (Richmond Heights: renting, HOA fees) - Cleveland - Ohio (OH) - City-Data Forum

ohiobuyer · 04-28-2011, 12:54 PM

Husband and I just made an offer on a townhouse in a newish development on the West side. The comps weren't that helpful, as they were all over the place (180s to 330s). The home we made an offer on is priced at 249,900 and has been on the market for 112 days. We offered at 223,000, thinking we'd go up from there.

The seller counter-offered with 237,000. This would be a good price to us, except that the HOA fee is $250/month, which is very high compared to nearby developments, so we're factoring that in to the price we're willing to pay. So we countered the counter-offer with 229,000, and really don't want to go any higher, not only because of the HOA's but also because there is another home we like that is currently priced at 229,000.

We're first time home buyers so keep second-guessing ourselves. Are we being unreasonable or do our offers sound fair? Looking at the comps, homes are selling for about 91% of listing, so we're right around there with 229,000. On the other hand, the listing price is below that of others in the development so it's already priced well.

Because the offer is in, we feel pretty invested and would love to live in this townhome. But on the other hand, there are other nice places out there with lower HOA's, so we don't feel as though we must get this house and only this house.

todd72173 · 04-28-2011, 08:47 PM

ofcourse it is reasonable, however that does not matter. what matters is how much you can afford and live comfortably. dont matter comps, whatever. if its too much for you, walk away. $250/month is alot so better keep that in mind and it will only go up to. Does it come with a pool, gym, other services? only u can decide this. Im guessing you are bidding with the developer? if so, developers wont come down. its take it or leave it.

Clevelander17 · 04-29-2011, 08:18 AM

I think that's fair, especially if you have other options. Sellers have to be reasonable in this market.

Offsetdude · 04-29-2011, 08:26 AM

If you want to pay $230,000 for something you are basically renting, yeah, I guess it sounds okay.

Cleveland_Collector · 04-29-2011, 09:45 AM

^You and the cactus guy should really get together, offset.

$229,000 is probably reasonable, based on no other information. It is definitely a buyer's market right now and you're within 10% of the asking price. I'll guarantee you that your offer is at least tempting to the seller. Stand firm and let it soak in. If they pass, so be it.

Treeman1 · 04-29-2011, 09:59 AM

$230,000 sounds high, even in new developments like Battery Park. If you can afford it, then go for it; however, you can probably get a place on the westside for a fifth of that price within a few blocks (including tax credits, buyer incentives)

ohiobuyer · 04-29-2011, 12:00 PM

We got a second counter offer of 235,000 (even though we said 229,000 was our final offer). I'm feeling like we're not getting a good deal anymore, so I think it's time to pull the plug and look elsewhere. I thought the sellers would be more motivated and realize that there's a lot of competition from other units on the market. We really liked this place, but it's far from the only place we can imagine ourselves living in.

lisa12230 · 04-30-2011, 08:43 AM

Quote:

Originally Posted by ohiobuyer

We got a second counter offer of 235,000 (even though we said 229,000 was our final offer). I'm feeling like we're not getting a good deal anymore, so I think it's time to pull the plug and look elsewhere. I thought the sellers would be more motivated and realize that there's a lot of competition from other units on the market. We really liked this place, but it's far from the only place we can imagine ourselves living in.

In my personal opinon I think you were smart to step outta that deal...You can get sooo much more in a townhouse for a heck of a lot less then that...Plus those HOA fees will go up...I thought that was just too high....Are you stuck on the Westside???? because Richmond Heights has some very nice condo's and townhomes as well....

ohiobuyer · 04-30-2011, 10:05 AM

We are stuck on the Westside. The sellers aren't as motivated as they'd originally claimed, so yeah, we're going to walk away. Don't know if they'll get the buyer that they're looking for, but it's not our problem anymore.

lisa12230 · 04-30-2011, 10:31 AM

Quote:

Originally Posted by ohiobuyer

We are stuck on the Westside. The sellers aren't as motivated as they'd originally claimed, so yeah, we're going to walk away. Don't know if they'll get the buyer that they're looking for, but it's not our problem anymore.

good for u...