Buyers Alert: In-Building Competition Helps
A: One side effect of a cooling housing market is that there will be competition amongst property or equity owners of the same building. Depending on the 'urgency to sell' factor there could be some good buying opportunities here as sellers lower their price to get the most activity in the building.
Its one of a seller's more painful headaches. Here is how it happens:
You spend a month planning your selling strategy and renovating your apartment. You place your ads, you take your pictures, you design your showsheets, and you start the showings. A few weeks later another 1BR in your building comes on the market asking $50K less than you. And all you can think is, "...ARGHH!! Now I have to lower my price".Well you don't have to lower your price right away but you might have to at some point down the road to get a deal done. Savvy buyers should use any in-building competition to their advantage by putting pressure on the seller of the higher priced unit during negotiations.
Here are a few buildings that have some like units for sale at the same time, putting even more control into the hands of the buyers!
245 East 93rd - Astor Terrace Condo
Apt: 22A
# Beds: 1
# Baths: 1.5
Size: 967 Sq. Ft.
Price: $850,000
Marketed By: Rachel Melniker of Corcoran
Apt: 25J
# Beds: 1
# Baths: 1.5
Size: 960 Sq. Ft.
Price: $795,000
Marketed By: Sara Waisman of Elliman
301 East 79th - Continental Towers Condo
Apt: 7P
# Beds: 1
# Baths: 1
Size: 700 Sq. Ft.
Price: $765,000
Marketed By: Nancy Marshak of BrownHarrisStevens
Apt: 19D
# Beds: 1
# Baths: 1
Size: Aprox 700 Sq. Ft.
Price: $700,000
Marketed By: Angela Rapoport of Corcoran
Apt: 19E
# Beds: 1
# Baths: 1
Size: Aprox 700 Sq. Ft.
Price: $725,000
Marketed By: Angela Rapoport of Corcoran
Just a few to give you the idea. The next time you go out viewing apartments and find a building you really like, ask your broker if there are any like units for sale. If so, you may be able to negotiate a better price as the sellers compete with each other!
Comments (1)
I think another reason fees are not being paid and free months not offered is that prices have come down. Apartments are moving but part of the reason is that prices came down to a point at which they will move.
Posted by Mbt | June 3, 2010 2:13 AM