estate condition

same

How much below market do you offer for the estate apt?

a lot...but not too much

A question like that makes no sense. If the unit for sale is priced at twice 2007 prices, then offer 75% less. If it is priced 20% below 2007 prices and in line with comps for apts needing renovation, then you offer close to asking.

There are not formulas when it comes to bidding. You have to do the hard work to figure out the comparables and then where the unit you are interested in fits price wise. The asking price has little if anything to do with the value you determine the place is worth. Once you decide what it is worth in your view, only then do you develop a negotiating strategy that necessarily takes into account the seller's starting point.

for a question that makes no sense...

I am not sure it is worth the pain and headache of renovating in a market whereby you can buy renovated product on the cheap....

Better to wait and but of for a lot less...

you offer 400 psf lower -- 300 psf for the renovation cost and 100 psf for the aggravation of having to do it.

So if the apt is priced at 400 psf after all the projected corrections in the bubble play out, then you should offer to take it for free.

Of course if it is in the hinterland and it costs $50k to begin with, then you should just take it and accidentally set fire to it. Roast chestnuts and file for insurance

"How much below market do you offer for the estate apt?"

Why should any seller take below market?

Because "estate condition" generally means the apartment hasn't been touched since 1965 and would require an immediate gutting.

NYCMatt: 30yrs_RE's point is that "market" rate for an estate apartment is exactly what the apartment is worth on the market in its current condition. You, on the other hand, are reading the question as being essentially, how much less is an estate condition apartment worth than a comparable apartment that is in move-in condition. It was the inartful wording of the original post that 30yrs_RE is pointing out. Something, by definition cannot be worth less than market since the market is set by what it is worth. Get it? It's a tautological thing. Oy. This thread is more effort than it is worth, isn't it CC & 30yrs? Let's be done here. Next.