What should I offer?

8 friggin' months!

We really don't have enough info to provide a reasoned offer, but if you wanna play with this for fun--

And assuming you don't love it to pieces and are willing to lose it--

I would offer $610,000 and see what they say. If you want it bad, $650,000.

Often when apts sit for months and months you have a seller who doesn't really need to sell. Sometimes if you wait long enough, the market road will rise up to meet you, like in the old Irish blessing.

I'm not sure we're on that road anymore, though.

All the best to you! Let us know how it goes, OK?

{Manhattan real estate agent.}

Thanks. Since they've dropped the price 3 times so far, my thinking was they wanted to sell -- although the last price drop was back in May. Since the place still hasn't moved since May, I was thinking it was because:
a) no one has been interested enough to make an offer
b) the seller has received offers but is unwilling to take anything below a price their wedded to

I'm trying to think of a number which isn't insulting and will generate at least a serious counter.

Thanks again for your thoughts!

Are there any comps from 2005? It may be difficult to tell condition, but if there are a couple you may have your offering price. They, of course, may not take it, but it should be in the ballpark and not insulting.

The seller might be looking at a loss if s/he goes any lower on the price. Many sellers can't stomach the prospect of taking a loss. You might try chatting up the broker or doing a little side research, if the place has closed in the past five years or so, to see what the seller paid for it. You might be able to negotiate other concessions if the seller won't negotiate down any further.

I can't find any comps from 2005 unfortunately. That's the trouble.

I have seen estimates among commentators in the media that prices have dropped 20-25% from the peak (mid-2007) which would mean a range of $570,000 to $608,000 using the sale of $760,000 in July 2007.

I just found out that the unit last sold in 2005 to the current sellers for $675,000 (equal to their current asking price) so clearly the sellers have already factored in a loss on their investment once commissions and other costs are factored in.

If you really feel you want it perhaps offer 625k rather than 610k & decide you won't spend more than 650k?