Shocking Acceptance of Lowball offer

Congratulations, enjoy it & best of luck!

congrats. it's been a long time coming. enjoy.

congrats! what was the asking price? how did you spin it to the broker/sellers?

Well.....i walked away 2 wks ago saying i wasnt interested in buying anymore since i felt market was going down next year....they called this week with the matching of my lowball and if i was still interested......i told them im thinking about it...so havent formally accepted yet......

original ask in oct 08 was 705k.......

im very qualified for this building.........and sellers dont want to dilly dally with the board......

nice! but what about the green shoots and buying before prices skyrocket away from us? this doesnt jive with some of the bulls out there who predict a stock fueled price recovery

Congrats. Sounds like a great deal to me. Things have to start moving at some level...

mhillqt, that's quite a drop for that price range. what are the comps like?

If your lowball (15% or more below ask??) was accepted without any counter, then:

1) You left money on the table, or
2) The seller knows something about apt., building, hood, etc. and is eager to leave before it comes to light, or
3) Simply they needed to sell quickly at any price due to personal reasons, which reverts back to #1 above.

Any "Lowball" (your words) offer that is accepted without a counter is suspicious. If the ask was $510k, then $490k is a fair offer and may not lead to a counter, but if the ask was like $550k+, then I would question the sellers motivations.

It was priced accordingly in october 08....but then the market crashed and it just didnt move like most properties in manhattan........the 490k pricing is close to 2004 pricing from comps ive seen(although this particular line of apts doesnt have any streeteasy comps but same sq footage as other lines).......other 1 beds in the building are still listed in the 600s.....is there a way to see comps prior to 2001.....streeteasy is limited in this regard...any other sources for comps?

I would get SE to kill this thread till you close!

Congratulations, Mhillqt. That is quite a startling drop!

Why would an accepted 15% discount look suspicious? I've stopped counting the number of properties that are being offered for sale at 70% more than the amount the seller paid it for in 2005...

also, i would suggest ignoring the sour grapes comment from above. the seller agreed---you feel great about the price. don't let anyone lead you down the path of buyer's remorse.

There were numerous counters and i rejected them all.....starting in the high 500s.....

There are lots of examples of big chops. What's aptboy's problem? People needs to sell, the market is down, hello!!!

Congrats! Now be very diligent with your application package. If indeed this apartment is the "steal" that you think it is, you still have to convince the board of the co-operative that it is in the service of the building that they sell to you at this price.

ali r.
{downtown broker}

at some point buyer and seller have to meet. if your diligent, you know what you want, you know the market, you know the comps, and you love the product, and you held strong with your bid - I think you did very well! people will always tell you that you left money on table. maybe you did maybe you didnt. but in the end, you never really know.

Congrats ParkAveCutie!

Congratulations on making this big move!! Does seem like a very good price, and I'm sure you will enjoy living in your new home.

Congrats Mhillqt!

Congratulations! And please ignore the ridiculous "money on the table" suggestion. Mebbe the seller wants a timely sale, rather than top dollar, to buy a particular other place that has a timeframe ... or maybe this is the market price for that apartment. Either way, you did well if you see it through.

This looks like the place to me...

http://www.streeteasy.com/nyc/sale/367389-coop-35-park-avenue-murray-hill-new-york

Congrats Mhillqt - sounds like you played the negotiations perfectly. It's really key to let them know you're a serious buyer but hold absolutely firm on price (by that I mean the actual price you'd be willing to pay). That strategy pays off eventually, in my experience. Good luck if you decide to go through with it!

mhillqt, it may simply be that this apartment building is not in an area where young people gravitate toward. that price range is often for the first time buyer, and many would not be looking at park avenue there.

once again, great job. and you've been looking for awhile, trust your instincts. now do as p09 suggests, and ask SE to kill this thread.

apt-boy, don't be an ass.

$650 psf! Well done, Mhillqt!

Although, is it really *that* shocking?

;-)

Nice! Congrats on getting a good deal.

AR, excuse me...don't come to the playground if you can't play with the big boys...this person comes to a public board and describes details of a private transaction and then should expect to be treated with kid gloves...why was this posted in the first place? either it is a fake post or someone in the need of positive re-enforcement.

I think apt. boy is wrong anyway.

Congrats. Good deal, handy location, nice streetscape out the windows, etc.

It's a kick in the butt for the seller upstairs, for sure.

apt-boy, i have no problem keeping up with ANY of the boys. and if you don't see how you're being an ass, well, keep it up then.

hotproperty, i think so too, but still the effort is spiteful.