Comp Q

DING DING DING ----------Today's winner of the ODDEST POST OF THE DAY

Now, some may be asking why I didn't say dumbest post, but this crosses over into the territory of the exotic and hard to fathom human who apparently has enough wherewithal to buy a habitation unit but ..but...is flumoxed by some basic issues.

To answer the question put -- oops, can I first ask: is the view different; does one unit have bed bugs and the other not?; is one in the basement and one on the ground floor?

Nice to win something, I guess. Is it really a dumb Q? One is on the 9th floor and one is on the 10th. Otherwise, no difference in the apartments.

Honestly, yes. Based on the facts given it seems to be a very good comp. Why wouldn't it be?..was a reason given

unless they try to argue sponsor pricing was done on some different basis....but..that doesnt make too much sense to me

I think that it is absolutely a comp. The real estate agent told my husband that we shouldn't consider it as a comp. I don't know his reason. I will speak with him tomorrow, but wanted to make sure that I wasn't crazy or that there wasn't a peculiarity about it being a sponsor unit.

Maybe I can win a prize tomorrow too!

good luck!....come back tomorrow and ask this esteemed panel if it is a good time to buy, or if it is better to rent or buy?...

pssss pssssss.... I already know my advice... but wait till tomorrow to hear it again...

Hahaha, but I don't have to ask because I know the answer. Unfortunately, I am not the only vote in my household. My husband doesn't want to live in a rental because he wants to decorate/customize. Our current apartment is something out of architectural digest, but that's easy to do when you have a very small apartment.

Not to pry, but does your husband spend inordinate amounts of time running around with decorators?....

Is the agent very attractive? I find beautiful people get away with saying the stupidest things sometimes.

That's a nice way of looking at it maly. I was worried that the agent was ratcheting the rhetoric down to the perceived sophistication of the client.

Jim, no decorators needed. He has plenty of his own ideas. I'm the one who runs around with him to look at fabric, paper, trimmings and furnishing. I'm very lucky because we have the same taste and I don't even have to think about it.

E71, don't let anyone piss on your leg and tell you it's raining. Off course it's a comp, and the best: same layout, same building, same line, recent. It doesn't get any better than that.

"don't let anyone piss on your leg and tell you it's raining"

We were talking about Architectural Digest and decorating, and then..then..the rhetoric took a downward shift. I think maly meant to say something with allusions to high fashion, or exotic sports cars.

Welcome back to Earth!

it should be considered as a comp, but what is usually not considered is the extra cost of closing on the unit. that can add up to an additional 2% of sales price.

ab, I agree that the transer tax and other fees of buying a sponsor unit can sway by the 2% you mentioned...but really, in this market, who is paying that anyway?

Please do share the reasoning the broker offers as to why it is not a comp. It may be enlightening...or it may be worth a laugh. Please do update this one. Thanks

Update. I spoke with my broker today and he said that this (read original post) was the position of the selling broker. He agrees that it is a comp and isn't sure why the selling broker said that it wasn't. Anyhow, the selling broker has capitulated and has convinced the seller to counter with something that is 5% higher than the comp. My original offer was 3% above the comp. The original asking price was 25% higher than the comp.

Oh, JSE, do I win a prize today?

Actually you get a snowball in the eye.

WHY in the WORLD would you offer higher than the comp? Don't you know itz a deleveraging world.

So the answer to "Why is this not a comp?" is "because that makes me a saaad panda :("

Yes, yes, but husband is getting very tired of looking and doesn't want to rent something. He'd rather pay a little more and be done with it. I'd rather not invest in real estate, but he wants a home. For some people, it's just that simple. Although circumstances can always change, we'll likely be in the apartment until we retire, so we're in it for the long-term.

E71, as a buyer why do you need a broker? it seems your is not very useful at all

have noticed in my building that the sponsor sales went for somewhat higher prices than similar units. (It's a coop). Have to think it's because the sponsor can sell the unit without purchaser having to get board approval.