How low to offer on condos

Wouldn't how much to offer have to be based on how close the asking price is to fair market value? Surely you don't think there is some magic percentage below asking price that is the rule of thumb for every condo being offered by a sponsor in Manhattan?

It depends on how unrealistic the asking price is. For example, Park West Village asking prices are ridiculously unrealistic (and the sponsor/broker knows it). I mentioned it to them and was told to "make an offer, any offer because they realize it is high and they will be VERY negotiable" I would offer MUCH less there. Other apartment asking prices may be more realistic.

Because asking prices are all over the board, there is NO magic percentage you can use for your first bid. It is still somewhat of a buyer's market, so do not worry about insulting the seller. If they say no, then you can always offer more.

whatever % gets you fairly close to the rental comp.

Look at how much inventory is in the building and in the area and use that to assist your point of view, and to assist your negotiations.

You don't need a broker if you are going to a new condo development. One way or another, the fee for the broker will come from you. Get the recent prices of apts in the development from SE and weigh it against how much remaining inventory there is. Offer some percentage below the most severe discount the developer has closed at. As the developer needs to get rid of last inventory, they will mark down prices even more and that will be the comp in the building. Look at buildings like the Harrison. Resales can't compete with the discounts that the developer is offering.

I just saw an apartment with an asking price of 1.025 million without any price decrease from the broker. It was on the mkt for several months. It just sold for 812,500. That is over a 20% discount to the asking price. In other cases, I have seen only a 4-5% discount. So, again, it depends on how realistic the asking price is. I agree that you should look at comparable sales in the building, monthly maintenance, building financials, inventory on the market and determine what YOU THINK the apartment is worth. Then determine your asking price. Do NOT LET OTHERS bully you into offering more than you think the apartment is worth.