best and final

it's anyone's best guess. But final consideration also includes things other than the $ amount - like timing to close, % financing required, etc. so if you know you're a super strong buyer, you probably don't have to big up that much. And vice versa is true too if you're a weak buyer.

If it's a 3 br in prime Manhattan, I'm guessing there will be a lot of competition - not a lot of 3BR's in that range. It is impossible to guess what will happen though. It could go for your 30K over ask bid (you could be the highest already with no real competition), or it could go for 100 over if it was priced way below market to drum up business. We went 30K over ask for a 3 BR in Brooklyn and finished behind at least 4 people a year ago. We also sold a house in 2004 after a b&f - there were only two final offers and one did not budge - the other went $25K up and didn;t really need to. So, I say go to a price you would be happy to get the place for and not above - in other words don't let a broker stir you into a frenzy with unsubstantiated rumors of "lot of interest." On the bright side, if you get it you will likely never find out what the next bid was, so you won;t regret going that high. Good luck - it is a stressful situation.

The very thought of paying $30K over ask right now is galling. You should leave your price where it is. If you lose the deal, count your lucky stars. If you win, make sure to punch your broker in the eye for not helping you to suss out what the real competitive dynamics were.

The idea that this is a buyer's market is misguided. Unfortunately, bidding wars for good apartments are becoming more frequent again.

The idea that this is not a buyer's market is pure fiction.

It all depends on the apartment. There have to be some smart sellers out there that price their apt at or below its value in an effort to sell it quickly and stir up competition. Sadly enough, a 3BR for 1.35 million is a rarity in Manhattan. Therefore, unless the place is a dump or tiny, there will be a lot of people interested. Sure there are plenty of places that will go for below ask, but that is because they are not priced properly. Assuming everything will go below ask is just silly.

Yeah, OK. But that does not mean it is not a buyer's market. If something is priced below market and is bid up, that does not mean it is a seller's market. I never assumed that everything would go below ask. I said that paying 2.5% above ask should be enough. You should read posts more closely so as not to make silly pronouncements.

depending on the location and apartment, if it is underpriced it could go for 100k over asking. it is anyones guess. b&f is a stressful practice especially if you do not want to lose the apartment. you have no opportunity to counteroffer.

just some followup, we raised our bid by 100K (this apartment was undervalued) and we lost out to an even higher bidder.

Looks like your rec. of 2.5% didn't get the job done (not by a long shot), so maybe you should give better advice before posting instead of telling people to read your posts more closely. Your advice was based on your own negative feelings about the market and not about the stats of the apt.

there are many apartments (2-3 bedroom) out there at low prices. Realtors don't want anyone to know about them....My friend bought a 2 bedroom for 750k on 83st...no doorman but it's an elevator bldg. and a great bldg.

no doorman is a serious negative for most

In response to post beginning with "Looks like..."

I am not negative about market. I am in contract to buy now. Just know the potential issues with paying over ask, unless the apartment has been seriously underpriced. Its a bad feeling winning a bid over ask and not knowing the price you needed to be at to win. That's all. Never claimed to be omniscient. Apparently, you are very good at reading other's minds and not just their posts.