DanielSun 7 Report post Posted October 11, 2012 I found a seller in a Condo Apartment complex, usually when units are the same in the building, it's very easy to compare prices. But strange thing is, 2 units were sold 7 and 6 months ago at $92,000, but another 2 were sold 3 months ago at $150,000. I've checked for upgrades or if they have larger space, but nothing. They are similar in size. Same building. HUGE spread. I even suspect someone is trying to high jack the price lol... I think that I can sell the unit at $140k, seeing how the recent prices are so high, but there is another unit priced at $130. Deal? no Deal? Share this post Link to post Share on other sites
DanielSun 7 Report post Posted October 11, 2012 i saw a couple "private" deals posted online, where the Realtor promise to 'rebate' the buyer cash money once the deal closes, I suspect that's one way they jack up the price, especially if they have few listings in the same area. Share this post Link to post Share on other sites
MichaelC 160 Report post Posted October 11, 2012 There must be a reason why similar properties have such disimilar prices. Foreclosure? Short sale? Repairs needed?Is it a deal? It can be, but you first need to know the realistic fair market value of the property. Any chance the homeowner has some a recent appraisal or some insights into the other properties in the complex? Share this post Link to post Share on other sites
wildwestinvest! 19 Report post Posted October 11, 2012 2 sold in the depths of winter for cheap, 2 sold during july (top month for homes sales) for a lot. I remember July this year, I was pretty stoked for buying too. Just telling you want I see from the outside. I want to know what the difference in interiors is. very nice places without work go for top dollar, beat up places need a discount to justify the work that needs to be done. Call the realtors that sold it and ask them about the properties. Knowing the condition of the other units is going to clear up the mysteries. Share this post Link to post Share on other sites
<Steve> 82 Report post Posted October 11, 2012 I agree. I see some people just wanting to get out of the condo or town house and will sell it for what they owe, and others want full retail. Bank market control with foreclosures and short sales, priced below true market, have screwed up everything especially in dense multi-family housing. Share this post Link to post Share on other sites
DanielSun 7 Report post Posted October 12, 2012 I booked an appointment this evening to see it, if the interior is very nice then i will make a go at it. since i already got 3 or 4 buyers in the area. This must be the cheapest area in the city, our average home price is $480k, Share this post Link to post Share on other sites
MichaelC 160 Report post Posted October 12, 2012 Good. That'll be the only way to see what's what with the unit, and whether or not it's worth pursuing. Share this post Link to post Share on other sites
DanielSun 7 Report post Posted October 15, 2012 I went to see it, man the building itself is worse than i imagined. It's not clean, and i saw a few people who look like criminals lol. Turns out the owner is a Realtor who can't sell his own home...the irony lolbut the condo itself is amazingly nice for the price, it's definitely worth 140k and more, but i hesitated because of the neighborhood. There are 3 more condos on sale in the same building, and although i am sure this is a better one, i just don't know if i can sell it. Since it's not too far, i might try post a few signs and see, but i am not going to sign this up. Share this post Link to post Share on other sites
MichaelC 160 Report post Posted October 16, 2012 The area will be a bigger factor than you expect, Daniel. The old adage in real estate: buy the worst house in the best neighborhood. This one sounds like just the opposite. The fact that the Agent has been unable to move his own property is noteworthy. Unless you can get this property at a rock bottom price, don't bother. Share this post Link to post Share on other sites
DanielSun 7 Report post Posted October 16, 2012 a lady who is on government disability support called to see if i have any rent to own, i mentioned this place, and she is really excited. She wants to live there by herself ---$1400/mo. 3 bedrooms apartment by herself. How much does government pay them? Maybe i should just go break my leg and retire. Share this post Link to post Share on other sites
MichaelC 160 Report post Posted October 16, 2012 How much does the Government pay? Only one way to know for sure: contact the federal agency that handles such matters. Maybe i should just go break my leg and retire. My Uncle Tony specializes in breaking legs, as a matter of fact. If you're serious, please PM me for details. Share this post Link to post Share on other sites
<Steve> 82 Report post Posted October 16, 2012 Maybe i should just go break my leg and retire. My Uncle Tony specializes in breaking legs, as a matter of fact. If you're serious, please PM me for details. . . .Badda bing, Badda boom Share this post Link to post Share on other sites
DanielSun 7 Report post Posted October 17, 2012 I am not happy about how our government spend tax dollars. anyways,I passed the lady to the owner, we will see how it goes. Share this post Link to post Share on other sites
MichaelC 160 Report post Posted October 17, 2012 I am not happy about how our government spend tax dollars. Hehe. You'd have a hell of a hard time believing what goes on south of your border, Daniel. Share this post Link to post Share on other sites
DanielSun 7 Report post Posted October 18, 2012 it didn't work out. On another note, I was contacted by another owner today. I was expecting him to call. Why? Because I emailed his FSBO ad. He probably paid $300 to $1000 for that Ad. His property was over priced. How do I know? Because the house is worth about $400k at most, he is selling it for 1.2 million. LOL he categorized it as an income property, single family, monthly total rent income: (drum roll) ...... $1684. Share this post Link to post Share on other sites
