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September 24, 2009
Getting into Desirable Condo
So, after losing a bid for a condo and being priced out of another one in the same complex (which is still for sale but holding out for $50k more to cover their renovations) I am at a loss. I love the layout and location of this one condo complex (and the HOA fees can’t be beat). In this market, I was thinking that people may be simply holding off on selling their places, waiting to see when the upturn begins. It is likely that other units in the condo complex may be considering selling, but are waiting for the right moment and may be afraid there are no buyers out there for them.
Would it be completely insane, and creepy to make a little flyer and say “If you are considering selling your condo, please be in touch. We are a couple pre-approved for a mortgage and are seriously interested in purchasing in your complex this fall. We’ve lived in the neighborhood for years and are waiting for the right opportunity to join your community. Please be in touch if you’d like more information (insert email address and phone #).”
Not sure if there’s a way to track down the main contact information for the HOA board, which might be another way to go about this and find out. Otherwise, we’d be slipping flyers under doors.
I know, not quite the usual way to go about it – but given the economic climate – we could be waiting for a long, long time to get into one of these condos.
What do you think?
Comments
Don't get the shortage of condos thing these days... but back in the day people used to do the note under the door all the time. Why not?
Posted by: denton at September 24, 2009 2:18 PM
Note: Not a new "luxury condo" it's an older one, with a great layout - hard to find these days!
Posted by: bklyn11238 at September 24, 2009 2:32 PM
Older established ones are much fewer compared to new construction. Current owners will hold out far longer as many do not have to sell now. I would look at a local agent instead. You don't have to pay them as the sellers do.
Don't forget to do your own search (NYTimes, etc) for FSBO.
Posted by: crimsonson at September 24, 2009 3:13 PM
Why not post the note? It's not creepy - the squeaky wheel gets the grease, as they say...
Posted by: Ghostnote at September 24, 2009 3:27 PM
i've seen sane letters and insane letters.
90% will think you're creepy, but one might be a hit.
you never know and worth a try, imo.
i mean, what's the risk? (if it were a coop with an important future interview it'd be a bit different.)
Posted by: antidope at September 24, 2009 3:37 PM
Is there a doorman??? They are the best source, especially when you tip them.
that's how I got my first one.
Posted by: daveinbedstuy at September 24, 2009 3:48 PM
No doorman, unfortunately.
I've been obsessively checking NY times, streeteasy, craigslist, corcoran, prudential, BHS, Aguayo Heubner and any others I can find and I guess I'm still hung up on our first lost bid. Fell in love with the place.
In addition, not seeing many new and good options for 2br coops or condos. A few great coops, but all with fees over $600+ so those are out for us financially.
Posted by: bklyn11238 at September 24, 2009 3:52 PM
by all means, do it, it's a great idea. try to find a way to remind potential sellers that they will not have to pay a 6% broker commission. You are basically offering someone a 6% price bump over fair value. This is worth anyone's time, and the brokers have been making money for nothing for too long. The price comps are right there, so you don't need a pro to tell you what the right price is. Have you thought of simply mailing a flyer? you know the address and the apartment numbers already -- you don't need to actually slip something under the door (which is a little creepy)
better advice though: keep your powder dry. more good stuff is coming along. you will love again.
Posted by: joe_the_bummer at September 24, 2009 4:14 PM
If it's actually a condo, you can go onto the department of finance website and do a search on each unit number and get the registered owners addresses. You could then write a personal note to the owner/s of units that you're interested in and send it via UPS. I'm pretty sure that's how brokers do it.
Posted by: bohuma at September 24, 2009 4:36 PM
Make that USPS.
Posted by: bohuma at September 24, 2009 4:37 PM
Try the superintendant then.
Posted by: daveinbedstuy at September 25, 2009 8:29 AM
it's hard to move on once you've fallen in love with a place, but don't stop looking at other places-- love can strike twice. There are brownstones and limestones in 11238 that have been converted to condos which are lovely. neighbors of mine had put their floor-thru with a yard up for sale, > $300 mo. maintenance, but took it off the market after lack of interest, because they didn't need to sell.
Posted by: blowfish at September 25, 2009 2:23 PM
Thanks blowfish and all for your advice.
Hey, I'd be interested to know about that floor-thru with a yard! Our second favorite apartment went into contract yesterday (and had a backyard) so I'd love to check theirs out if it's reasonable! It seems to me, if people are looking to sell in Clinton Hill - now's the time! There is VERY little inventory out there, outside of the Clinton Hill Coops and luxury condos, so anything they'd post for sale would be of great interest. People are ready to buy, there's just not much out there in Clinton Hill!
I sent out the letters today, we'll see what happens!
Posted by: bklyn11238 at September 25, 2009 2:35 PM
I don't know why you wouldn't do that. If not you, someone else. You have nothing to be embarrassed about. I read once, in respect to propositioning homes that are in the early stages of foreclosure, to have some cheap postcards made on brightly covered stock and mail them to the houses you are interested in. I can't speak for whether or not this works but what do you have to lose - $20 or so dollars?
I say go for it!!!
Posted by: StuyHtshome at September 25, 2009 8:12 PM
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