condo prices compared to 2008/2009

Looking at buying a condo- apartments with the same exact floorplan in building sold for 649 in 2008 and another in 2009\. What would you offer?

radavma

in Real Estate - Sales 13 years and 6 months ago

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curiositykilledthecat | 13 years and 6 months ago

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It DOES depend on the ‘hood, BHO.  In my neighborhood, prices have not dropped 15-20% since 08-09.  In fact, they have increased.  So if OP’s question were regarding a building in my area, I would suggest an increase over 09 price is not unreasonable.

funkymonkey | 13 years and 6 months ago

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can you look on streeteasy and see what comparable apartments in the building have sold for recents?

slopegirl | 13 years and 6 months ago

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I think real estate was cheaper in 2008/09\. By all acounts brooklyn market is strong right now. I don’t think $100k increase makes sense, but a slightly higher price isn’t shocking. Why not offer what you think it’s worth?

brownstoneshalfoff | 13 years and 6 months ago

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No, guys, doesn’t depend on ‘hood – that factor is cancelled out by comparing other units in same building.  Depends on floor level and exposure. All things equal, 2008-09 price makes sense.  Prices declined 15-20% since then and are now allowed to temporarily approach par as Banks have infiltrated Washington, bailed out Wall St bonuses and allowed Enron style accounting fraud. If really want to buy now and have money to burn, I say offer the 2008-09 price and be upwards flexible about halfway.  Otherwise, continue renting (if applicable), wait out the next leg down in the crash (as the effects of the bailouts and accounting fraud are slowly running out), save more cash and put more money down on a cheaper house (same monthly payment or less despite higher interest rates). Good luck! ***Bid half off peak comps***

curiositykilledthecat | 13 years and 6 months ago

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Absolutely depends on the neighborhood.

DonaldBrennan | 13 years and 6 months ago

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when you say same exact floor plan do you mean same unit line?  or is this unit in a different place on its/the floor than the “same exact units?”  If not, is the view and light and air qualities different?  would also be helpful to know which neighborhood you are talking about.

radavma | 13 years and 6 months ago

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The conditions are relatively the same, as are the finishes. It is a relatively new building, so apartments are virtually the same, give or take. They are asking 749k. Seems high— II was under the impression that the market had gone down or remained the same since 2009/2010\. Thoughts?

daveinbedstuy | 13 years and 6 months ago

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Exact floorplan doesn’t automatically mean exact same condition.  Too many variables.  What are they asking?