What should i offer for a 1.1 million co-op thats been on the market for over a year?

Question

the apartment is on a very desirable street and the best zipcode in NY city. but it does need work, probably about 100K worth. i would have to live there during construction because i cant float two places at once. i qualify for the mortgage etc. but it would be a great part of my monthly income. trying to determine what a good offer would be given the current market. seller is not living there. any thoughts appreciated. thank you.

Answer 1

Get a realtor to do a market evaluation on it.  They will get some comparables in the area that have sold recently and that will give you a good idea of what this one is really worth.  Then offer $150,000 less than that.  That's a lot of money worth of work on ANY place.  It sounds trashed and maybe you should offer even less.  If prices are decreasing in NY, take that into consideration as well.  You don't want to get into the place and have it depreciate even more so you are upside down in your loan.  I have a house in CA that depreciated so much it's worth less than my loan.  But if this place is in a highly desireable neighborhood, you probably won't have too much of a depreciation problem because the perceived value is there and that's what counts.

Answer 2

Housing prices have gone down around the country but not as much in New York, but prices in San Francisco have gone down by 30%!  So you may want to start at 30% off the asking price and do your research.  It's all about figuring out what the seller will accept.  Good luck and welcome to NY (unless you're already here, then just good luck)