As you know the offer of $120,000.00 was rejected by the sellers of the co-op… the realtor said that the owners didn’t want to go that low… well, I just looked at the MLS and there are currently three units that are exactly the same size (2 bed, 1 bath) … one is listed at $140,000 the other, at $139,000.00 and the last one is listed at $129,000.00 but alas, with these needing ALL CASH… please tell me which buyer that is in the market for a 900 sqft condo has $129,000.00 in cash ?
My guess is that in 3 months, these units will start to move… in the range of $100k - 110k… then, after another 3 months, I think the stubborn sellers are going to finally give up… and start moving these things at under $100k… which is the only real chance for anyone to come up with in that price range and range of home, etc…
Anyway, yes its true, I am bitter that the offer was rejected, but… I still see pure logic in my thinking here… so, we will see what happens.
ManDrake
One Comment
Oh yeah,
Things are coming down my friend. It’s no time to flip even if you get an excellent price daily depreciation of R/E is eating away at your profits.
Now if you can buy and cashflow on a property that’s the WINNER. Can’t on those condos quite yet under 100 maybe.
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