How much negotiating room after 103 days for a Chicago condo?

T

testTheCreek

First-time buyer
First time doing this, and I’m deciding whether to offer below asking on a Chicago condo or wait for another reduction. The market looks split: renovated places move quickly, while dated ones sit and take cuts. In the $1,120,000–$1,680,000 range, I’m seeing roughly 103 days on market. Buildings with a clear insurance picture also seem to move differently. How much weight would you give those 103 days versus condition and price per square metre? Recent completed sales would be especially useful, including cases where the final price departed from the public asking history.
 
I would negotiate, but 103 days does not produce an automatic discount. Find out when the last price cut happened. A seller sitting for 103 days at one price may behave very differently from one who reduced substantially last week.
 
Which neighbourhoods are you grouping together, and are these otherwise comparable condos? At that price, crossing even a few neighbourhood boundaries can change the comparison. Floor, view, parking, outdoor space, monthly charges and renovation quality can also make price per square metre misleading.
 
For completed sales, match the subject property against units that closed recently, then reconstruct each listing’s asking sequence and total market time. Do not compare only the original ask with the closing price; the price immediately before contract is often the more useful negotiating reference.
 
Also investigate withdrawn and relisted stock. A displayed 103 days may not tell the whole story if a property disappeared and returned. Conversely, a genuinely new listing should not be treated as stale merely because a similar unit in the building sat.
 
Buyer financing matters here. Before choosing an aggressive number, determine whether the building and unit work for your lender and whether insurance uncertainty affects that. A lower price is not much help if financing cannot proceed on acceptable terms.
 
The pattern of cuts may reveal more than the total days. Small repeated reductions can suggest a seller still chasing the market, while one decisive cut may indicate they have reached the level they intend to defend. Neither proves motivation, but it helps frame the offer.
 
Following up on the comparability issue: is the condo renovated, partly updated or a full project? And does your price-per-square-metre figure include spaces such as parking or storage inconsistently across listings? Those details could explain much of the spread you are seeing.
 
The ideal outcome is a renovated condo that needs little immediate work, but the obstacle is knowing whether buyers value that particular renovation. New finishes can be highly personal, and a polished kitchen does not correct an awkward layout or unresolved building issue.

Was the work permitted and documented, and do comparable completed sales show a premium for similarly renovated units? If not, I would separate the value of the underlying condo from the seller's claimed renovation premium before deciding how much to offer.
 
What does “clear answer on insurance” mean in these listings: the building’s coverage, claims history, the buyer’s own policy, or all three? Sellers may answer one part while leaving another unresolved. Put the specific questions in writing rather than relying on a general assurance.
 
That insurance distinction also affects negotiating tactics. If the uncertainty could delay financing, I would resolve it before spending energy debating a small price difference. If the answers are satisfactory, stronger financing preparation may let you negotiate price without making every other term equally difficult.
 
Watch new-listing volume while you negotiate. If several genuinely comparable units are arriving, waiting or offering firmly becomes easier. If apparent inventory is mostly withdrawn, relisted or materially inferior stock, the seller may have more leverage than the headline days suggest.
 
For a dated unit, estimate the work separately instead of subtracting a vague “renovation discount.” Include the inconvenience and uncertainty you personally attach to the project. Another buyer may accept the condition, so the resulting offer is your limit, not necessarily an objective market adjustment.
 
I would ask why each reduction happened and whether the seller has a timing constraint, without assuming the answer will be disclosed. A vacant property, occupied home and unit tied to another purchase can produce different responses to the same offer after 103 days.
 
One caution with public asking histories: even when you know the closing price, you usually cannot infer every term that moved value between the parties. Credits, included items or repair arrangements may not be obvious. Use completed prices as evidence, not as a perfect transcript of the deal.
 
Grace’s neighbourhood question is central. Draw a tight area around the property, but also note where buyers might reasonably substitute another location. A boundary that matters to buyers can make a nearby sale less comparable than a slightly older sale within the same micro-area.
 
I don’t think 103 days alone is strong leverage if the condo was badly overpriced for most of that period and has only just reached a credible level. The current competition and current price matter more than time accumulated under an unrealistic ask.
 
Price per square metre is useful as a screening tool, not a valuation by itself. Keep the unit conversion consistent, then adjust your interpretation for floor plan efficiency, fees, condition and included spaces. Two equal-sized condos can have very different usable layouts.
 
A simple comparison sheet would help: original ask, each cut and date, active days including known relistings, closing price, condition, building, fees, parking, financing concerns and insurance answers. Mark uncertain fields rather than filling gaps with assumptions.
 
Once that sheet is built, I’d choose an offer from the closest completed sales and the property’s actual defects, not from a standard percentage below ask. Is parking included in the $1,120,000–$1,680,000 comparisons? At this level, inconsistent treatment of extras could distort the entire range.
 
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