Opening 10% below asking on a $545,000 New York condo

I

iris_shore

Seller
Established
The problem is not choosing a discount; it is putting a price on the unknowns. I’m looking at a New York condo listed for $545,000 that has spent 45 days on the market. The condition suggests work will be required, yet the evidence I have is mostly current listings rather than reliable completed sales.

I’m thinking of opening at $490,500, which is 10% under the list price, backed by clear financing evidence and flexibility over the closing date. I can accept a rejection, but I do not want to soften the protections that limit my deposit exposure or leave me carrying an unpriced appraisal gap. Would you justify the figure by referring briefly to condition and the thin sales evidence, then deal with repair credits only after inspection?
 
The number itself isn’t automatically insulting. The presentation matters: show financing proof, emphasise the flexible closing date, and describe the offer as reflecting condition and the limited completed-sale evidence rather than as a judgment on the seller’s expectations.

I would keep inspection and financing protections. Also be very clear about when your deposit becomes exposed and what happens if the appraisal is low. A strong offer does not have to mean absorbing every unknown.
 
Before settling on 10%, can you establish whether the 45 days includes a relisting or price change? I’d also want to know the monthly condo charges, any proposed assessments, and whether “updating” is cosmetic or potentially more substantial.

Seller motivation matters too. Someone prioritising timing may value your flexible date, while someone with no urgency may simply reject $490,500. Completed sales in the same building would be much more useful than nearby asking prices.
 
That’s helpful. The 10% isn’t meant to be justified by the updating alone; it’s mainly my way of pricing uncertainty until I have better completed comparables and more information about the condo and building.

I’ll ask for the listing history, relevant completed sales and assessment information before submitting. I’ll include financing proof and flexibility on timing, but keep inspection, financing and appraisal protections. For the response deadline, I’m leaning toward something clear but not artificially rushed.
 
I’d actually avoid a detailed defence of every dollar. A long rationale can invite an argument over your assumptions. Submit a clean $490,500 offer, briefly mention condition and comparable sales, then let the seller counter.

I also wouldn’t request repair credits in advance for hypothetical issues. Keep the inspection protection, investigate first, and address material findings afterward. The seller may accept a lower price but resist an open-ended expectation of further reductions.
 
One more caveat: an aggressive response deadline may antagonise the seller more than the 10% discount, especially after 45 days when there is no obvious competing deadline. Give them a defined period, but make it credible for the circumstances.

Before signing, have the New York contract language explained to you, particularly the financing and appraisal provisions, inspection rights, and the point at which the deposit could be at risk. If the seller counters, compare the extra price with any requested contingency waiver rather than negotiating price in isolation.
 
You must log in or register to reply here.
Back
Top