I mentioned recently that my spouse and I are looking into buying an investment property. Specifically, a condo. Well, this week 2 other condos with the same square footage and layout, only 2 doors down from the one we’re considering, came on the market. The asking price on each of these condos is 25% more. Hmmm. The descriptions don’t make either sound like they have a fabulous gourmet kitchen or spa bath. So what gives. They are in the same types of buildings, monthly Association fees are the same, location is the same, parking situation is the same. We’re looking at both of them tomorrow, so I’ll know conclusively then what specifically is different. But something just seems fishy. Did the new sellers get bad advice from their agents on pricing? Are the new sellers just too optimistic about their property market values? The condo we looked at has been sitting for 6 months and actually shows very nicely. And still hasn’t sold, even with a significantly lower listing price. Now I’m ticked that these two other condos may make it difficult for me to negotiate a better price on the one that has been sitting.
Stay tuned for more info tomorrow.