Belt Auction

Is this a good bidding price on a new condo?

The place was 112,200 but they drop ed it down to 102,200 so my opening bidding price is 95,500 is that good. Plus the condo is a 1yr old great condition

Public Comments

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2. How much are the condo fees. In general, I feel that condos are not good investments. They are harder to rent and sell as a general rule, repairs are harder to have done, ESPECIALLY if they are in the wall, and the condo fees make it very difficult to turn the property for rental income because the condo fee's + the mortgage payments will eat up all your profit, so what do you repair the Air Conditioner or repaint and recarpet with after a tenant moves out? We had a condo that the above neighbor was out of town and the pipe burst in the wall. The only way to get to it was from the neighbors property no one had a key for, and the condo associate fought like rabid dogs to not pay for the damages in both properties as a result. So bottom line was our poor tenant is stuck with ceiling in his sink in his kitchen for two weeks while the lawyers went back in forth on who was going to replace what and pay for who's stuff. None of this was the tenants fault, but yet he suffered. Meanwhile, there is mold growing in the ceiling, and the kitchen was unusable. A very bad situation that quite frankly, would never have happened in an apartment or a single family home. If you are going to drop that kind of jack on a place to live, get a house. Stay away from condos. The HOA fees are typically lower, and they are much easier to rent and sell (as a general rule) should you decide to leave.
3. Not good if the comps in the neighborhood are under $95 and are not selling. How many are rentals? How many are left to be sold? If you don't know the answer to these questions...you already messed up. You never, ever put an offer in on a condo based on what they have listed it for. If it was worth $112K..it would have SOLD for $112.
4. How do you know that the price is'nt really $90,000? The only way of knowing is to do a market evaluation based on sold similar properties in your area. Your Realtor should have done this for you . Otherwise you are just guessing.