2016 May 9th

“Paying More” Is Not The Same as “Overpaying” When it Comes to Hoboken Condos

“But the Comps are Lower” is a Common Complaint

jpeg-houseWe recently helped a young couple find their dream home.  It had nearly every feature they wanted, was in terrific condition, near the PATH and it was within their stated price range.  Home-run!  They made a full-price offer and (as in almost all instances of this nature nowadays) there were multiple offers and Highest-and-Best bids were requested.  We recommended to this couple that they bid an amount over asking (for simplicity, let’s call it $50K.)  They were taken aback and pointed out to me that the unit was fairly priced in comparison to other recently closed sales and that offering $50K over asking seemed excessive.  I tried to explain to them that there are several factors why it was not:

 

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