336 accepted !!!

Quick update today.... I don't want to go into too much details yet because it's still pending financing so I won't consider it done until Monday.

Cheers

Offer Update...

Thanks everyone for your feedback. Interestingly, from all sources (comments here, email, the S2ki forum) it feels like the vote is split between take the money(or split the diff) and wait for a better offer.

I like the comment Brian, and I don't like bending from my "firm" counter offer but I'm re-countering at 336k otherwise were done for today. Keep your comments coming and I'll keep you posted.

Offer on the table... (finally a real "rant")

So after a flurry of visits (well, two more) to beat the 7 pm submission, we now have 1 offer. (Thanks Todd, for the delusions of grandeur)

As you know, our listing price was $339,900 and the initial offer was $333,000. Once the offer was presented, the agent left us to discuss the offer. We and Nick (our agent) then reviewed the recent selling prices of the similar units and noted the pluses and minuses of each unit. All of the recently sold 2bdroom units were on the 3rd floor, as opposed to our top (forth) floor unit. The prices were all around $335,000. We are now the only remaining 2 bedroom available under 400k.

Now, when I purchased the condo, I paid a $7,000 premium to be on the top floor. Now $7,000 plus the initial offer of $333k takes us over my initial asking price of $339,900. Obviously, I can't expect to recoup full value of my premium on a counter offer.

I told Nick, that based on the other sales, a premium over $335k should be set due to the difference in floor. So I picked $337k as a fair recognition of the floor premium, and showing the buyer we are willing to compromise. It was given as a final offer. The buyer then countered at $335k.

Being true to my word we rejected their counter and $335k and asked the agent to thank the buyer for her interest. I talk with Nick to ensure my rational is clear. By accepting any offer, I am precluding any offer to do better. So although the difference is $2000, I'm sacrificing my possibility of getting my asking price or better.

$2000 extra on your mortgage amortized over 25 yrs is nothing in terms of monthly payments. Of course, the same argument can be had by the buyer... is it worth not getting the place you want for $2000. The buyer owns a house and is looking to downsize and give up the chores of home ownership, and find a pet friendly building in the neighborhood.

However, $2000 in the short term, means that Julianne and i can take a vacation before the baby is due. Or buy a new bed, or two bugaboo strollers.

Even though $2000 is less than 1% of the purchase price, the entire price is really irrelevant. I could sell at $320k within a day, so lets say 320k of the price is irrelevant, thus 2000 of 15k is now 7.5% Two thousand dollars now become a much bigger piece of the pie.

So anyways, we had left the TV on the lobby cam channel. We notice the agent is standing in the entrance on her phone. Obviously she has received further instructions. Our agent's phone rings. They have come back offering to extend the duration of the offer from 9pm that night to 11am the following morning. (tomorrow)

The offer has a clause for financing approval, but the closing date matches what we've asked for in our listing.

What do you all think ???? Should i concede on my price, or see what else my come in? It was listed on Tuesday and we've done only one open house.

Open House aftermath...

So its Sunday night, and we've experienced our first weekend of open houses. It's kind of an adjustment. I didn't brush my teeth this morning because I failed to look in my sock drawer in my search for my toothbrush before I had to get out of the house today.

Anyways, the weather was excellent for November and it yielded 31 visitors on Saturday and another 21 on Sunday. Too bad I don't have a frame of reference for what is a good turn out and the expected ratio of serious shoppers versus tourists. I guess we'll find out on Tuesday if any of those visitors convert into firm offers.

Wish us luck.

Back to another car vid.... This time the next Skyline

Here's to the hope of a frantic and completely irrational bidding war. :-)

The listing is up !!! MLS# 1032013

Here we go !!!


Well after a few days of re-decluttering and re-cleaning, the condo is ready for it's first showing. Agent tour today and open house on the weekend. Let's see how Nick does with selling it now.

I like how he picked the photo with the massive tv and the primary picture for MLS.

Showdown in the Beach

So we met with our agent to list the condo on Wednesday. He informed us that another unit with the same layout as ours, except 1 floor lower (3rd) was listed on MLS for $339,900 that same day. At the time, no photos were available, so I only knew from the listing that it had hardwood floors. So we decided to list at the same price. Can you spot the differences? Also, please post your opinions.

Our Place vs. Their Place

or for the blow by blow comparison....

Living room 1


Living room 2


Kitchen


Master Bedroom


2nd Bedroom

More video diversions....

This is just like the RPM tapes, but with video.

Hmm... PS3 or Wii ??? what should i get?