What The Price For Emerald Park Condo?

Condo on the market for years, so how low can we offer?

• My husband and I are looking to be first time homebuyers. Two years ago, we looked at a condo, but decided due to the uncertainty of possibly moving, to hold off on buying. Now that we're likely sticking around, we've found that that same condo is still available and are wondering how low to offer, and generally if it seems like a good investment, which we think, for us, it is. About the Condo -It's 1 of 11 rowhouse style condos. From what I can tell on MLS sites, there's anywhere from 3-6 units available. They are all the same layout, just with different finishes. -It's new construction (well, 2007), and at least two units are not yet completed, meaning we could pick the finishes, but model includes like hardwood floors, stainless steel appliances, washer, dryer, 1 car garage for list price -Over 1600 square feet -3 bedroom plus den, all with plush carpet -1 & 1/2 bath -Balcony on main level with patio on lower level -Open concept -Low condo fees Over two years ago, they were asking $155,000. Now listed for $129,000. It's in a "condo cul-de-sac" I'll call it with multiple complexes of different styled units. Maybe 50 separate garden unit condos (850 sq feet for about $50,000), maybe 20 town home units (1000 sq feet for about $100,000). All of them are new construction and/or completely remodeled units in the last 5-10 years. The rest of the neighborhood is mixed of older apartments and million dollar homes on the lake, those being within just a few blocks of the development. It is a 5-7 minute drive to downtown (jump right on highway, take an exit, and on your way to the Capitol) where we both work, but a commuter bike path, which we would both rather use, is right in sight as well. A bus line runs nearby throught the city, as well. The whole "cul-de-sac" has actually been owned by the city housing authorIty after an owner from out of town couldn't do it. Rent is ridiculous downtown, so we figure if we buy a brand new condo this close to downtown and have a lower payment than rent, it's worth it. We know condos can be tough to sell (obviously as evidenced by these still being on the market) but the size, construction, layout, and location really are perfect for us. We honestly think we could live here 10 years and figure even if it does take awhile to sell years down the road, we could live with the location and start a family with plenty of room, and keep saving to build our dream home. Truly, I've done research, and can't figure out why they haven't sold. It's not our absolute perfect location (industrial park meets older big box stores) but half a mile up is the main highway through the city and a mile the other way is a newer shopping center with restaurants, grocery, and other businesses. So the big question, how much should we offer? Being that they were built in 2007/2008, with multiple units still available, could we go in really low? Does the fact that the city owns it now help us or hurt us in terms of getting a great offer? Would love any advice you've got!

• Answer:

  Get a buyer's agent. They will get paid out of the commission the seller has already agreed to pay and so it will not cost you anything. The buyer agent will represent you and be able to tell you why that condo hasn't sold and why you might want to stay away from it or buy it. They will also tell you what it's market value is currently (so you know what to offer). Use a local competent, experienced loan officer.