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#447674 - 09/08/15 05:26 PM Factors that may affect condo pricing
Augustus Offline
Junior Member

Registered: 09/08/15
Posts: 3
Loc: Philippines
Hello,

I just want to know the factors that may affect the pricing of a condo.

Arcasouth


Edited by Augustus (09/08/15 05:26 PM)

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#447677 - 09/09/15 12:35 AM Re: Factors that may affect condo pricing [Re: Augustus]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7660
Loc: Vermont's North-East Kingdom
Location, Age, Location, Security, Location, Square Footage, Location, Baths/Bedrooms, Location, View, Location, Schools, Location, Maintenance Staff, Location, Quality, Location, Amenities, Location, Highway/Mass Transit Access, Location, Parking, Location, Bylaws, Location, Storage, Location, Position in Complex, Location . . . . and others.

Did I mention Location ?
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#447687 - 09/09/15 09:35 AM Re: Factors that may affect condo pricing [Re: Augustus]
JohnN Offline
Member

Registered: 11/21/13
Posts: 224
Loc: Minnesota
I think you mentioned location. grin
I just ran into a situation that greatly affected the price. The building was beautiful and in a great location. The building was 88% rentals. A small group owned all the units, controlled the HOA Board and since it was their money they didn't like to hold a lot in reserves.
I had buyers that were willing to put 20-25% down and we couldn't get a bank to touch it.
The Unit ended up selling for a $40,000 discount to the first cash buyer that came along.

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#447689 - 09/09/15 09:46 AM Re: Factors that may affect condo pricing [Re: Augustus]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7660
Loc: Vermont's North-East Kingdom
I failed to mention HUD or FHA Approvals . . . . those make specific Condo Complexes more marketable and allow them to command a higher price (within the US and its Territories only, of course).
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#447691 - 09/09/15 11:04 AM Re: Factors that may affect condo pricing [Re: JohnN]
Captain Mortgage Offline
Member

Registered: 08/30/11
Posts: 169
Loc: Upland, CA
Originally Posted By: JohnN
I think you mentioned location. grin
I just ran into a situation that greatly affected the price. The building was beautiful and in a great location. The building was 88% rentals. A small group owned all the units, controlled the HOA Board and since it was their money they didn't like to hold a lot in reserves.
I had buyers that were willing to put 20-25% down and we couldn't get a bank to touch it.
The Unit ended up selling for a $40,000 discount to the first cash buyer that came along.


With 25% down a bank would only need a limited condo certification that excludes the budget and the number of owner occupied. I have to do these all the time with small complexes. When 3 people in an 11 unit association rent out their homes it becomes difficult for everyone else. What was the reason the bank gave you for not wanting the deal?

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#447698 - 09/09/15 01:38 PM Re: Factors that may affect condo pricing [Re: Captain Mortgage]
JohnN Offline
Member

Registered: 11/21/13
Posts: 224
Loc: Minnesota
It was mainly the low reserves the HOA held. The owners didn't want to have a lot of cash tied up but the banks don't want to extend a loan when the buyer could get hit with a huge bill for a new roof or other repair.
Originally Posted By: Captain Mortgage
Originally Posted By: JohnN
I think you mentioned location. grin
I just ran into a situation that greatly affected the price. The building was beautiful and in a great location. The building was 88% rentals. A small group owned all the units, controlled the HOA Board and since it was their money they didn't like to hold a lot in reserves.
I had buyers that were willing to put 20-25% down and we couldn't get a bank to touch it.
The Unit ended up selling for a $40,000 discount to the first cash buyer that came along.


With 25% down a bank would only need a limited condo certification that excludes the budget and the number of owner occupied. I have to do these all the time with small complexes. When 3 people in an 11 unit association rent out their homes it becomes difficult for everyone else. What was the reason the bank gave you for not wanting the deal?

Top
#448512 - 10/27/15 08:00 AM Re: Factors that may affect condo pricing [Re: Augustus]
jasonconferido Offline
Member

Registered: 08/15/15
Posts: 16
Loc: philippines
Aside from location, the image or reputation of the developer also affects the price of condos. If the developer is known in building luxury and quality buildings, a buyer should expect a pretty high price for this. Now, if the developer is known to build low-cost buildings, of course, the buyer can expect a pretty affordable price for a unit.

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#448515 - 10/27/15 08:51 AM Re: Factors that may affect condo pricing [Re: Augustus]
P. Donnelly Offline
Junior Member

Registered: 10/02/15
Posts: 2
Loc: Canada
Hello Augustus,

In the Asia Pacific market, it has been all about demand in Tokyo causing a hike in prices. After the yen weakened in October, thousands of Chinese buyers bought properties mostly in Tokyo, out of urban preference. This pushed up prices by 11% in just two years. But, even then, prices are still affordable compared to New York, London and Hong Kong. Therefore, prices are expected to continue to rise.

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#448726 - 11/08/15 12:25 AM Re: Factors that may affect condo pricing [Re: P. Donnelly]
MOMO Offline
Member

Registered: 03/02/13
Posts: 404
Loc: USA
HOA quarterly/monthly assessments.

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#454067 - 08/21/16 09:12 PM Re: Factors that may affect condo pricing [Re: Augustus]
goasya Offline
Member

Registered: 07/16/16
Posts: 59
Loc: Karnataka,India
Location,position of real estate cycle,interest rates,taxes,economy etc

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