Santa Fe Real Estate – Buyer Process #2
Mr. Buyer and I reviewed the CMA for the downtown Santa Fe condo. Based on todays MLS research of comparable properties – NE, SE, condo, 2 bdm, 1500-2000 sqr/ft, new-30yrs, we discover that: Our favorite property had been listed two times in past two years, with multiple price reductions. Total comparable active condos, 24, 167 DOM (avg days on market), median price $594,000, $354 sqr/ft. Total Pending / under contract, $375,000 median price, 316 DOM. Total Sold past 6 months, 5, $485,000 median value, 214, DOM, $363 sqr/ft. We could tell the seller had few if any offers on his condo, it was overpriced to begin with. Then we made a call to the listing Realtor who was more than willing to share more juicy details to enhance our offer strategy. 
We prepared our offer at 10% below the median value of active listings. The offer included: price $410,000, 45 days to close, $5,000 earnest deposit, type written financial prequalification letter. Twelve hours later we had a signed counter offer from the listing agent. They had split our difference on the price. I explained to Mr. Buyer this was a deal at current market value and he actually bought into a 20% price reduction since two years ago. The Counter offer was signed, earnest monies deposited, and we had a deal pending / under contract.
Stayed Tuned for Buyer #3, The Escrow.
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