What to do when "Price Firm" is above market price?

[Rachel N.]

I'm eyeing an investment property in a condo complex where the price per square foot sales in the past 3-6 months (and there are several) all range from $89-$109, with the average being about $99/square foot. However, there's one for sale now, owned by an LLC asking $30,000 more than what they paid for it two years ago, with a price per square foot of $119. The MLS description says "PRICE FIRM." It does not include any major upgrades to justify this - average bathroom, laminate floors, etc. Should I ask my realtor to put in an offer anyway, closer to what the recent comps bear out? Or have her contact their realtor and say look, we don't want to waste your time, but we'll put in a formal offer if they decide to be more realistic about their pricing? How have you dealt with "price firm" listings?

[Sara K.]

Also, Rachel, if you're up for it, we should chat. We're in the same area and I believe you're relatively new to REI, as am I. My husband and I just closed on our first rental last week.