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Updated over 5 years ago,
Condo unit priced higher than comps, what should I offer?
We are looking at STR condos in Hawaii, and really like a 1 bed/1 bath partial ocean view unit recently remodeled, offered for 500K. The agent pulled comps from the same resort, and the 6 1 bed/1 bath units sold in the past year sold for an average of 400K. The one unit that matches the same square footage and same view sold for 409K. The listing agent says the resort just paid an assessment and the unit was just remodeled, and the owner wants to recoup those costs. I get it, but pricing the unit 100K over other units does not seem sustainable. I was considering offering 450K, but even that seems high. There is no rental history available as the resort just completed construction, according to the listing agent, but I was able to search listings in VRBO to see that it would pencil out at 450K. Advice?