Bidding Bonanza

It’s a beautiful day to buy some real estate here in Boston.  Let’s see if anyone is interested in taking my money.  I have prepared an offer for Waltham Street Property #2, and it will go in later today.  I will see two others today as well.  One on Pembroke Street, listed at $938.20 a foot.  Not having seen the space I am guessing this aggressive price per foot is based on location – Pembroke is premier.  I will also visit a small one bed on Dwight Street.  My old neighborhood is lovely, and at $864. a foot I suspect it is in rough shape.

Bid . Dammit . Bid

Bid . Dammit . Bid

The asking price is low, a tactic some brokers use to drive traffic. Once the bids start rolling in they count on the fact that people hate to lose which will tender offers well above asking and beyond reason. Money is falling out of people’s pockets faster than Broker’s and Seller’s can pick it up – or is it?  These are interesting times.  While it seems like it is all in the Sellers favor, that is not necessarily the case.  They have needs and commitments to.  Where will they go next, is this sale holding up the purchase of another, one can’t be too sure.  Whether out of over zealousness or a desire to take advantage, many may be arriving at the inspection phase with a lengthy list of deducts intended to bring the property back into the realm of reason.  While it is certainly the buyers right to say no and start the process over, it’s emotionally exhausting to do that.  The property gets a mark against it, perhaps it isn’t black, just charcoal grey but suspicion is cast on it none the less – must be something wrong….and at the very least time is wasted.  What the value of that time is to the buyer, we cannot know.  It’s a game of cards.  You’ve got to know when to hold ’em and when to fold ’em.  Kenny Rogers knew what he was talking about.  Maybe I could borrow him for this next round of negotiations.  I’ve been told I wear my feelings..not on my sleeve but all over my face.  Good thing I won’t be handing it in in person.

Wish me luck.

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