I Will Never Pay Full Price…

I Will Never Pay Full Price…

I have known this guy for 5-6 years. He is a retired college professor. He and his wife have bought a unit in condo-hotel and live there since then.

Sufficient to say that I do not know of anyone in Daytona area, who has money and lives in the condo-hotel.

Time from time he would start talking about buying, and every time he smiles from ear to ear and tells me that this should be a deal.

And then a new listing pops up in St. Regis subdivision of Venetian Bay in New Smyrna Beach. Exclusive area of Venetian Bay, all houses are over 2,500 sq. ft., slate roof, pavers in the driveway, masonry. The house is on the lake, absolutely gorgeous. Viking appliances, and restaurant grade Viking hood… The house was originally purchased for over $600K.

They listed it at only $244,900. There have never been anything for this price in St. Regis. This is a short sale, and I explain how it works and that $244,900 may turn to be not good enough for the bank...

We made all calculations, showing him comparable houses and price psf. CMA comes to $360K.

He tells me he will call me in the morning. He is a man of his word. When he calls me he says he is ready to make an offer.

What is the offer? $175K. I tell him it is a waste if time. What would be my suggestion? Full price?

- I will never pay the full price. Are you crazy?

These imges are photos of actual house.