A day in the life as a real-estate speculator, part II
Published: Monday 2006-01-23.
Shame on the one who gives up, so after
last week’s defeat
we are starting afresh.
We went to some showings this weekend as well, and it was mainly one flat
that caught our attention.
It is of course located on the other side of the town compared to where I
live now, but the good thing about Oslo is that
the other side of town
isn’t very far away – according to a on-line map service the
distance from the flat we looked at to where I work is 3772 metres.
It does mean that I cannot get to work in ten minutes by bike, but it’s
not too bad.
- Sunday 22nd January, 16:50
- After having been to the showing we fax an initial bid, at the amount given in the ad, 1,660,000 Norwegian kroner, which is 140,000 kroner below what it is valued at.
- Monday 23rd January, 10:05
- The agent calls to tell us that there is another offer at 1,700,000 kroner, just 40,000 kroner above our initial offer. I say that I will call back.
- I call back to put a bid according to the strategy that we had decided on in advance, at the value price of 1,800,000 kroner.
- After having contacted the agent for an update she calls and confirms that we still have the highest bid, but that the other person in the bidding hasn’t given up yet. The bid is valid until 15:00.
- A bid at 1,820,000 kroner has come in. I wonder if they have been taking part in too many Internet auctions, where it is common that you increase by small intervals just before the end of the bidding round, so called
- We are starting to gather speed. Our competitors increase by another ridiculously small step to 1,860,000 kroner. I think it is time this ended and increase to 1,900,000 kroner at once.
- The time limit expires. The agent calls back and tells us that there is no competing bid, and that the seller has accepted our bit at 1.9 million. Finally.
Okay, so this ended somewhat more expensive than we had hoped (but not what we had thought). On the other hand it is a big flat and the one we looked at last week was lower but ended at a higher price. Just above 25,000 per square metre is not too bad in Oslo, especially not when a completely new bathroom (to be set up in February) is included in the price.
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