More Realtor Love

So, I get back from a wonderful trip to Florida, and I discover an email from the realtor selling my condo.

"Rather than try to explain the market I have sent an e-mail showing what
your competition is for the sale of your condo. The other condo on your
floor has gone under contract at a much lower price and had a fireplace,
2 garage spaces and the square footage was more by about 75 square feet.
Althou you would think they are the same floor plan, the second bedroom
is substantially larger and the kitchen area is also a few feet larger. This raises a serious issues for appraisal purposes since the comps will
now be lower than when we started with the listing. Also, the West View
apartments across the street are offering 3% towrds closing, a $25,000
reduction in sales price, and can manage the numbers for a deal for -0-
down and -0- cash to close. While some what older, the lobby is larger
with a lounge and a Internet room, and they are very aggressive in
negotiating the price down. I will leave it to you, but the numbers call
for a price reduction. Traffic has been OK but no second visits and no
phone calls frm agents to start discussions for offers. Let me know what
you think. "

Now, from what I know.

Condo unit across the hall only has one parking space. It was also bought as an investment with an ARM and now the owners can't afford it. I used to live in the high rise apartment turned condo building, and there are very few 2 bedroom units there. An "internet room"? What kind of selling point is that for a condo? I stopped going to computer labs when I graduated college. Now, included internet to the unit might be something, but that's not what it says. Parking spaces are horrible, there are fewer of them, and no guest parking.

So, I did some research on the neighborhood. I'm priced around the 40th percentile (1 being lowest) for 2 BR/2 BA condos. I'm a bit high by square footage, but not obscenely so. Since units not on the ground floor can count their alcove in square footage, but I cannot, I calculated my patio value at 1/3 the cost per square foot and added it in. I'm priced 1% above that. Well within normal offer range.

Of course, compared to where I'm looking now, the price per square foot is insane. In NoVA its around $400-$500. In Mass its $150-200.