How Limited Now After Uninformed Neighbor Sells Out Cheap?

The neighboring apartment to mine went on the market basically overnight around Xmas after the quiet older woman tenant of 5+ years was told to move out after an argument.

She apparently asked for a small repair, the first time in years but she was OK with the neglect to a degree as she did get it quite cheap. The apartment was in urgent need of attention and run down from neglect by the owner. So he told her to get out and he would sell it. So after a couple of days on cleaning and splashing some paint around he put it on the market. The price he asked for was below what I was hoping to get and it was the same price one sold for renovated about 2 years ago in the building. Anyway his one sold right away in the busy frenzy market here.

Another similar apartment in the area although with a few extras sold for the price I was hoping for a few months ago. My streets have so much activity and new buildings going up over last few months to add lots of value to the streets.

Both of our apartments are next to each other and very similar with top views, best in the area. I have not been in their unit but from the photos I see online and after they cleaned and painted it up I would say mine is just slightly better. Their one is not much different although mine has had proper sanding down and repainting in last few years while they seemed to do it all in a rush in a weekend.

I would like to put this apartment on the market but how much of an impact does the neighbors apartment price have over what I can ask for and expect to get?

Plus the new owner put it out for rent cheap and got tenants in days. Now my rental income could be affected by them if i decided to keep it and rent it again,. When I rented mine for previous 4 years I got a lot more than what they advertised just recently. I was hoping to meet the new owner to tell them they are renting it too cheap as people love the views and will pay more.

If they got say 300k could I try to ask for 350k?

Their sale was a rushed sale and they took the lower price. I can afford to wait a few months if required but would prefer a quick sale. The market is very strong and not much else like mine expect for ones uglier for 350 in the same area but slighter better location I guess.

I have tried to supply as much detail as possible to hope to get some advice on what price range will be accepted in a hot market, what agents will be OK with or will laugh at and what buyers will look at?

 

Having new buildings in the area increases supply, so rents stagnate (unless there is really high demand still)
Most people would prefer to reside in a newer place, in turn this makes your older unit harder to rent out.

Dont be put off though, you can always try to sell for the higher price

 

I think the rental market has picked up here a lot anyway and their unit was rented out in days just from the agents website, not even advertised on re/domain. There is a new large employer down the street to increase demand for medical and caring staff etc.

Anyway my main concern is the selling price as I have decided to sell this property to release cash for another project. What about the banks, do they place valuation limits on what they would lend for my property if they see the neighboring one sold for a lot less recently?