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Tania Hopkins,  in Williston Park, NY

Need advice from Kips Bay Experts!

Asked by Tania Hopkins, Williston Park, NY Fri Sep 30, 2011

Listing my brother's coop in Kips Bay 1BR, !BA, all updated. What advice could you NYC experts provide me in trying to sell this for him? Average list price, avg sales price, avg broker fee, DOM, trends, etc...any and all advice is welcomed.

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Also check or property shark; Federal Anti Trust Laws, prohibit avg broker fee discussions outside the confines of your broker owner's office, hefty individual and corporation penalties apply, and possibly jail time....
0 votes Thank Flag Link Fri Sep 30, 2011
Hi Tania,

The best help you can give your brother would be to hire or help him hire a Manhattan broker and receive a referral fee. Manhattan is unique in the real estate universe. I had to help my brother and sister recently to sell our parent's house in Westchester. Although I grew up there and knew the neighborhood I don't practice suburban real estate. We hired a local broker. I can tell you everything is different there. We don't have termites and inspections, lockboxes or lawn signs. We have board packages and know how to scrutinize a buyers financial qualifications. There is nothing worse then a board turn down.

The price your brother gets is a function of the marketing he chooses. Feel free to call me. I have sold numerous coops throughout Manhattan including Kips Bay/Gramercy

Mitchell Hall, Associate Broker
The Corcoran Group
Web Reference:
1 vote Thank Flag Link Fri Sep 30, 2011
Mitchell Hall, Real Estate Pro in New York, NY
Hi Tanya. I would have to agree with Mitchell Hall in the thought to hire a New York broker. Take the referral fee but use a broker in the city. The exposure you'll get will bring plenty of interest and your ability to show may be limited. It makes good sense.
0 votes Thank Flag Link Fri Sep 30, 2011
Property Shark is the best website for comps - you may need an advanced account (ie paid) to get the best info. Broker fees are negotiable - but it's important that you select one who is professional and operates with integrity. Most are, despite the bad rap we get :) However, if you want to save on the brokerage fee, big time, and still get professional representation, give me a call or shoot me an email. I can offer a 1% listing fee. Steven Kopstein, SKNY Real Estate, 917-414-3653. Smaller firm - with all the tools needed to get the job done.
Web Reference:
0 votes Thank Flag Link Fri Sep 30, 2011
Note that I am ending my day on Saturday in Douglaston if you would want to meet and discuss the ins and outs...
Bond New York
0 votes Thank Flag Link Fri Sep 30, 2011
Hi Tania:
Critical is having access to the Manhattan Broker Website for all the detailed information regarding comps. This would also provide all the commission splits and the like for units in the building for the buyer's broker, and the surrounding neighborhood. Critical as well is the extensive advertising that is done in Manhattan that is not done is Queens and Long Island. We pay for advertising everywhere (NYTimes etc), and there really are no office exclusives like there are out there. We absolutely follow our REBNY membership agreements. The other problem that you may face is that if you are listing through a fee service we will probably show your property last as there are too many variables in that scenario here in Manhattan, and too much inventory on the market. Queens and Long Island have a lot of little real estate agencies that can't survive here due to the sophistication of the market, but survive quite well there. Be aware of that as deals move quickly, efficiently and you must be totally above board. I work both sides of the river and it is night and day how business is done. I always take a deep breath when dealing east of the river as you never know what you are going to get when it comes to agents' professionalism. That is not saying all agents are great here either, but you can't survive if you are not a professional agent here in Manhattan and follow the rules. I hope that helps. Kelly Killian Bond New York 954-675-9915
0 votes Thank Flag Link Fri Sep 30, 2011
When listing anything for family I would strongly urge you to get an actual desktop appraisal done prior to doing your comp search. It brings an expert opinion into the transaction that may help balance out his concerns of leaving money on the table or setting correct expectations irrespective of your opinion.
0 votes Thank Flag Link Fri Sep 30, 2011
Hi Tania,

I strongly recommend you refer the sale to an agent who operates in the neighborhood and receive a referral fee.

I have been a resident of Murray Hill for over 15 years and specialize in that neighborhood. If you wish, we can chat over the phone to discuss details.

Anoop Punjabi
City Connections Realty Inc.,
(917) 972-6009
0 votes Thank Flag Link Fri Sep 30, 2011
Hi Tania,

Research is key. Your best bet is to take a look at the REBNY and OLR database to see comparable sales, amenities, turnover, etc.

If you give me a call, I would be happy to help!

Best regards,
Bruno Navarro

Bruno J. Navarro
Licensed Real Estate Salesperson
BOND New York Properties, LLC
1776 Broadway, 19th Floor
New York, NY 10019
212.804.8948 mobile
270.675.9195 fax
0 votes Thank Flag Link Fri Sep 30, 2011
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