Barry M Salottolo
Licensed Real Estate Broker
Manhattan, Westchester, Connecticut
"Whatever you're thinking and feeling today
is creating your future"
Please, feel free to contact me for any further information and I will diligently work to satisfy your needs for the very best price.
My first floor listing took 14 month to make a deal.
Everyone said it was price. I disagreed. I got my price.
It has to be the right buyer who wants the property.
Robin Maffei, M.A.
Real Estate Salesperson, RealtorÂ®
Fenwick Keats Real Estate
New York, NY 10024
B: 212 579-6973
C: 917 613-3176
F: 212 579-0671
wants exactly what's there.
Price too high. In my opinion, this is the only reason why any property will sit, assuming it is truly on the market (ie. it is accessible, show-able, advertised properly and has no liens or encumbrances).
Every property has its market value. This exact market value is determined when a buyer and seller say, "I do". If a property isn't selling (or renting), the price needs to be lowered or the value increased (renovations added, etc.) The price/value relationship needs to be brought in line to get things moving.
There are a number of reasons why an apartment sits on the market for a long time. Very often apartments that are not priced properly will sit on the market for a long time. Additionally, there could be financing issues in the building, high maintenance and/or real estate taxes, there may not be a view, may not have a lot of light. may be too far east, could be a walk up, the apartment may be a fixer upper and most buyers don't want to buy an apartment only to gut renovate. Sometimes a seller won't budge on the price. And sometimes the photos of an apartment are not good or the apartment looks cluttered in the photos and people don't bother seeing it. When searching online everything is visual.
That said it doesn't mean the apartment has anything wrong with it. It can just be circumstances.
If I can be of any assistance to you, please feel free to contact me. I would be happy to assist you.
Licensed Real Estate Salesperson
Member of Real Estate Board of New York
646.472.7875 confidential fax
770 Lexington Avenue, 10th Floor
New York, NY 10065
The primary reason would be that it is priced too high, which indicates that the seller is not very motivated to sell or he/she is working with a broker that is not too knowledgeable. Another reason, could be that there is something wrong with the financing of the building that is making it dificult for a buyer to get a mortgage (land lease expiring soon etc.). The maintenance may be too high. Maintenance costs should be anywhere between $1.50 to $1.75 per sqft.
I hope this helped and please let me know if you have further questions.
Bond New York Properties
There can be many factors. Without knowing the property you're inquiring about it is difficult to say. Some of the real estate sites such as this one, Trulia, and Zillow, often are not updated in a timely manner. Sometimes the listing, still showing as active, has actually sold.
With that being said the most likely reason is price. Just about every apartment will sell if it is priced right. Other reasons that might keep an apartment on the market for more than 250 days are condition, lack of light, a high floor in a walkup.
If you would like to share the apartment you're referring to I will be able to give you better insight.
Please let me know if I may be of any further assistance.
LIC. Assoc. RE Broker, Sr VP
Halstead Property LLC