Home Buying in New York>Question Details

John, Home Buyer in 10010

What are the common reasons for a property to be on the market for > 250 days? I am looking at a 1 br office/1 bath condo like that in UES.

Asked by John, 10010 Wed Apr 11, 2012

Help the community by answering this question:

Answers

18
Not sure where you saw the listing--however it could be that it was never updated, could be pricing, location, condition, not easily accessible for showings, poor marketing, etc.
1 vote Thank Flag Link Wed Apr 11, 2012
Price is probably too high. In the great scheme of real estate the buyer really sets the price. Buyers pay what the home is worth to them

Barry M Salottolo
Licensed Real Estate Broker
Manhattan, Westchester, Connecticut
Cell: 914-310-2930
"Whatever you're thinking and feeling today
is creating your future"
http://www.allpointsluxuryhomes.com/
1 vote Thank Flag Link Wed Apr 11, 2012
It could be many reasons, but most of the cases is because the property is overpriced. It could be the monthly cost is too high, there is a tenant and does let showing for potential buyers. Maybe the rent is not upgraded or even there is a problem in the documentation of the property.
Please, feel free to contact me for any further information and I will diligently work to satisfy your needs for the very best price.

Best Regards,
Manhattan-Spaces
Vera Aricha
917-378-9673
0 votes Thank Flag Link Wed Apr 11, 2012
Most Likely Priced Too High! If you do find this property you will most likely run into a difficult seller who is holding out for an unattainable number. Good Luck!!!
0 votes Thank Flag Link Wed Apr 11, 2012
Please call me for assistance. My name is Kevin and I can be reached at 212-714-1027. I have some nice condos on the upper east side that are availalle for rent.
0 votes Thank Flag Link Wed Apr 11, 2012
It's priced too high. They can make many excuses but the bottom line is, it's priced too high!
0 votes Thank Flag Link Wed Apr 11, 2012
First Floor!
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, Realtor®
Professional Organizer
Fenwick Keats Real Estate
2244 Broadway
New York, NY 10024
B: 212 579-6973
C: 917 613-3176
F: 212 579-0671
rmaffei@FKRealEstate.com
http://www.FKRealEstate.com

wants exactly what's there.
0 votes Thank Flag Link Wed Apr 11, 2012
A couple of years ago, the reason may have been buyer caution, difficulty in financing, etc.. but in most communities the majority of those issues have resolved, so it really comes down to pricing. If a property is priced correctly, it will sell quickly.
0 votes Thank Flag Link Wed Apr 11, 2012
It's usually over priced or undermarketed.
0 votes Thank Flag Link Wed Apr 11, 2012
The most common reason an apartment sits on the market for a long time is the price is too high other factors may include location, financing (down payment requirement by the board), condition and also showing accomodation.
0 votes Thank Flag Link Wed Apr 11, 2012
The short answer, PRICE....that being said, you should be able to find another property which is properly priced, go for that one!
0 votes Thank Flag Link Wed Apr 11, 2012
There are a lot of reasons why a property will sit on the market for a long time. (1) The property is overpriced and is not getting traffic. (2) The property is not being marketed properly by the broker and/or seller. (3) Undesirable features such as high maintenance per square foot, bad light/lack of views, and the poor condition of the property could also make it a tougher sell. Renovated apartments that are priced properly almost always sell faster than similar unrenovated units.
0 votes Thank Flag Link Wed Apr 11, 2012
Hi John,

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.
0 votes Thank Flag Link Wed Apr 11, 2012
Dear John,

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.

Ross Ellis
Licensed Real Estate Salesperson
Member of Real Estate Board of New York
Halstead Property
212.317.7828 direct
646.472.7875 confidential fax
770 Lexington Avenue, 10th Floor
New York, NY 10065
rellis@halstead.com
0 votes Thank Flag Link Wed Apr 11, 2012
Reasons include priced too high, issues with showing (perhaps tenanted), title problems, mortgage clearing issues on seller part.
Weimin
http://www.castle-avenue.com
0 votes Thank Flag Link Wed Apr 11, 2012
Hi, It could be many factors. Typically pricing is a big one but marketing is another main factor. If the property isn't getting the right exposure it can sit. The other obvious would be condition, location, monthly maint., stubborn seller, etc.

Chris
0 votes Thank Flag Link Wed Apr 11, 2012
Good morning John,

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.
Thank you,
Sergio
Bond New York Properties
0 votes Thank Flag Link Wed Apr 11, 2012
John,
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.

Marilyn Mayers
LIC. Assoc. RE Broker, Sr VP
Halstead Property LLC
0 votes Thank Flag Link Wed Apr 11, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer