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Mary Ann Tso…,  in East Harlem, New York,...

Marketing condos in Manhattan

Asked by Mary Ann Tsourounakis, East Harlem, New York, NY Sat Jan 22, 2011

I have a terrific listing and want to move it as quickly as possible in East Harlem. This fully furnished property has not had any activity. Any ideas of what I can add to get this going?

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17
in my experience, with everything else being the same, smaller properties tend to have a higher per sqft price, i.e., it's an inverse relationship. Marilyn, i don't believe your analysis is quite right.
1 vote Thank Flag Link Sun Jan 23, 2011
Mary Ann

I took a look at your listing and I have to say the first place you can make major improvements to start attracting buyers would be the photos. Investing in a professional photo shoot with slight staging will do wonders.

Good luck.

Oggi Kashi
Paragon Real Estate Group
Web Reference: http://www.oggikashi.com/
1 vote Thank Flag Link Sat Jan 22, 2011
Your sponsoring broker should be able to provide you with comprehensive instructions on how to improve a listing's performance. The brokers below are right. 1) make sure it looks it's best 2) makes sure you have great ad copy 3) make sure you have comprehensive advertising everywhere. If all that doesn't do it, have your client lower the price.
0 votes Thank Flag Link Sun Feb 6, 2011
Oggi, you can look at comps and you will see that larger apartments typically command more $$$/sf than smaller apartments do. Now granted, you have to compare similar buildings in similar neighborhoods.
0 votes Thank Flag Link Sat Jan 29, 2011
Definitely check your pricing. Apt. 5B sold for $288,999 in Feb. 2009. Also, I've don't see the listing in OLR or Streeteasy. Listing on those sites alone would help immensely.
0 votes Thank Flag Link Sat Jan 29, 2011
I would do a broker blast, but before I would see if my property is listed at the right price. If it is overpriced, it is not going to move.
0 votes Thank Flag Link Wed Jan 26, 2011
Mary Ann you need to do the recent sold and closed comps in the area since the B line is last sold were the Sponsors units for 275-295. At the same a 100k jump is not justified as this B line is a Studio and youre marketing it as a 1-brm when it should be a Jr-1. You will need to bring down the ask first of all to around 350k to start with then hopefully you see some activity.

Good Luck!
0 votes Thank Flag Link Sun Jan 23, 2011
5A, the neighboring apartment just closed earlier this month for $530K. It was a 1227SF 2BR/2BA. So it sold for $432/SF. And larger apartments command a higher per sf selling price. If we apply the same $/sf to your apartment then the selling price would be $190K. So apparently you're grossly overpriced.
0 votes Thank Flag Link Sun Jan 23, 2011
I went on OLR and dont see your Property listed. It needs exposure and traffic. I noticed the comps show that Sq ft last sold for 100k less last year. So maybe its over-priced. Just run the comps and let your Seller know thats the market.
0 votes Thank Flag Link Sat Jan 22, 2011
Mary Anne,
Call me if you need value package photo tour of unit & building. I can get it done for you next week ready for web. You need to get images out there and perhaps shave a bit off listing price. Happy to help out.

Ronald C Marino
Associate Broker
Prudential Douglas Elliman
917-796-6435
usnybroker@aol.com
0 votes Thank Flag Link Sat Jan 22, 2011
Evaluate you sale process on this listing. Go over the research put in with comps, marketing, etc. and see if you are in the range of what like properties are going for.

Regards,

Nedvonne Young
Sales and Leasing
Platinum Properties
30 Wall St 11th Fl, New York NY
O: 212-825-0050
C: 347-853-9173
F: 212-825-0053
Nyoung@pp-nyc.com

"The greatest compliment I could receive is a Referral"
0 votes Thank Flag Link Sat Jan 22, 2011
Hi Mary Ann, there are several sites you can advertise to increase traffic. Have you discussed this with your broker? I will email you some info.
0 votes Thank Flag Link Sat Jan 22, 2011
I also looked at the listing and all I can say is, a 440 sq ft apartment in East Harlem, for $370,000? Are you kidding me? I don't care what kind of pictures you take, once someone walks in, they will know that they can get something in just about any neighborhood in the city for that price, and don't have to be in that location.
0 votes Thank Flag Link Sat Jan 22, 2011
Why would you even take a listing UNLESS you all ready had a marketing plan in place.

Do you find fair for that property owner ?


Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Sat Jan 22, 2011
Mary Ann, maybe you should consider co-brokering the property with Arthur. I know that EXIT might be one of the agencies that give you a higher commission split, but you do not get what is offered by a company such as Prudential Douglas Elliman. Their website alone is one of the go to places for house and apartment hunting in NY.
Arthur, I worked for Preferred Empire for 2 years, so I know your company very well.
0 votes Thank Flag Link Sat Jan 22, 2011
Mary Ann, you have a few issues.
1) you have no real marketing. Isn't you firm a Queens based firm which doesn't use ROLEX?
a) your listing is not in ROLEX
b) your listing is not on StreetEasy
c) your listing is not on NYT
d) your listing is not anywhere I can find besides Trulia and Exit
2) you are listed at $390k, doing a quick comp I'd estimate, you are priced $70-$100k to high
3) Your description is poor. There's no mention of the gym, w/d, parking, CC or RET.
Web Reference: http://www.elliman.com/aug
0 votes Thank Flag Link Sat Jan 22, 2011
Hello Mary Ann,

Spruce that place up. take great pictures, do a great video, create an awesome description of the property, the building and the area...... maket the heck out of that property everywhere you can.
0 votes Thank Flag Link Sat Jan 22, 2011
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