Market Conditions in 11201>Question Details

S Crow, Home Seller in Brooklyn, NY

I'm relocating - should I wait to sell my coop in Brooklyn Hts and sublet for 2 yrs or sell now?

Asked by S Crow, Brooklyn, NY Wed Apr 30, 2008

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6
Alen is correct when stating that working with a large brokerage firm is the best way to go, but you also want to list you co-op with a brokerage firm that Knows the Area your selling, which is Brooklyn, not long island or any other area. Fillmore is the largest privatley owned company in New York State and ranks 214 on the largest brokerage firms in the entire country, not to bad for a family owned and operated company. Again I'd suggest selling your co-op while bklyn heights is in demand and is not being affected by surrounding neighborhoods. I personally have a major connection with the area, I attended St. francis College and I'm still very active in the college, I have considered purchasing a property myself in that area. I understand what you are going through completely, Consider your options wisely. Feel free to call me at anytime.
0 votes Thank Flag Link Wed May 14, 2008
S Crow..
Obviously you can afford to wait before you sell, am I correct? One other option which no one has mentioned yet is why not test out the market. Because it's a coop I'm almost confident in thinking that you have lived there for several years. Most people don't buy coops as a quick investment to flip in a year or two. So my advice to you would be to put your property on the market with a broker for the price that the market can handle ( and please not an imaginary price which many owners think their apartment is worth, because they put love into it and remodeled it, or lived in it for ten years) Real Estate should be Rational and Less Emotional, because what looks great to you, is not what the buyer thinks or wants to even cares about, so you have to be objective. Right now its all about exposure to your property, thats my way of telling you to go with a large brokerage firm. I don't want to sit here and brag about Douglas Elliman, but we are the largest firm in New York, with 1400 agents in the NY area not including Long Island. Lets do some simple math here, average broker works with 5 to 10 buyers at one time, multiply that by 1400 agents, and that is your potential exposure for your property.
Think it over, it's not an easy decision and it really doesn't have to be a hard one ether, let me know what you decide on, give me a call or shoot me an email and we can go over options for you.

Best Regards
~Alen
0 votes Thank Flag Link Tue May 13, 2008
It does all depend on your finanical situation. Bklyn Hts market hasnt been affected to adversely in todays market. Id recommend selling ASAP while interest rates are still low and while the market is flooded with buyers looking to be as close to manhattan as possible without really having to pay manhattan prices. Id be more than happy to give a you a FREE price evaluation and show what myself and Fillmore(NY's largest privately owned real estate, Brooklyns Best) can do for you.

Best Wishes
Lou Belisario
1-347-702-3316
0 votes Thank Flag Link Mon May 12, 2008
It all depends upon your financial situation as well as factors such as your employment, convenience, and logistics. In terms of whether you should sell your apartment, when I was looking for which law school to go to, I consider about Brooklyn Law, but for me personally the prices of rentals and Apartments for sale were out of my budget. The point I am trying to get is that APARTMENTS ARE SELLING AND RENTING THERE, that area is in high demand. I have not seen how your apartment is or whether is a studio, 1 or 2 bd, but whatever your choose, i think the market is on your side.

If you have any questions dont hesitate to email me at Cgalindo@prosperityREG.com
0 votes Thank Flag Link Thu May 8, 2008
S Crow,
Gail Gladstone is correct and provides many questions to help you assess your situation. I am Cobble Hill resident for 25 years and an Associate Broker with Coldwell Banker Previews International. I would be available to provide you with an assessment of your coop and current market conditions to help you in evaluating your options.
0 votes Thank Flag Link Thu May 1, 2008
Do the math. Can you lease out your co-op? Does your Board allow it? How much will you get? What will it cost to sublet where you are going. How long ago did you purchase your co-op? Will you still get your investment back? If you sell for the amount it cost you, you will have lived rent free with a tax deduction.

The market may be lower to sell, but it is also lower to purchase. Anyone buying and holding will ultimately have a property that has appreciated.
Web Reference: http://GailGladstone.com
0 votes Thank Flag Link Wed Apr 30, 2008
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