Property Q&A in New York>Question Details

Sandra Ospina, Real Estate Pro in New York, NY

How long has it been on the market and how many price redcutions has it had?

Asked by Sandra Ospina, New York, NY Tue Dec 16, 2008

This question is about this property:…

Help the community by answering this question:


It has been on the market 33 weeks as of today, Dec. 18. The listing date, according to the agent database, is 5/1/08. There was an 11.4% price drop from the original asking price of $2,450,000 on 5/27/08. No drops since then. If you would like more info on this or comparable properties, please feel free to click my contact info and drop me a line.
0 votes Thank Flag Link Thu Dec 18, 2008
Hi Sandra.

Your question about this property, how do you think it will help you?
Was this just for curiosity which I somehow doubt, or are you maybe looking for a strategy on how much to offer?
Days on the market are very important, but they may not mean anything. It all depends on how motivated the seller is. Do they need to sell, do they just want to sell, or are they just testing the market?
This apartment was purchased in 1997, so my guess is that they don't really need to sell, they aren't flipping and most likely upgrading or downgrading, we don't know that answer yet.
You saw that it is listed with Corcoran, and you have some interest. Were you thinking of working with a broker to get you in and to negotiate on your behalf, set you up with a great lawyer and a mortgage broker to have a seamless transaction or are you thinking of doing this on your own?
I'm only speculating right now. Many buyers have the impression that if they were to go directly to the seller (in this case the seller has a broker) they would get a better deal. Unfortunately that isn't the case. The listing broker wont lower her 5% commission and she will negotiate hard for the seller, because it's their duty to get them the highest possibly price.
If you have all of your comps, past history, finances in order and dealt with coop boards before, you may have a chance. Going that round would be time consuming and probably more stress then you would want to deal with, even if you have done direct deals before.
There is always an option of having a broker represent you, nothing extra would come out of your pocket to have someone work with you and they would guide you in the right direction.

I can always make time if you would like to talk about this apartment, or perhaps we can find you something else.

Let me know what you want to do Sandra.

Warm Regards,
0 votes Thank Flag Link Wed Dec 17, 2008

I was looking over the property again and this co-op requires a 50% down payment, I thought that would probably be of importance to you if you already didnt see that.

Once again, let me know if you have any other questions.

Morgan Evans
Prudential Douglas Elliman
Web Reference:
0 votes Thank Flag Link Tue Dec 16, 2008
Hello Sandra,

This property originally came on the market May 2, 2008 at $2,450,000. Then they dropped price pretty quickly on May 27 to $2,200,000. Then the property was taken off the market temporarily on October 9 and came back on the market October 19.

The last comparable sale in the building was 7B in July of 2006 and closed for $2,010,000 according to propertyshark.

If you have any other questions feel free to email me. Thanks!

Morgan Evans
Web Reference:
0 votes Thank Flag Link Tue Dec 16, 2008
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer