I tend to agree with Fred and Ronnie. There are many variables but usually If it is priced right it will sell. There are many buyers who only want mint move-in condition apartments and they pay a premium for that. There are also buyers who intend to renovate the apartment themselves.
The work needed should be included in the asking price. I've seen multiple bids recently on apartments that needed alot of work. Like the others mentioned its about the neighborhood, location, the building, the room count and square footage in Manhattan.
I live and work on the Upper West Side. I would be more than happy to come see your place and tell you what I think. Feel free to contact me.
Is this a strict co-op that does not allow parents to buy with or for children? HOw strict are the sublet policies for potential investors. What are the comparable places in your building or even area going for. What was your initial investment and thus rate of return at this stage in ownership? While a real estate agent is not an appraiser, we are familiar with these market variables and can give you a realistic snapshot of what kind of return you can expect on your home.
Take the time and find someonw who makes sense, will work for your best interests and most importantly, take the time to do it right!
There are some websites out there that will give you an approximate work to sale return figure based on national averages.
How are you? I hope you're doing well.
Just checking in to see if you decided to sell or are still in the market to list your upper west side home. I would be glad to assist if you'd like :-)
Licensed Real Estate Broker
Gorick Realty, Inc.
View listings at http://www.gorickrealty.com
"Home is where the heart is."
The main thing is that your co-op should be priced for the condition it is in. While renovating will get you more money for it, your choice of materials will be attractive to some buyers and not to others. If your kitchen and bath are 40 years old as you say, your pricing which will reflect that, will attract buyers who want a bargain and don't mind doing the work themselves.
But, every time you post open house ads, you would post as if it is open house only ONCE, not give out a list of open house.