What is the feeling about prices for sellers and time on the market now in the flood zones of Tribeca post hurricane Sandy?

Asked by carolyn cartwright, New York, NY Sat Mar 9, 2013

I want to sell my apartment in a top building in Tribeca. But I want a good price.
Does anyone know if are banks even offering loans in the flood zone areas of Tribeca yet? I have heard that Chase is not giving loans until the government has redrawn the flood zone map and supplied new guidelines for flood insurances.

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Ann Zemaitis, Agent, 10013, NY
Mon Mar 18, 2013
If you'd like a CMA (comparative market analysis) drawn up of what your apt. value is currently, just contact me. As always, it's what the market will bear and good old supply and demand. It depends on the apt.-- size, layout, # of bedrooms, location, price per square foot, view, services, etc.

I've lived or worked downtown in Tribeca since 1979 and am familiar with almost every building. I can also refer you to a mortgage broker who shops among 100s of lenders and will be able to tell you if any would be able to fund a loan for your sale, rather than just a big bank, who are by nature in my opinion more conservative in their lending-- especially post credit crunch.

That said, don't give up just yet. Tribeca is in high demand-- always. Even in post Sandy and post 9/11 world. Safe neighborhood, great schools, tony address. And, many buyers have cash who are shopping in that neighborhood.

If you'd like to speak, feel free to contact me. I can charge a significantly low commission rate on sales and have great experience, selling many Tribeca listings I've had within weeks.

Ann Zemaitis
Sr. Vice President
Rutenberg Realty
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Anna M Brocco, Agent, Williston Park, NY
Sat Mar 9, 2013
Since you state that you want a good price, keep in mind that a home is worth what someone is willing to pay for it; it doesn’t matter what the seller “needs” or potential buyers can afford to spend. Market conditions do matter as does the immediacy for a transaction to take place. In setting a price, it is in the seller’s best interest to focus on the current market conditions, therefore review comps with your agent, recently sold similar properties in the immediate area, and price accordingly.
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