I am planning to put my 1 bedroom co-op up for sale soon.

Asked by Seller, Brooklyn, NY Thu Apr 2, 2009

The apartment is on Ocean Parkway located in the neighborhood of Kensington. I had the apartment for two years now. Being the real estate market is not doing too well, what’s the chance of me profiting from it and how long for me to sell it off.

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Gerard Splendore’s answer
Gerard Splen…, Agent, Brooklyn, NY
Thu Dec 27, 2012
Ocean Parkway is hot in my opinion and will get even better. I have shown quite a few apartments in the area and listed and sold some as well. Location in the builidng (exposures N, S, E, W) and flloor, as well as proximity to the subway can make or break the sale.
Would love to see it and give you a more concrete answer. Condition? Maintenance? Financials of the buildling? Parking? Sublet policy? What does lobby look like? How old are windows, roof, boiler and elevator, etc, etc.
This apartment will sell and you WILL profit. Where are you moving to?
0 votes
David Stupar, Agent, New York, NY
Thu Dec 27, 2012
Well, you profiting from it is really up to you. The Real Estate Market is not doing as bad as many people think it is.

You should Market it properly, do as much work to make it look great as possible, take great pictures of it. Have comparative market analysis run on it. Find the Fair Price for all parties involved and it will get sold. You could always hold it at a higher price, and wait to see if someone will take it, but that will take longer. Be open minded, and willing to negotiate/compromise.
0 votes
gsilki, , 10033
Sat Dec 8, 2012
I owe about 40,000.00 on my co-op can I sell it.
0 votes
Absolutely, you should contact me, I will help you get it taken care of in no time.
Flag Thu Dec 27, 2012
Abu Musa, Agent, New York, NY
Sun Jun 24, 2012
You may talk to a Neighborhood real estate agent.Because your neighborhood agent is the specialist of your neighborhood.
0 votes
Linda Thomas, Home Buyer, Brooklyn, NY
Mon Nov 7, 2011
Hi, my name is Linda Thomas, Im in this business for over a decade, its my passion and my dream.. I treat my client with respect,,and I listen to their needs and I provide the best service ..and also, Im a very honest Lic real estae sales person., The most attractive experince I notice w / my clients they become very contable ." yes the market is at its worst, but I will do my best to fit your needs.

Hope to hear from you!!
Thank You,
Linda Thomas 646 247-6232
0 votes
Pierre S King…, , Brooklyn, NY
Thu Apr 22, 2010
Good Morning Home Seller:

With approximately 1 week left to get the $8000.00 Tax Credit for First-Time Home Buyers (First Timers and $6500.00 for Second Timers), the RUSH is on till the FINAL DAY!

Coops are affordable for starters and are selling. Yours is in a great area, and if PRICED correctly, you may see a Return on your initial Investment. It's advisable to do a self evaluation. Have your realtor provide you with recently sold 1 bedrooms within a 1/2 mile of the property, in the last 6 months. Keepin mind your purchased price and expenses paid when you bought this coop.

Be realistic on your asking price! Have you watched the game show the Price is Right? When the Price is Right what happens? If it's not right, what do you WIN? KEEP THIS IN MIND!

Don't forget! Interview at least 3 assertive Real Estate Professional! select the BEST!

Pierre King, Associate Broker
Weichert H P Greenfield
917 407 6697
email:mrrealestateking@yahoo.com
http://www.pierreking.com
Web Reference:  http://www.kandhHomes.com
0 votes
Gerard Splen…, Agent, Brooklyn, NY
Wed Apr 21, 2010
I have sold several co-op's on Ocean Parkway. Yes, what you paid for the unit IS important, BUT more importantly what are the recent sales in the buidling? Have they sold quickly? Close to asking price? Most
importantly, have the appraisals by the bank issuing the mortgages come in close to the asking price?

You can ask whatever price you desire, but the BANK who is issuing the mortgage will ultimately determine
the price at which the unit sells.

I can help you with this. Gerard Splendore, Associate Broker, Halstead Property Brooklyn 718 613 2052 Good luck!
Web Reference:  http://Halsteadproperty.com
0 votes
Rhonda Holt, Agent, New York, NY
Fri Apr 10, 2009
Hello, as someone that specializes in co-ops I would have to know how much you paid for the co-op and how much you owe today. Also, I would need to see the condition and the layout of your unit to see if any upgrades have been done or need to be done.

Co-op prices have dropped somewhat, but they are still selling since they are the most affordable piece of real estate. No one can answer how long it will take to sell because it depends on your price versus others in your area, location and condition.

The most important ingredient to have an agressive agent that knows how to sell and market in this type of economy, THAT'S ME!!! Call me today and I would be happy to assist you.

Click here to see my co-op sales record in a down market:
http://kandhhomes.com/InContractAndSoldHomes.htm

Rhonda Holt
Full Time Top Sales Agent
Specializing In Co-ops and Home Sales
Weichert Realtors, H.P Greenfield
http://www.KandHhomes.com
Email: TLOHRM@aol.com
Web Reference:  http://www.KandHhomes.com
0 votes
Daniel Gersh…, Other Pro, New York, NE
Wed Apr 8, 2009
These answers have become more of an advertising space rather than answering your question directly. Having said that, you can't possibly answer the question you posed without knowing how much you paid, what the condition is, how long youve had it, square feet,etc. It would almost be the same as me walking into an office and saying "I would like to start a business, can I make money?" It kind of depends. The market is pretty bad, and yes, while there is no crystal ball, it would be pretty difficult for many people to profit in a market like this if they are selling and it would take MUCH longer to sell a property than it did a year or more ago. Hope this helps.
0 votes
Fajardo Dela…, , Flushing, NY
Fri Apr 3, 2009
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0 votes
Mitchell Fel…, Agent, Brooklyn, NY
Fri Apr 3, 2009
Dear "Seller":

I have sold many apartments on Ocean Parkway over the past seventeen years of my real estate career. I have several thoughts and questions for you. First, have you been using the co-op for the past two years as your primary residence? And has it been at least two years. This is important because if the answers to both of those questions is yes, you will get a $250,000 capital gains tax exemption.

The chance of you making a profit will be determined by how good of a deal you received when you purchased it. The best way myself or any other agent could help you would be to meet with you and view your co-op, go over the co-op policies (i.e., sublet, pets, minimum down payment, flip tax, etc.) at which point we can formulate an opinion of it's value right now and go over closing costs. Then you will know how much you can potentially net and make your decision from there as an educated seller.

With regard to the timeliness of the sale, it all depends on where you set the asking price. If it is attractive to buyers it can sell real quick. I have a 2 bedroom co-op located at 1750 East 14th Street that I sold in two days for the full price, and that was in January when the market was even slower than it is now.

I would love the opportunity to meet with you and help you out with this, there is no cost or obligation for this service.

Mitchell Feldman
Associate Broker
Madison Estates & Properties, Inc.
Office: (718) 645-1665
Email: MitchellSFeldman@aol.com
0 votes
David Rogoff…, , Brooklyn, NY
Thu Apr 2, 2009
Hi again,,,

If you want to check out our Ocean Parkway property currently under contract, visit the following Single Property Site for an example of our work, and the actual unit with photos:

http://www.399OceanParkway.com

All the best,

Bonnie & David
0 votes
David Rogoff…, , Brooklyn, NY
Thu Apr 2, 2009
Hi,

It all depends what you paid for it when you purchased it. We recently went to contract on a 1 BR in the heart of Kensington, on Ocean Parkway between Cortelyou Road and Avenue C. We can tell you that we had it listed at $159,000 and it generated alot of interest and calls, and traffic and we had no trouble getting offers.

There's really no way of knowing how much you will profit from selling now, because every buyer is different and how quickly it sells and for what price depends on location, condition, upgrades and your asking price in relation to current market value. Have you put alot of money into renovations, such as the kitchen and bath? Have you recently painted your unit? What is the maintenance, and what does it include (heat, or heat plus gas, etc.) Can the unit be subletted? Is the building a newer luxury building with doorman and terraces or an older building? Finally, what floor is your unit on and does it face Ocean Parkway or the back? All of these factors will determine the desirability and ultimate selling price of your co-op. The bottom line is always price. If your unit is priced to high, it will sit and not generate interest no matter how good the location.

On the positive side, Kensington is now one of the most desirable locations in Brooklyn and we have many calls from prospects seeking co-ops in the area. As younger people have been priced out of the Park Slope/Windsor Terrace market, Kensington has become a hot neighborhood. On the negative side, because the market has been so slow, there is approximately a 10 month inventory of homes, in general, on the MLS in Brooklyn. Because of the high inventory and new co-ops that will be listed in the spring, there will be more competition to sell your unit.

So your best bet is to contact a Realtor and get a comprehensive home evaluation which includes up-to-date comparables, including units in your area or building that have sold, that are in contract and that expired (when listings expire it means the prices were probably too high). So, with the market analysis you'll be best informed to make a decision.

David and I would love to help you. Please feel free to contact us at david@besthomesinbrooklyn.com, or give us a call at 917-593-4068 and we will be happy to do an evaluation for you! Good luck to you!

Best regards,

Bonnie & David
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