I am trying to decide the asking price for my co-op. If I look at what I know sold in the building, there is a big variation in prices. What should I?

Asked by Maria Richardson, New York, NY Fri Jul 2, 2010

add or subtract for how many floors up or down, or facing front or back?

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11
Jenet Levy, Agent, New York, NY
Fri Jul 2, 2010
BEST ANSWER
Maria,
The more important questions is why would you want to sell on your own? The two most important factors in getting a home sold are pricing it correctly and getting the exposure you need to bring in the traffic. Bringing in the traffic is what gets you bids. It is crucial to have the broadest marketing plan possible to expose your co-op to the largest amount of buyers. That is very difficult to do as a For Sale by Owner. And on the issue of pricing, professional agents are very experienced in pricing apts; it is what we do every day. We know the myriad of factors to consider beyond the two you mention (which floor and which direction it faces). I would stronly suggest you consider not going it alone and finding an agent you feel comfortable with.

Best,
Jenet Levy
Halstead Property, LLC
jlevy@halstead.com
212 381-4268
To search every NYC listing: http://jenetlevy.halstead.com
1 vote
Doug Perlson, Agent, New York, NY
Fri Jul 2, 2010
Check streeteasy.com for your building and look at the sold prices. There shouldn't be too big a variance if there were recent sales in your line. If the lines are different but the exposures are similar, and the layouts are both decent, the price per sq foot should be comparable (streeteasy also calculates the price per sq foot for you). Differing layouts, exposures, views (river/park will cause a big spike in ppsf), and condition will all factor in, but you should be able to ballpark it. I would be happy to post my thoughts if you post the building/line or feel free to email me.
Web Reference:  http://www.realdirect.com
1 vote
Elizabeth Ci…, Agent, Coppell, TX
Fri Jul 2, 2010
Maria: You most certainly should contact a real estate agent familiar with your building and the neighborhood in general. A good agent will give you the true comps for your property not what you believe it should be listed for. Often a homeowner will feel the home is worth more than the numbers indicate and numbers don't lie.

Good Luck,
1 vote
Debra (Debbi…, Agent, Livingston, NJ
Fri Jul 2, 2010
Maria, in my humble opinion, what you should do is call in a Realtor familiar with your building who can help you price your unit. The variations in price , in addition to view and floor, also have to do with conditon and upgrades.

Best wishes...........
1 vote
Michael Dvor…, Agent, NYC, NY
Thu Jul 8, 2010
Maria,

I would be happy to do a free home market evaluation for you.
Feel free to contact me at 917-334-8990 or fill out the form at the site NYCHomeValues.org

Best,

Michael Dvorki
Web Reference:  http://MichaelDvorkin.com
0 votes
Anna M Brocco, Agent, Williston Park, NY
Sat Jul 3, 2010
In order to best determine a value, consider consulting with any local agent(s) or hire a professional appraiser--either can best advise.
0 votes
Fajardo Dela…, Agent, Flushing, NY
Fri Jul 2, 2010
Maria
Everyone has giving you some great advice and I also would have to tell you
to interview a few agents ask for a CMA or Comparative Market Analysis.
The agent should be more then happy to give you one before listing your co-op
for sale. We will need to look at the market as a whole and not just one building.

Fajardo Delacruz
Century Homes Realty Group LLC
347 932-0609
0 votes
Sherwin Zanj…, Agent, New York, NY
Fri Jul 2, 2010
Hi Maria,
I can assist you with that if you like? What is the address? I ask because the question you asked depends on the particular building you live in. I look forward to speaking with you!

---Sherwin Zanjanian
646.319.5853
sherwin@uptonrealtygroup.com
0 votes
John R. Wuer…, , New York, NY
Fri Jul 2, 2010
Maria,

This question is asked every day by sellers everywhere. My initial response is to encourage you to have an agent through your home, prepare a current market analysis, and fully investigate the current market conditions. A thorough market analysis doesn't just look at the properties that have sold. A smart and strategic listing price takes many elements into consideration.

How does your apartment compare to the others that have sold? Have you seen the apartments that are currently on the market? They're important too? Absolutely! Depending on your building, it may be appropriate and necessary to consider other buildings in the area....both solds and actives. Are there comparable apartments that failed to sell? Why didn't they sell?

I would be happy to prepare a market analysis for you and discuss some tips on proper pricing, marketing, advertising, and current overall market conditions.

Let me know if I can be of service to you and have a great holiday weekend.

Regards,

John R. Wuertz
Vice President, Associate Broker
The Corcoran Group
646-470-4357.
0 votes
Top Atlanta, Agent, Atlanta, GA
Fri Jul 2, 2010
I agree. Specially in NY- the prices are tricky- a professional is the way to go.
0 votes
Gail Gladsto…, Agent, 11743, NY
Fri Jul 2, 2010
Maria, do yourself a big favor and hire a professional. This is what Realtors do for a living and we know how to price properties to appraise so the deal goes through.

If you don't know a Realtor, I will be happy to make a referral for you...Gail@GailGladstone.com.

This is not the time to be a "doityourselfer."
Web Reference:  http://GailGladstone.com
0 votes
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