I want to sell my 1 bed, 1bath co-op apt at 50 park terrace east in manhattan how can i figure how much it's worth? Thanks

Asked by Taramaya, 10034 Wed Oct 6, 2010

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First Last, , 90002
Thu Oct 14, 2010
The sales price of your property is affected by the following: location, size, condition, amenities (such as a fireplace), and, here in New York City, whether it's a co-op or a condo.

Another factor to remember is that your place *competes* against all others that are similar and on the market at the same time. If a buyer can find something similar enough or better at a lower price, the buyer will not buy yours.

The easiest and best way to get an idea of what it will sell for is to ask a real estate agent to come over and take a look, and bring comparable listings as well. Appraisals have their place, but they are expensive, and are usually reserved for insurance and mortgage purposes. An appraised price doesn't necessarily tell you the current market price, which is the only number that really matters when you're looking to sell.

Karla Harby, VP
Charles Rutenberg Realty
0 votes
Tony Lara, , New York, NY
Tue Oct 12, 2010
Your apartment is your investment, your life blood feel free to use appraisers as well as a handful of agents/brokers and get gather up their comps. You should have a good idea of your closing cost as well as your attorney fees. Please don't fall victim for what's called "sign and adjust" which means as a broker I'll tell you what you want to hear and get the exclusive. When the property doesn't sell I blame is on the market and we adjust the price, and yes it does happen!! Best of luck feel free to contact me for all your real estate needs.

Licensed Real Estate Salesperson
Rutenberg Realty
0 votes
Nancy Brennan, Agent, New York, NY
Thu Oct 7, 2010
Hi Taramaya:
All the advice given below is exactly what I would suggest. In today's market you are doing yourself a disservice not to use an experienced professional who can bring qualified buyers to the table. I live and work in your area and have experience selling there. My Company has a very large presence throughout Washington Heights. 50 Park Terrace East is a wonderful building and I would be happy to meet you, have a look at your apartment and provide you with a comprehensive report to come up with a price that will sell the apartment. If you are interested you can reach me at the number below and also look at my website.

Nancy Brennan
The Corcoran Group
0 votes
Dennis Ellis…, , New York, NY
Thu Oct 7, 2010

You have received a lot of sage advice. However, the opinion of an appraiser or agent is only a beginning. I would ask you why you want to sell, when, urgency? Your personal issues will help determine how much for which to sell your apartment. Give me a call.
0 votes
Anna M Brocco, Agent, Williston Park, NY
Thu Oct 7, 2010
You can either pay for a professional appraiser or contact a few local agents from different realty offices and ask for comps--recently sold similar units in the immediate area--then go from there.
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Elkin Serna, Agent, New York, NY
Thu Oct 7, 2010
Hello Taramaya, As many of the agents below stated, you need to have an experienced agent or appraiser do a full market analysis in order to price the property accordingly which is one of the most crucial steps of the process. I recommend that you enlist an agent who specializes in your area. He/She should know what is for sale in the area, the condition of the apartments and what is moving and what is stale. A local agent will be able to easily show the unit within minutes notice.

Apt. 3-J (1br / 1ba) is currently on the market for $289,000 and 7-D (1br / 1ba) for $339,000 – 7-D is having an open house this Sunday from 11:30 – 12:45. Drop by and check out the place. I would also ask the agent why it has been on the market for 40 weeks…?? May be it’s not price correctly… (3-J has been on the market for 3 weeks)

If you need a referral for an agent in your area I’ll be happy to help.

Best of luck…
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Fajardo Dela…, Agent, Flushing, NY
Thu Oct 7, 2010
As a full service agent we will be able to help with a
walk through and give you a better idea of what it is worth.
Fajardo Delacruz
Licensed Real Estate Agent
Century Homes Realty Group LLC
Direct Line: 347-932-0609
0 votes
Fern Hamberg…, Agent, New York, NY
Thu Oct 7, 2010
Hello Taramaya,
Any experienced real estate broker should be able to provide you with a comparative Market Analysis and come up with a suggested asking price, and that is usually done free of charge. Your other option is tohire an apraisor, who would come and evaluate your property, and that is not free of charge.
If you wish, I can come by and evaluate your property. I am a Sr Asso Broker with Citi-Habitats Relocation so I do get a few clients from outof state and out of country and my husband Michael works with me. Please feel to all or contact me at fhamberger@citi-habitats.com at 646-660-0060
WHat ever you decide Good Luck !!
Fern Hamberger
Sr Asso Broker
0 votes
*, , New York, NY
Thu Oct 7, 2010
If you would like you may call me or email me at
etross@halstead.com or 212 381 3322
I would give you a market evaluation
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Glenn Minnick, , Upper West Side, New York, NY
Thu Oct 7, 2010
Your best option is to hire an experienced agent to give you a Current Market Analysis. Today's buyers are very well-educated as to what current sales prices are due to the wealth of informaiton on the internet. Also, banks are being very conservative with appraisals so pricing the unit correctly is extremely important. If the unit is overpriced and doesn't appraise, you will not have a sale. New FHA guidelines have forced many banks out of the mortgage lending business and not all buildings are approved for lending.

I've been in the Manhattan real estate business over 15 years and can provide you with a Current Market Analysis if you are interviewing brokers. I have sold and rented thousands of units during my career and my team, The Minnick Group, is ranked in the top 1% of all agents in the U.S. for sales volume. Hiring an experienced team is critical, especially in today's changing mortgage environment.

If you do not want to hire an agent and try to sell the property on your own, I recommend that you invest in a professional appraisal. The best firm in NYC is Miller Samuel. They produce many of the market reports for the Manhattan Real Estate industry and will give you a fair, unbiased appraisal so you can price properly.

If you would like a copy of the 3rd Quarter Manhattan Market Update, please email me at: gminnick@elliman.com. You can also check out my profile and listings/sales at: http://www.elliman.com/gjm

Thank you.

Glenn Minnick
Senior Vice President
Top 1% Producer Nationwide
Prudential Douglas Elliman

Office: 212-727-6159
Web: http://www.elliman.com/gjm
Web Reference:  http://www.elliman.com/gjm
0 votes
Delvis, , Ohio
Wed Oct 6, 2010
Hello Taramaya,
As Monir Mamoun answered you below, it is best to work with a real estate agent to evaluate your the apartment/building and come up with a CMA (comparative market analysis) of your property, also know as a comp. It first starts out with a visit to your property. To just give you a number is a disservice to you. It may sound easy, but it is time consuming to get it done correctly using the different sources out there. I do this all the time for my clients because a good real estate professional is one that gives you the information you need to make an educated decision and will never guess or just use their gut feeling. I belong to a small boutique firm and we specialize in helping people. It typically takes at lease two days to compile all the date and provide a complete report to our clients because that's the right thing to do. Let me know if you need any help or you have any other questions. I will be happy to help. Sincerely, Delvis Estrada
0 votes
Monir Mamoun, Agent, Denville, NJ
Wed Oct 6, 2010
Have a local agent run some comps for you. They can give you the most accurate idea.

If you'd like a referral for an excellent Manhattan agent I have a friend to whom I can refer you -- contact me via the trulia form (click on my name) and provide me your name and number and I'll have my colleague give you a call tomorrow morning.
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