Five years age you bought near the top of the market ( nto quite at the top, but certainly near the top), therefore you must carefully consider what to do now. The good news however is that there is every indication that things are picking up. The link below will show you sales for co-ops and condos both nationally and locally from 2009 till this past January. This information is from the national association of Realtors and is very reliable.
I have to tell you that bathrooms and kitchens are the most important features to improve when selling( and improving them usually gives the highest rate of return). If they are shabby or outdated you can expect to get lower bids, becauese the first thing the buyer is thinking is how much it will cost them to make the improvements and it comes off the top of the bid. Also, the general space is important. Is your unit very small or is it spacious for the kind of unit it is. One more very important consideration in the case of the CO-OP sale ist he financial health of the project. This will affect the ability for a buyer to get a mortgage, or will be the deciding factor on whether you may want to consider looking for all cash buyers or perhaps consider holding a mortgage on it yourself. There are several considerations to take into account. If you would be interested in my investigating the whole picture for you and giving you my advice on how to best proceed, I would be happy to do this. There is no charge for this initial consultation. It would be important to study all the factors I mentioned before deciding your next step.
Maureen Mizuno (917)443-9880 Exit Realty Central