Want to sell one bedroom co-op in Rego Park (queens)

Asked by Skye, 11374 Sun Mar 18, 2012

Hi! I have a one bedroom co-op in Rego Park that want to put in the market. But the kitchen and bathroom is i have consider old. I wonder should I renovate them? I saw same size room that sell in my building have a new kitchen selling in very low price. It cheaper than the price that we bought this room five years ago. I'm not sure what to do now. If anyone could give me some advice i would be verybappreciate.
And I am also looking for an agent to help us selling this coop soon. If anyone interesting please leave a contact number and email address here. Thank you so much.

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Anu Dutta’s answer
Anu Dutta, Agent, Forest Hills, NY
Mon Jul 2, 2012
You need a broker who is not only going to list and possibly sell your property, you also need a consultant who can walk you through about the possibilities of doing or not doing the renovation discussing any pros or cons.
0 votes
Fajardo Dela…, Agent, Flushing, NY
Mon Mar 19, 2012
I have sold my share of listing in the Rego Park and Forest Hills area. But the calls are coming in and the requests are so many that I need to show more of them. I would love to have your Home in my inventory for sale. I just need a few seconds to sit with you and discuses a plan that will work for both of us. Please just give me a call as soon as you can.Fajardo Delacruz 347-932-0609
0 votes
Marco Gomez &…, Agent, Jackson Heights, NY
Mon Mar 19, 2012
If the recent sales in your building are selling for less than what you paid for your apartment, it makes no sense to spend 10-15K to renovate the unit. My recommendation would be to drop the asking price to a competitive asking price and get it sold and move on to the next chapter in your life. I'd love to interview for the opportunity of listing your home. Please call me at 917-734-2012 or e-mail me at marco.gomez@gmail.com
0 votes
Yael Shanee, Agent, Kew Garden, NY
Mon Mar 19, 2012

If the condition is relatively good and you can just reface it "do it yoursel" style, I would suggest you to do it this way. Remember that today's market is not what it was 5 years ago when you bought your apartment. Even if you renovated your kitchen and bathroom - you may not get back your investment or any substential $ you are hopping for. you also don't know if the buyer would like the style or the color of a new Kitchen and Bath . Today is a Buyers Market - even if you sell it for less than you hope to get - so is your new home - you will pay less for it than 5 yrs ago. So bottom line - just reface it make it yourself for minimum $ and bring it to a livable condition - and let the buyer invest in a new one. Please feel free to contact me I can help you to get the best $ for your apt. My fellow colleague calling me "The Negotiator" 917-705-3717
0 votes
Maureen Mizu…, Agent, Ozone Park, NY
Sun Mar 18, 2012
One thing concerns me in this forum. People tend to ask questions that if going to be answered properly in a particular case you really need a professional and personal consutation. In this forum it would be wise to understand that the information people (the professionals) are giving, and the information (the buyers, sellers or potential investors) are receiving is to be taken as general information and cannot be looked at as the absolute way to go in any individual case. Remember, a professional Realtor who has taken many years to learn their business and is continually working and studying to keep up with changes in the market place is engageing all day long in this business. The wisest thing to do after generally getting feed back here is to choose a knowledgeable Realtor to look at your particular case and properly advise you.
If you needed a doctor to advise you on a medical condition you wouldn't just go on the internet and ask questions and think you will find the absolute cure for your condition. You would acquire general knowledge and then you would seek to meet and talk with your own doctor. The same applies here.
Real Estate is a profession and in most cases we are dealing with the largest investment people will make in their lives. Whether it is a first time buyer of a co-op or an office building. Consumers who have bought and sold many times clearly understand this. Please use wisdom, when considering the information you receive.
0 votes
Maureen Mizu…, Agent, Ozone Park, NY
Sun Mar 18, 2012
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
0 votes
Martina Ryan, Agent, Bayside, NY
Sun Mar 18, 2012
You might be taking a gamble renovating just to sell as you may not get a return on your investment. Most buyers always make changes before they move in & might redecorate anyway. There are many things you can do to brighten up a dull bathroom or kitchen. Some simple decorating ideas may go a long way. My advise is to take a look at what is on the market right now and what is moving. This will give you something to go on with your price expectations. I would be happy to help you with ideas or advise.

(718) 775-5344
0 votes
Helen Kwai C…, Agent, Elmhurst, NY
Sun Mar 18, 2012
I will be happy to come take a look at your apartment and run some numbers.

Helen Kwai Chen
Blossom Realty
0 votes
Armandoe, , Flushing, NY
Sun Mar 18, 2012
There are two important parts of a property the buyer will focus on, the kitchen and the bathroom.
It is also important to get the right comparables to price your co-op to sell quickly. You need to stage the co-op so it will appeal to the buyer. If you are interested in getting your co-op sold you can contact me at: 646-543-1051.

Armando Echeverry
Keller Williams
0 votes
Terry Koraha…, , 11358
Sun Mar 18, 2012
Rego Park is a hot selling area, close to transporttation and lots of shopping. How close are you to Queens Blvd? You bought this 5 years ago (2007)that was the top of the market. Depending on the development your coop is in will determin what the asking price should be.. my advice do not renovate...Unless it is to the taste of the buyer-they are not going to pay for your renovation taste.

I can do a full report for you - of what is on the market (your competition) what has sold (will give you an idea what to expect) I can give you a few ideas on how to make the place look more presentable. Give me a call Terry K 718-614-3167 cell or email me TKorahais@elliman.com
0 votes
Belal Mohd, Agent, Rego Park, NY
Sun Mar 18, 2012
It would be improper for me to give you a simple yes or no answer. There are lot of factors involved. On one hand, renovation definitely attracts more buyers an adds value. On the other, exactly what type of renovation, some adds value, some don't, how much to spend, etc. etc. The other unit that was sold may or may not affect your unit unless they are identical or very close in comparison and was sold within last few months. Smart renovation always brings money. It would be your listing agents job to find that right buyer who would appreciate and benefit from that renovation. I would like to take a closer look at your unit. I am a LOCAL BROKER helping Sellers and Buyers in Rego Park since 2003. My office is centrally located in Rego Park. My advice is FREE. You are under no obligation to employ my service. Please contact me. You would be glad you did. Thank you.
- Belal Mohd
0 votes
Anna M Brocco, Agent, Williston Park, NY
Sun Mar 18, 2012
Feel free to contact me for a free consultation/market analysis.

0 votes
Gail Gladsto…, Agent, 11743, NY
Sun Mar 18, 2012
I would be happy to run comparative sales for you on both updated and original model units (if available) and provide you with a realistic expectation of selling price.

Gail Gladstone
0 votes
Elizabeth C…, Agent, Jackson Heights, NY
Sun Mar 18, 2012
Dear Co-op owner,

Do not update kitchen or bath you will never get the money back in todays market.
There are many things that come into play when you list your co-op and at what price should it be listed at in order for your co-op to sell and NOT just be for sale. You need a professional to take a look at your apartment and visit you with a market analysis of your home. I not only worked in Manhattan for 4 years selling co-ops. But,was also a residential real estate appraiser for over 10 years.

If you need my help please give me a call at 917-662-1846

0 votes
Thomas Brady, Agent, Plainview, NY
Sun Mar 18, 2012
Try to do simple and cheap things to make the home fresher. Usually you will not recoup the money from renovating the kitchen and bathroom. Decluttering is the number one thing to do. As for the other co-op for sale in your building being very low priced, is it possible it's a short sale? If so you it's price will be less relavent to your co-op if yours is a resale. Please feel free to call or e-mail me, it's hard to give you more detailed advice without seeing your co-op. 631-682-8660 Tom@BradyFamilyRealty.com
0 votes
Carmen Amedo…, Agent, Ocean City, MD
Sun Mar 18, 2012
IT is nice to renovate the kitchen, maybe update a bathroom. Try to get the most bang for your buck that way. Don't over spend. You may never recoup it.
0 votes
I think even I sell my coop without any renovate I still loose money in today market.
Flag Sun Mar 18, 2012
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