how much should I price my condo loft in todays environment per sq ft? Are prices really declining 20%?

Asked by Jc, 10011 Sat Feb 14, 2009

Looking for back up. Should I drop in increments or go low, low and then Ill be in the red significantly. I want to sell, hanging on 2-5 years is not what I want to do.…

13 ft ceilings flatiron. My broker is great..I just want to sell without losing a ton of $. Shes had the listing for 90 days. It was with another broker before that. I know the market has been tough, I just want to see what others think. Thank you.

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Anna M Brocco, Agent, Williston Park, NY
Sat Feb 14, 2009
Start by looking at the recent sales in your immediate area; you can begin with or contact a realtor who has endless information. If priced on target and with proper marketing it will sell in a short period of time. Prices tend to drop roughly 1% per month.
1 vote
Andrea (Andr…, Agent, 10011, NY
Sat Feb 14, 2009
If you really want to sell in the current market and in this economic downturn with low volume of ready to buy purchasers your best bet is to be priced lower than any of the units that would be considered your competition. As the market is declining and expected to decline further the last thing you want is for the unit to sit on the market. along with everyone else's and by the time everyone else reduces their price your listing is stale and has tons of competition. You want to be priced ahead of everyone else and offer a better deal to the buyer than anyone else. People are looking for deals, bargains, great value. There are not that many comps for recently closed units right now as the sales volume is so low. What you want to do is look at everything that is currently listed on the market that is comparable to yours in terms of the qualities of the apartment, size, monthly charges, building, neighborhood etc and than be priced lower than anyone else.
It is probably not what any seller likes to hear, but this is an honest advice. Best of luck.
0 votes
Bill Eckler, Agent, Venice, FL
Sat Feb 14, 2009

Thumbs up to Anna.....she is on target.

Having the home priced at a price that is a true reflection of the current local real estate market is critical today.

good luck
0 votes
Paul Macapag…, Agent, NY, NY
Sat Feb 14, 2009
Hello JC.

A lot of brokers are having a hard time selling in this market. The truth of the matter is that there is still a healthy amount of activity in the market. Most brokers are use to selling the old fashon way. Price high and then discount. You CANNOT do that in this market. Chaseing down the market is not working now a days. People are looking for unique buying opportunities. ie. forclosures, short sales, distressed sellers.... ect. Those people are your competition. You must creat a buzz. Weather it is pricing a property low to stir activity or have a really great marketing technique, like a rent to own, or seller financing, or assisting in closing costs to the prospective buyer. Since most experts are predicting prices to come down even further... the market is actually chaseing you down. In my opinion you time is valuable money you are losing. If I was your broker I would price your property low to create a buz . I would rather present you with 20 low ball offers then none at all. The key is to get people to your listing and let your professional broker shine and show his closing skills.

Paul Macapagal
917 612 2746
0 votes
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