Hi, I'm looking to sell my apartment for the price I bought it at 3 years ago. How much of a hit will I take? I paid 230k for it. It's on

Asked by Mark, 11232 Sun Jan 30, 2011

41 st street

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24
Selene Pinke…, Agent, Williamsburg, VA
Sat Apr 16, 2011
The real estate market has dropped within the last three years. You should think about having your apartment appraised. Pricing right will be the first step in the process of getting your apartment sold.
1 vote
David Rogoff…, , Brooklyn, NY
Tue Apr 26, 2011
Have your agent prepare a CMA so you have a general idea of value and approximate gross sales price.

Your accountant / attorney can assist with the estimates of closing costs at various price points so you'll have a better idea of your net proceeds both before and after taxes.
0 votes
Christopher…, Agent, Tarrytown, NY
Sun Apr 17, 2011
Hi Mark, depending on your current market you may not take a hit at all. Your best bet is to have an agent do a comparative market analysis so you can see what other homes in your area have recently sold for. Another option if the hit you may take is too big, is to rent the home until the vaues come up.

Christopher Pagli
Licensed Associate Broker
Accredited Buyer Representative
GREEN Designated Agent
William Raveis Legends Realty Group
914.406.9023
Web Reference:  http://raveis.com/chrispagli
0 votes
Jeanne Feeni…, Agent, Basking Ridge, NJ
Sun Apr 17, 2011
Hi Mark, as others have advised, a local agent will be able to provide you a tailored market analysis for your property that will give you a likely market value range. Prior posters are right, some areas of the country were hit harder than other by the downturn, BUT, no one escaped it. A goal of selling for what you bought your home for 3 years ago is likely unrealistic. Plus you will be facing commission expense, something you did not incur as a buyer. While an option is to try to sell on your own, generally you will result with a lower net.

Your best bet is to hire the best agent you can find and get to work on selling your home for the most this market will bear. That is the best outcome you can expect in any market.

Good luck to you,
Jeanne Feenick
Unwavering Commitment to Service
Web Reference:  http://www.feenick.com
0 votes
Jeanne Feeni…, Agent, Basking Ridge, NJ
Sun Apr 17, 2011
Hi Mark, as others have advised, a local agent will be able to provide you a tailored market analysis for your property that will give you a likely market value range. Prior posters are right, some areas of the country were hit harder than other by the downturn, BUT, no one escaped it. A goal of selling for what you bought your home for 3 years ago is likely unrealistic. Plus you will be facing commission expense, something you did not incur as a buyer. While an option is to try to sell on your own, generally you will result with a lower net.

Your best bet is to hire the best agent you can find and get to work on selling your home for the most this market will bear. That is the best outcome you can expect in any market.

Good luck to you,
Jeanne Feenick
Unwavering Commitment to Service
Web Reference:  http://www.feenick.com
0 votes
Carolyn Gron…, Agent, Lafayette, LA
Sat Apr 16, 2011
Hi Mark,

Contact a local agent to provide you with a free CMA. You will then know the amount of hit you may or may not take. If your financial situation will allow you, consider leasing the property and wait out the market.

Good Luck Mark!
Web Reference:  http://carolyngroner.com
0 votes
Shane Willis, Agent, Pensacola, FL
Sat Apr 16, 2011
Really going to depend on the area. Some areas of the country were not hit as hard as others. I would develop a relationship with a local realtor who can answer the qeustion better than boards like this.
0 votes
Agnes Tabor, Agent, Naples, FL
Sat Apr 16, 2011
Dear Home Seller,

If you bought 3 years ago prices were quite elevated. There is no doubt that you will take a hit on it. Start a Real Estate relationship so that you may get some comps to help you understand the market in your area today.

Good Luck to you.
0 votes
George Guerr…, Agent, Holland, MI
Fri Apr 15, 2011
first of all where is apt located what city and state? Is it a duplex ,4 plex or more. 4 years ago I sold my 4 plex for $229,900 carried a second mgt for $70,000 the guy went under he then lost to the bank. the bank sold it after 2 years for $66.900.00 and I lost $69,000. HOLLAND MI 49423. wish I had better news for you.
0 votes
Rhonda Holt, Agent, New York, NY
Sat Feb 12, 2011
Hello, if you have a co-op you can simply go to your management office and receive a list of sold co-ops. Check for the ones that sold similar to yours so you can get an idea of what you can sell for in this market.

I hope this answer helped you.
Web Reference:  http://www.RhondaHolt.com
0 votes
First Last, , 90002
Tue Feb 1, 2011
In general, Sunset Park prices have slipped in the last 3 years on a par with most of Brooklyn, which overall has slipped about 10+%. But "in general" may not be meaningful for your particular property.

Is this a condo, by chance? Probably not, but condos are more in demand than co-ops, and so a condo will hold value better.

Have you improved the property in any way--new kitchen? New bathroom? Refinished the floors?

Has the building upgraded in any way? Are the financial statements better, or worse, than 3 years ago? Is this an all-around excellent building, or a building that looks shabby with weak maintenance staff?

There are more buyers in your price range than there are at higher price ranges, so overall stats aren't as meaningful as stats that are stratified (grouped) by prices. A lot of first-time buyers are entering the market to take advantage of low interest rates.

A probable sale price can be estimated with a Comparative Market Analysis and an on-site assessment, which I would be happy to provide, just send me an email message with the address.

Karla Harby, VP
Charles Rutenberg Realty
kharby@crrnyc.com
0 votes
Dale Davids, Agent, Saint Albans, NY
Tue Feb 1, 2011
Depending on the Area your apartment is in, the price may have not changed that much. Where is it located?
0 votes
Alo webb, Landlord, New Rochelle, NY
Mon Jan 31, 2011
Hi Mark. The filings for new foreclosures in the NYC region for Q4 2010 compared to Q4 2009 is as follows, Queens was down 42%, Manhattan was down 36%, Staten Island down 28% and Brooklyn was down 14%. Bronx was up 6%. Also, in general home prices in the New York City region only fell 13%. Also, in the same report, CNN Money also found that, The New York area has the lowest foreclosure rate of any of the nation's 10 largest metro areas. You can review the report here, http://money.cnn.com/galleries/2011/real_estate/1101/gallery…

These are all indications that your apartment may very well sell for its original purchase, and the foreclosure wave has not affected the NYC area real estate prices as badly as other regions. If you would like to list your property for sale, I can be reached directly at 914-384-9554.
0 votes
Michael Afan…, Agent, Brooklyn, NY
Mon Jan 31, 2011
sorry, that link wasn't working...try this: 42042ndSt.vlshomes.com
0 votes
Dallas Texas, Agent, Dallas, TN
Mon Jan 31, 2011
Listing agent will assist you making any decision. If you are negative on home you might want consider short sale will lower your credit scores. OR many families are leasing homes till market recovers in certain areas.

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes
Michael Afan…, Agent, Brooklyn, NY
Mon Jan 31, 2011
Hi Mark, I'm selling a 2-BR condo right now on 42 St / 4 Ave and very familiar with the area.
Would need to take a look at the apartment to tell you better. If not to make a profit, your goal may be to break even. Take a look here: http://www.42042ndSt.vlshomes.com
0 votes
Charles D'Al…, Agent, Brooklyn, NY
Mon Jan 31, 2011
The market has changed in 3 years,mostly lower. Some properties have been affected less then others. There are ways to check. if you go to nyc.gov you can check recent sales or call a local Realtor for a market price evaluation. I f you need more call me anytime.
0 votes
The Roskelly…, Agent, Gambrills, MD
Sun Jan 30, 2011
Hi Mark,

That is a great question to pose of a local real estate pro. Every city, county, neighborhood are different.
0 votes
Investment M…, , New York County, NY
Sun Jan 30, 2011
Give me a call at 917.374.4295, I'll give you a free market comparitive and let you know what your competition is and well you'll do in today's market. talk to you soon.
0 votes
Mitchell Fel…, Agent, Brooklyn, NY
Sun Jan 30, 2011
Dear Mark:

Although it is true that the market has gone down since 2008, you may still be able to recoup your investment and maybe even make a profit. It all depends on how good of a deal you got at your time of purchase and also how much demand there is for your particular apartment in today's market. There is no way for anyone to give you accurate information with the few details you have provided with this question.

If you really want to find out and get a good estimate of your apartments value, you should have a professional realtor meet with you to view your apartment, furnish you with a list of comparable sales and then give you an estimate of it's present value. This can only be done by having an agent physically view your apartment.

If you like I can provide you with this service free of cost or obligation. I will tell you the truth no matter what be it high or low. Feel free to contact me at any time. Either way, good luck!

Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
0 votes
Gail Gladsto…, Agent, 11743, NY
Sun Jan 30, 2011
Mark, ask a Realtor to come in and provide you with a Comparative Market Analysis. There is no charge and it will be based on recent sales just as an appraiser would do.
Web Reference:  http://Gailgladstone.com
0 votes
Catherine Cl…, , Falls Church, VA
Sun Jan 30, 2011
Agree that it is impossible to answer this without a lot more information such as current condition, any improvements made, the current comparables in your area and will the home appraise for the same price and much more including financial conditions of the building if a co-operative. You would need to have an experienced agent come in and give an honest assessment of the property, someone who will give you a true answer and not inflate the expectations to get a listing. If you would like to have me look at your apartment and give you what I hope would be good news I would be happy to do that.
Thanks and best of luck with it no matter what you decide,
Catherine Cleland
City Connections Realty
0 votes
Dawn Durning, Agent, Brooklyn, NY
Sun Jan 30, 2011
Hi Mark,

It would be impossible to answer your question without more information, and of course viewing your apartment. If you like, we could discuss more and set up an appointment for a free market evalution of your property.

Please feel free to call me to discuss further.

Dawn Durning
Licensed Real Estate Salesperson
Fillmore Real Estate
7913 5th Avenue, Brooklyn, New York 11209
718-748-3331
0 votes
Nikolai Sali…, Agent, Staten Island, NY
Sun Jan 30, 2011
I will have to stop by and take a look. Give me a call or email.
0 votes
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