Selling apartment - stuck in bad situation - good read for beg's

10 Replies

I closed on the unit for $1,075 / sq ft in Q1 2014. Was in a hurry to buy. Thought I was buying a 900 sq ft ($940 / sq ft) unit but appraisal came back at 785 sq ft. Would not have bought at amt had I known (1) the true sq footage and (2) the hidden repairs that surfaced (old building + I did sloppy inspection). Ended up needing to put $35 / sq ft of repairs in over past five years for total all-in cost of $1,110 / sq ft. 

Listed for sale five days ago for $1,150 / sq ft. 1.825% state / city transfer tax on sale + willing to pay up to 3% for buy-side commission (stated in ad). Seemed a low price, however, I've only gotten one email and five showings so far. A couple of the showings were 'ok' but three others were definite no's. Unit is on 4th floor of no elevator walk-up (written in the ad). Property getting a lot of hits on Zillow and Streeteasy but little interest coming through. My wife both lost our jobs in the past 18 months and we're having difficulty finding new ones. Perfect storm. Apt is clean and empty, pictures are fine. 

I feel that I should immediately drop the price by $25 / sq ft to see if I can find the market. Is it too soon? Should I drop it even lower and start taking loss already? I need to sell this and move on. Its a nightmare that keeps getting worse.... Any advise helps. 

$1000/sf? Ouch. Has to be oceanfront. No elevator means east coast? Doesn’t sound like it was ever a rental right? I mean a million dollar sub 1000sf condo is not ideal rental. 4 years with zero appreciation? Not too good  

I hate to pay $150/sf. 

GL. 

$1000/sf? Ouch. Has to be oceanfront. No elevator means east coast? Doesn’t sound like it was ever a rental right? I mean a million dollar sub 1000sf condo is not ideal rental. 5 years with zero appreciation? Not too good  bad property in a bad market I guess  

I hate to pay $150/sf. 

GL. 

@Jim Brown hey Jim, that definitely sucks and I’m sorry to hear about your situation. If you DM me, I can take a look and give you whatever advice I have but within 14 days you should have A good idea about where you should be priced. DOM in Manhattan is up over the last year but things can sell quickly if they are priced close to their actual value. If the apartment is too far off, then I don’t get a lot of calls in my experience.

@Jim Brown Are you trying to sell it yourself? I would consider working with a broker...Most good agents will come to give you consultation for free...and a good one can really help.
I own a small coop unit I rent on the UES...used to do it all myself...then met an agent through a common friend who made a great impression very friendly and professional...let him handle the turnover of my apartment and he managed to get me about 15% increase of the monthly rent...When I was doing my open houses I would always got a trickle of people come by...he managed to get 30 people in the door on his 1st open house and 3 application within the week...What I came to realize is that good agents manage to drive much more foot traffic and create a sense of urgency for buyers/renters...In my case he got in a professional photographer who made the place shine...If you DM I can send you his contact...but any good agent from one of the reputable companies in Manhattan can give you a good advice.

If your coop allow you to sublet for a year I would seriously consider doing so (If it cover holding cost)...Fall-Winter is the worst season to be on the market...if you can have the place rented and then put it on the market around March-April you might be in a better position...again best to consult few good Manhattan agents. Only thing to make sure is that you put in the lease that you will hold showings and OH in the spring.

Good Luck!

Hey Jim, sorry to hear about your job lost.. Coop boards are a pain, I lived in 2 Coops and sold one in Riverdale a year ago... Working with a realtor that's familiar with your board and board requirements will make a big difference..

The problem in lowering your price is if its too low board might reject it...

@Jim Brown I’m an agent and live/own on the UWS as well.  Happy to come give you my genuine thoughts on the apartment and price.  Feel free to DM and we can connect.