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** I misspelled the word "apartment", but cannot edit the heading
We trying to sell our 2br coop on the Upper East Side (great location, Whole Foods nearby, zoned for 2 amazing schools, Q line around the corner, 4/5/6 is 5 min walk, quiet, 24hr doorman elevator building, private garage), but no one is even showing up for the open house, even though we dropped the price several times, and it's now, honestly, way below market.
We are using a great RE agent who has sold lots of apartments in the past few years, including several in our building, it's listed on the MLS and StreetEasy, so obviously shows up on Zillow and other sites. The listing looks great (professional pictures the agency took). But the market seems dead, 3 people showed up for the 1st open house. Not a single one for the 2nd and 3rd, even though we dropped the asking price from 830K to 799K.
How to market this apartment to get people to at least visit and see it?
If you can afford to wait, I’d say wait. It’s NYC, someone will come along who won’t have a better option or is desperate. It’s just a matter of time.
If you can’t wait, the only way to stimulate demand is a significantly lower price. 5% isn’t significant.
You’re in the middle class price range which is the toughest range nowadays. Demand from the wealthy and the poor is always there. The middle class is fleeing NYC nowadays.
My wife and I are looking to buy an $850 -$900K house on LI. Even if you dropped your price to $600K, we wouldn’t take that apartment. You’re looking for a very particular middle
class buyer in this environment and your only choice is to wait.
To be honest, it’s almost never about price if the demand is there. Someone who can buy at $799 will buy at $830 if the demand is there. If the demand isn’t there, the discount has to be more than 10% to even stimulate some demand.
If you can afford to wait, I’d say wait. It’s NYC, someone will come along. It’s just a matter of time.
If you can’t wait, the only way to stimulate demand is a lower price.
You’re in the middle class price range which is the toughest range nowadays. Demand from the wealthy and the poor is always there.
My wife and I are looking to buy an $850 -$900K house on LI. Even if you dropped your price to $600K, we wouldn’t take that apartment. You’re looking for a very particular middle
class buyer in this environment and your only choice is really to wait.
Understood. That's why we dropped the price. I hoped that once below 800K we'd get at least some interest. We bought it for just a bit less 9 years ago. Before the 2nd Avenue Subway and before Whole Foods. Adjusted for inflation, we are trying to sell a substantial loss. But I get the point. I am just wondering what sites I can post the listing to promote it more. I guess my agent should be doing that, but I think he also wants to just wait and see.
Understood. That's why we dropped the price. I hoped that once below 800K we'd get at least some interest. We bought it for just a bit less 9 years ago. Before the 2nd Avenue Subway and before Whole Foods. Adjusted for inflation, we are trying to sell a substantial loss. But I get the point. I am just wondering what sites I can post the listing to promote it more. I guess my agent should be doing that, but I think he also wants to just wait and see.
Agents are just middle men. They have no ability to generate demand. You can check the last 60 days of sales and see what types of comparable apartments are selling.
Is your building one of these coops with $5K+ maintenance? Does your building have financial
Or management issues that are red flags for a buyers agent?
Agents are just middle men. They have no ability to generate demand. You can check the last 60 days of sales and see what types of comparable apartments are selling.
Is your building one of these coops with $5K+ maintenance? Does your building have financial
Or management issues that are red flags for a buyers agent?
The maintenance went up a lot in the past few years, mostly due to the coop insurance (I was told by the board ppl, and they said this is a problem for all the coops and condos in NYC). Our maintenance is $2,287/mo for the 925 sq apartment. That is reflecting the last increase on Jan 1, 2024. I was told that it may not rise as much in the future, but this is just a promise.
Our building is well managed with good financials. Very good people on the board too. And quite relaxed about the financing rules (only 20% down required). Also, pets are allowed.
Agents are just middle men. They have no ability to generate demand. You can check the last 60 days of sales and see what types of comparable apartments are selling.
Is your building one of these coops with $5K+ maintenance? Does your building have financial
Or management issues that are red flags for a buyers agent?
agents can choose to show one listing over another with whatever traffic they do have .
when we sold our house we offered an extra 1% commission if sold within 30 days after sluggish results .
all of a sudden it had a lot more traffic and we sold it within the 30 days
agents can choose to show one listing over another with whatever traffic they do have .
when we sold our house we offered an extra 1% commission if sold within 30 days after sluggish results .
all of a sudden it had a lot more traffic and we sold it within the 30 days
This is interesting. How can I do that?
I mean, in my agreement/contract with the selling agent I have committed to pay 5% of the sale price. He will divide it with the buyer agent. How can I offer that extra 1% ?
I mean, in my agreement/contract with the selling agent I have committed to pay 5% of the sale price. He will divide it with the buyer agent. How can I offer that extra 1% ?
the agent put that in the contract . it was shared with the other agents so everyone was kind of showing us first.
so many other homes went unsold at the time we sold in just weeks
it was my idea and with multiple listings it isn’t just your agent showing it .
you could clearly see other agent’s prioritizing the listing as well .
the other agents were not that actively feeding us with potential buyers either but that changed when we offered more so it isn’t about just your agent.
now i noticed the op said they were paying 5% ..isn’t the typical going rate for an agent 6% ?
so if it is typically 6% why would other agents show your place over someone paying more
Last edited by mathjak107; 03-09-2024 at 10:18 AM..
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