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I have been struggling to sell my 2bd/1ba coop on the UES. It's in the prime location, 24 hr doorman, Whole Foods around the corner, private garage, zoned for 2 great schools.
Put on the market in Feb at 830K, 4 people showed up at the first open house, one offer followed a couple of weeks later. But that offer was rescinded by that person - he found something else.
Later on, the open houses were disappointing - few people were coming, sometimes no one. We have been lowering the asking price continuously in steps. It's now priced at 749K, just 20K above the price we paid in 2014. Yet, only 1 person signed up for the upcoming open house on Sunday. It's not that people offer too little - no one is even coming or offering anything. A few years ago, this would sell in days.
Working with the professional realtor who's sold lots of coops. The pictures are great, I repainted the living room in white to make it look nicer. Still - the market for this type of property seems dead.
The most puzzling aspect of this as we have dropped the price from 799 to 775 to 749 - I have not seen any uptick in interest/activity/open house attendance. Don't know what to do...
The interest rates are too high right now. Maybe rent for a while, if you are not living there.
I might have to, but the problem is that renting it out is difficult. Not only the board needs to approve the renters, which slows down the process, there is also an application fee that I would have to pay part of the rent to the board every month + this is limited to 2 years.
I would prefer to sell, but if I cannot sell by mid summer, may have to rent it out, correct.
This is a very good question. The maintenance is average for this type of coop in this neighborhood for 2024. All the 24hr doorman buildings have seen an increase in maintenance costs due to the rising building insurance + rising labor costs, associated with the doorman/workers union.
So it's now $2,280/mo for the 925 sq ft apartment.
This is a very good question. The maintenance is average for this type of coop in this neighborhood for 2024. All the 24hr doorman buildings have seen an increase in maintenance costs due to the rising building insurance + rising labor costs, associated with the doorman/workers union.
So it's now $2,280/mo for the 925 sq ft apartment.
That's a tough cookie, along with the mortgage. That combined with it being a 2 bdrm is most likely the reason why it's not selling. If you had a 3 bdrm it would have been sold already. Either drop your price or take it off the market. I bet if you lowered it to 600 it would be gone. Is it convertible to 3 bdrm at least? Maybe you should consult with an architect who can provide a potential renovated 3 bdrm floor plan with the listing if you really want to sell.
Think about it like this, would you buy your apartment all cash?
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That's a tough cookie, along with the mortgage. That combined with it being a 2 bdrm is most likely the reason why it's not selling. If you had a 3 bdrm it would have been sold already. Either drop your price or take it off the market. I bet if you lowered it to 600 it would be gone. Is it convertible to 3 bdrm at least? Maybe you should consult with an architect who can provide a potential renovated 3 bdrm floor plan with the listing if you really want to sell.
Think about it like this, would you buy your apartment all cash?
I would buy my apartment all cash IF I really wanted to live on the UES close to everything (Whole Foods, Q train & 4/5/6), good schools, etc. We moved here for the schools and the convenience. Both elementary and middle schools are very good. Before Covid this area was very hot, and the real estate prices were climbing. After the Q train & Whole Foods opened, things looked quite bright.
I agree that we should be reducing the price, that's why we reduced from the initial 830K to the current 749K. And frankly, people can make much lower offers, this is just the asking price. The problem is getting people in the door to even look at the apartment.
It's not convertible to 3br, and at 925 sq feet, it would not work anyway. And any conversions would be way too expensive to be worth, considering all the approvals and time to do them.
A one bedroom can be hard to sell but a two bedroom is easier
That maintenance can be a killer
ok, but it is in line with all the other coops. When we bought in 2014, it was $1750. For a full time doorman bldg, it's not out of the norm.
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