FSBO - 1 BR in Cobble Hill... $305K OBO

can you email me so I can ask you a few questions for a FSBO survey, nothing to try to get your listing? Ill promote your fsbo on urbandigs in return on Friday? I have a post up asking the same.

Just curious, the title of this thread says "$305K OBO"...but the website says "Note: Don't bother offering under $305K. That's the amount I need to keep out of foreclosure. I'd rather give it back to the bank then sell it for less."

Might want to clarify for other interested buyers out there. Also there's no mention of sunlight.

Wish it had a bigger bedroom and living room, I'd scoop it up in a second.

"Wish it had a bigger bedroom and living room, I'd scoop it up in a second."
Heh, well, the price would be higher. However, a few people who have seen it have said that it looks bigger than in the pics (probably because they aren't fish-eye pics) and also, the floorplan doesn't do it justice (I know the floorplan is kinda screwy).

As for the price, everyone has seemed to figure it out so far. I'm taking the best offer over $305K.

So in this market, you're expecting offers above asking price?

"So in this market, you're expecting offers above asking price?"

Sure, why not? If I priced it at $50K, wouldn't I expect offers above the "asking price"?
Shop around. Then come see mine. You'll see it is clearly under-priced. There are good buys and bad buys in every market.

Unit 2 sold for $275k last year, not sure how it compares to yours.

If you put OBO expect some people to make offers less than that as typically "or best offer" indicates that you are willing to entertain offers for less if that is all that you receive.

Unit 2 IS mine. What you don't see is the 30K construction loan. Contract prices on the internet can be deceiving.

No one who has contacted me has been confused by the pricing. Only people on Streeteasy, for some reason.

I agree with TheFed. "or best offer" carries the connotation "$275K is the best that I can offer", ie. best offer from the buyer, not best offer for the seller.

I agree your unit is WELL priced, but that said, streeteasy shows an average PSF of $737 in Cobble Hill. Given the dimensions listed on your floorplan, total SF in your unit is 419. At $737 PSF, your listing is priced $3,000 cheaper than average for the neighborhood, and that's without knowing what the light and noise situation is in your unit. Previous sales averaged $677 PSF in your building since 2007, so in that respect, you're overpriced. I'm not trying to knock your listing, and I'm sure it's the right buy for someone, but in this market, I wouldn't say "clearly underpriced."

"Unit 2 IS mine. What you don't see is the 30K construction loan. Contract prices on the internet can be deceiving." You're right. It does show that you closed at pretty much the height of the boom though!

TheFed-
Are you sure? #8 is the closest comp to mine. It has a tiny kitchen, smaller bathroom, and was what I would consider a fixer, although I don't think it was sold as such. However, it cost $325K, which is $50K more than mine (not counting my construction loan). So, side by side, my apt is definitely worth much more than #8 (because of the layout & upgrades). But, they paid $50k more, almost a year later. Doesn't that mean that #8 was bought at the "height of the boom"? Or, is my math wrong?
Funny, when I bought an apt in '04 (in Manhattan) and paid a record amount for that building, I was told I was crazy, and was "buying at the top". Yes, in 2004.
(FYI... Streeteasy also doesn't list all the sales in the building.)

pacifican. I think it's well priced to start, although I'm surprised you'd rather ruin your credit by going into foreclosure than take a loss. I'm guessing (or hoping for your sake) that you don't NEED to sell. Your argument for the recent comp is a good one. You might even consider putting that info in the listing.

I DO need to sell, and I don't have much cash. Hence, this whole scenario.

pacifican - Is #8 on a higher floor? Less street noise/more light is definitely worth money to people. I'm sorry you're in the situation where you have to sell, have you had any interested buyers yet?

fishermb-
Yes, #8 is one floor higher. Street noise & light should be similar (it's a fairly quiet 1-way street and there are trees in front of the building, which probably block the same amount of light for both of us).
I've already had one of those offers like... "if we're both single in 20 years, then I'll marry you", where the guy was like, "if you don't get anything over 305K, then I'll buy it". I guess, like bidding for something on eBay at the opening price, and you figure, if I get it for this price... great. If not, no big deal. So, I got that goin' for me... which is nice.
But, actually there have been a lot of people who seem fairly interested, especially considering how recently I posted the ad on NYT (Monday).

pacifican, you have a terrific ad, the apt. looks very clean, just wanted to send some words of encouragement. Good luck with the sale!

I do agree that the website looks great, and I am all for FSBO, just don't let your attachment to the place get in the way of the big picture (selling!) as is clearly the case with streeteasy user 407PAS (see his posts if you haven't yet).

Thanks, Valldejuli & fishermb. I'm not too attached... I need to sell.

But, to make me feel even worse, AMNY posted an article about how great it is to live in Cobble Hill. Nice timing.

http://weblogs.amny.com/entertainment/urbanite/blog/2008/11/city_living_cobble_hill.html

Ah, my attachment is getting in the way of my sale. ;-) I actually live in a place I like and not a dump that I'm trying to dump. I'm not disparaging the unit here, I haven't seen it, I can't reach the site. I'm sorry the owner has gotten into a potential foreclosure mess with it.

My unit is still the lowest priced one bedroom in my building out of a total of four units up for sale. Of course, any asset can be sold quickly in a fire sale.

Ok,
I checked it out. Nice looking place, that should make somebody happy.

* Nice cherry cabinets and a nice looking kitchen..
* Everything looks clean and in good shape, nice bathroom renovation
* Window in the bathroom, wonderful and is that a window in the kitchen behind that shade?

Is that a Rega Planet CD player? I had one once, nice...
Still into vinyl, cool! What amp and preamp are you running? Some Sim Moon tube stuff? Can't make it out..
I hate to say it but if you need to sell gear www.audiogon.com is the place, but I hope you don't have to.

Good luck with the sale! Hang in there.

407PAS - I know why you think your unit is priced well, but you're missing the fact that us on the streeteasy boards aren't the ones you need to convince, it's the remaining 100 potential buyers out there in Manhattan.

If there are only 100 buyers left in Manhattan then the music has stopped. I hope everyone likes the seat they're sitting in.

I don't expect to find a buyer in this crowd, I hang out here because it is kind of fun.

Was your renovation done legally and you have a valid C/O??? I only ask because your electric in the kitchen is not to code and would never pass an inspection to get the C/O. I wish you luck on your sale.

cdrvf-
Which part, the 2 outlets? (I'm just guessing.) A licensed contractor did the work, but I don't know.

407PAS-
As for the stereo... yes, Rega cd and the amp is actually an integrated tube (Rogue Audio Tempest II). Sounds great to my ears.

pacifican - why are you in foreclosure? How did you get into this situation? not trying to judge, but I'm curious to hear anecdotes about why people lose their homes or come close to losing their homes.

Best of luck to you!

Riv_Drive-
It's work-related (and, also somewhat dependent-health-care-issue-related). Obviously, I can't discuss all the details.
I actually have a great fixed-rate on my mortgage.

pacifican:

As a former FSBO'er myself, I would also like to say "job well done" regarding the website.

Thanks.

Oh, and I'm having an open house this Sunday 1-4.

Good luck on the open house tomorrow. Make sure the place is clean and neat, hide as much personal stuff as possible, have your info sheets ready and have a sign in sheet (I only ask for name and email), so you can contact people in the future.

Oh yeah, keep the brokers out of your apartment. Ask people at the door if they're brokers. I believe threshold law holds, which means if a broker brought in someone and you struck a deal with that person, you would owe a commission. You've already priced the thing this low, you should be able to find a living, breathing buyer. Hold on to every dollar. Good Luck!

Yes, your outlets should be GFI outlets, anything within x feet of water so you don't drop the toaster oven in the sink and electrocute yourself.

"In washrooms, near kitchen sinks and in garages, you may find GFI receptacles. GFI stands for ground fault interrupter. These outlets, now required in many states, are extremely sensitive and are installed, or should be installed, wherever water is in close proximity. An outlet like this can save lives as it will trip (turn off) much like a circuit breaker, if it detects more power coming into the hot wire than in leaving through the neutral wire."

Do you have an attorney ready to negotiate a contract with the buyer's attorney?

I figured it was the GFI thing. Funny, no apt I've had in the last 10 years (in NYC) has had GFI outlets in the kitchen.
I do have an attorney... same guy I've used a few times.

Unfortunately, the problem will be that the buyer will not have an attorney at the ready. Some buyers I talk to look a little perplexed when I tell them to go find a lawyer. They just don't seem to know how the game is played.

Oh yeah, be sure to put something like 'No brokers were utilized in the sale of this apartment' in the contract, to protect yourself from geting sued later by a broker who claims they were involved in the deal.

Pacifican: How did your open house go a week ago?

It went ok, I suppose. About 11 or 12 came to the open house, and since then, I've got a couple offers (although, they weren't from the open house). I assume the people who came during the week are more serious buyers than the ones who came to the open house.

Pacifican - I was wondering how the process is going for you? Have you had additional open houses? What's the response been like?