Planning to sell 2br2ba@Kalahari,40 west 116th

I haven't heard great things about realdirect since you pay a fee but don't get that much from them in terms of services, and you do all the work yourself. If you want/need advice on how much to list your apartment for and how to market it, you'd probably be better off hiring a broker to advise you, so you get the best price. If you're concerned about paying the commission, there are numerous brokers out there who charge less than the standard 5 or 6%. We used Dan Gotlieb from Digs Realty to sell our place. He was great and charged us far less than the standard rate.

depending on size, 2 bed 2 bath units are going for 1.1 million in that building. Since inventory is tight youou could probably just pass the word to neighbors and staff to sell it.

I would like to list it myself using Realdirect or Hauseit. The question is which one is better. I know my listing price already. I can do few open houses myself or renting an open house agent - but I am sure I know much more about my apartment , building, neighborhood than any agent. I think saving on the seller's agent commission 25-30k makes a perfect sense.

This is a full time building, with tax abatement and low CC. You can check sales history- all apts went into contract within few wks. There was no price movement in this building for 1 year when all NYC RE went up an other 10 %.
Check Circa on Central park- 1 br 650 sq ft were priced 950-1.1m - all in contract, the other ats lefts starts at 2000 /sq fr. Check Adeline across the street- small 2br2ba listed for 1.3mln.Check 5th on the park- recently listed 2 br 2 ba apt are all in the contract or sold for 1.2-1.3 mln.
All Kalahari apts listed within the last 6 mo were extremely underpriced based on the current market.
You can be the one who can price it accordingly. Your seller's broker wants a deal- so not too many agents will get you the highest price you want. You should list it for 1.2-1.3 mln.

Exactly Muromec. If you go with a broker go with the best!!!

When are you planning to list it? You should do it NOW. The best season to sell.Rates are down again.
Also i think its good to overprice it 50k to feel the market. List it for 1.3. Make professional fotos.
Use realdirect. Also you can rent agent for open house for 300$.

Kalahari finishes are not as nice as Adeline (and nowhere in the league of Circa Central Park) and the 2 BRs at Adeline are not moving at $1.3. People can see the price history that they were purchased for $750k 2 years ago and feel they are getting ripped off. Do not make the mistake of overpricing your unit. Then the listing gets stale and people lose interest. Price it right, and you will get more interest and people coming to see it, and may get bids over ask.

Also, sorry to say but Circa is not a comp for this building. Although it's only 6 blocks, there's a big difference between 110th on Central Park North and 116th Street.

Agree , but there is also a huge difference between 3.5 mln for Circa and 1.3 mnl for Kalahari

Also , check the price history for other new listings when the price now 300k-1 mln above the price 3-5 years ago. Its all over the place. Why Kalahari should be an exception?

Also, streeteasy has only 16 apts priced under 1.25 m 2br2ba condo in Manhattan -not in Harlem, out of 1025 2br 2ba condo in Manhattan.
Also streeteasy has only 48 apts priced under 1.25m 2br 2 ba condo in Manhattan and 32 of them - Harlem listings

The BRs at Circa were 1.9-2m. I don't know what kind of square footage the seller has here though. Harlem is cheaper for a reason as not everyone is comfortable with the area yet. True that price growth is all over the city, but sales starting to slow as people realize things may not be worth such a price jump from a few years ago. Lots of price reductions on overpriced resales all over SE if you look.

^^I meant 2 BRs at Circa.

If you price the apartment right, take professional pictures and stage it well, then the apartment should be sold quickly. You are better off working with a broker who can determine which find you a solid buyer and guide you through the entire sale without glitches. Besides advertising on broker to broker websites, brokers also have a network of solid clients who they can contact about your apartment. That being said, if you have any questions, please feel free to call me at 917-287-9750. Good luck!!

B610 closed in February for $950,000. If that was such an underpriced bargain, why didn't buyers come out of the woodwork and bid the price up to what muromec thinks it should've been?

The OP might want to check ACRIS and see what the other no-longer-availables sold for.

Exactly. Instead of bidding war to get higher price its better to negotiate down so buyer will think he is getting better deal .

So maybe it was not an underpriced bargain and people are still not willing to pay over $1m for 2 BRs in this building? Right, look at the CLOSED comps, not other listings, to see how you should price it. Also I am not seeing sq ft comparisons so who knows what size 2 BRs we are talking about here.

At the same A704 was sold for 1.2 m last summer, A 511 was sold for 1.175m and A411 was sold for 1.18m . So you think B610 was priced right@950k? UNDERPRICED! Peope got screwed!

At the same time*

Wait a minute, B610 is 100 sq ft smaller than the other 2 BRs that sold in the 1.1-1.2 range (A411 and A511). Also, it doesn't say that one actually sold, just that the listing was removed. It could have been off the market. It appears that the correct pricing for an 1184 sq ft unit is 1.15-1.2 depending on the floor. A 1080 sq ft unit should be priced less.

B610 was on a market for 9 days. Just FYI

Those are SOLD prices, not Listing prices

B610 was a BARGAIN

And do yourself a favor and get professional quality photos. The current active listing is an example of what not to do as far as photos go--looks very cheap. Disclosure--I am not a broker or a photographer trying to get your business!

Where are you seeing that B610 closed? I don't see closed under past sales--just no longer available. If it did sell at 950k, at 1080 sq ft that was probably 50k-75k or so underpriced. Maybe the seller just wanted to offload it fast; who knows.

By contrast B310 is listed as actually closed in March 2015 for $938k.

Agree. It was underpriced 150k

Median sales prices in Manhattan in Q1 2016 +5 % compare to Q4 2015 and + 18% compare to Q1 2015
Just FYI

+5 and + 18%

Plus

CCL3, B610's closing is in ACRIS but didn't make it to StreetEasy.

Muromec, your need to shill for Harlem and your own investment down the street is leading you astray. It sold for $950 because that's what it was worth.

NWT,
You're trying to reason with someone who said "All Kalahari apts listed within the last 6 mo were extremely underpriced based on the current market. "? Not just one, but ALL of them. Really?

NWT, don't be jealous that u did not buy 1 br for 550k or 2 br for 850k @ Adeline when i started Adeline topic 2 years ago

Ugh, the thought of living in a building in Afghanistan is not very appealing to me.

30yrs_Re, what is your reasonable price for 2 br 2 ba ? Really!

depends on the neighborhood

Kalahari

>NWT, don't be jealous that u did not buy 1 br for 550k or 2 br for 850k @ Adeline when i started Adeline topic 2 years ago

what would have outperformed, Kandahari, or Sprint or Apple?

Primo water - PRMW

Just curious what the listed 2 BRs at Adeline will re-sell for. Not currently moving. I think being able to see what they were originally purchased for is hurting the case for them to be resold so soon at 1.3. People would rather wait for the next new development and be a first time buyer.

They had an offer for 1.2 m but refused

they should have taken it!

lets see, may be they gonna sell it for 1.3 m

It is commonly thought that listing with out an agent will get you the most return. FALSE. In fact if you sell it your sell, and offer a buyers agent commission - you are in fact paying a professional to negotiate against you. The time loss and potential for delays when selling on your own can be costly. Also, having an objective agent working on your behalf with proper marketing tools will get you the highest price. Lastly, sellers can often attach personal feelings to their home which can get in the way of the negotiations/process. - Marcus Schott

do it yourself- save 30 k $

Pls note, all members in this topic who said do it with the agent are all agents themselves

As per Streeteasy market report:
It also indicates that Manhattan prices overall continue to rise due to strong appreciation in the least expensive price tiers (below $1.05 million). This is due in large part to significant declines in inventory of lower-priced homes in Manhattan. The number of homes priced below $1.05 million fell 25.9 percent from last April, while the number of homes priced above that remained the same from last April

There is a new listing @ Adeline, across the street from Kalahari- 23 west 116th str , priced @ 1403 $/sq ft.
So you can easily price Kalahari @ 1200 $/sq ft

Back in December 12A at The Adeline sold for $1,526 per ft² while in the same month A411 at The Kalahari sold for $996 per ft².

You can not compare pricing for penthouse with rooftop terrace and 4th floor apartment without outdoor space. Apples to apples pls

Fair enough. how about 2F at the Adeline which sold a month ago at $1,149 per ft² vs. A416 at the Kalahari which sold for $838 per ft²?

Just FYI: A416 was a restricted unit with old original kitchen and old appliances and it was on a market only for 2 wks before it went into contract. B501, also restricted unit with old original kitchen and old appliances was sold for 893 $ per ft. Both units were on the market for <1 mo before entering contract.
Based on above , there is extremely strong interest in Kalahari, even restricted units.
All listings @ Kalahari within the last 2 years were on the market for < 2 mo before entering contract.
Adeline priced @ 1323 $ per ft average based on 3 offerings at this time and that makes Kalahari a bargain being priced at 25 % less .

You should price your 2 br 2 ba apt @ 1200 $ sq ft

You need to work on your math. 25% less than $1,323 is $992.25, not $1,200.

You did not get my point. As i said previously,Kalahari is 25 % priced less but it doesn't mean that the next seller has to repeat the same. It has to be priced 1200 per sq ft to minimize this absurd difference

So work on your math yourself

Don't make people to go away from money on the table .
This is still seller's market.
Dont be shy!
See all previous Kalahari sales- all quick sales.
Be generous. Start high.
1.25-1.35 mln ,depends on square footage,for Kalahari will be a new price range and the other sellers will follow you!

Yes, the market is being absurd, not you.

5th on the park /1485 fifth ave has 3 offerings, priced $1200-1440 sq ft. Why should Kalahari be priced for less?

>Why should Kalahari be priced for less?

is it on 5th or the park?

nope , its on 116th , 5 blocks from central park vs 1485 fifth ave on 120th
Kalahari has much better location , close to subway and bus

This reminds me of the discussions we used to have with older people people in 2nd floor apartments on West End Avenue who insisted their apartments were worth more than higher floor apartments with views because Sabbath Observers would want them more.

I am an agent, and I say that if you want to give it a go as a For Sale By Owner- go ahead. You should be mindful of a few things- you may need a lot of free time, know how to properly market it (beyond streeteasy- love the site, but it is just one avenue) the apartment, have top quality pictures, etc. You will get lots of calls from agents pitching to you- so decide early on whether you want to open the listing to other agents- and if so, how much commission you are willing to pay. Some agents will not show unless they can get at least 3%. Also make sure you have done your due diligence with regard to building finances, etc. Make sure you understand recent changes in closing procedures from the banking end and how it can impact your deal. There are lots of other nuances- so make sure you do your homework before listing the apartment.

Can someone explain me please why 1485 fifth ave priced or should be priced more than Kalahari?
Kalahari is on 116th str and 1485 fift is on 120 str.
Kalahari has a bus stop and subway around the corner, same full service building with tax abatement,
closer to Central park ?

Offering prices and selling prices are not the same. I am in the market to buy right now and am seeing people list their apartments at absurd markups (they think they can get the same or better than brand new never lived in developments) and I just laugh and watch them go unsold for months and wait for the price chops. People are not in the same frenzy they were in 2014-2015; they willing to wait for the new options coming on the market within the next months or year, or wait for price chops. Of course it's his right to list it as high as he wants--if it sells at that price is another story.

1485 Fifth was designed to get higher prices than a mid-block building like the Kalahari, and it always has. Just stand across from each and look. 1485 is on a park, more-expensive finishes (e.g. separate stall showers in 2BR master baths), etc. Also, that brickwork pattern on Kalahari might've been a good idea when the builder was trying to patronize the community board, but it hasn't worn well. All those things override 1485 Fifth being a few blocks further from the train.

NWT, so if Adeline priced 1320 per sq ft, 5th on a Park priced 1200- 1400 per sq ft, Circa priced 2000-3000 per sq ft, what should be the price @ Kalahari

A little more than other sellers there have been getting. Or whatever the OP wants to try for. Maybe theirs has been tarted up more than anything else in the building.

I think you should price it a little less than Adeline and 5th on the park and much less than Circa, instead of little more than previous sellers @ Kalahari

Lets do 1.25-1.3 for Kalahari

looks like 2br 2 ba that was listed recently for 1.19 is not available anymore....Contract?

And a new one listed where the CC/RET look too low to be true.

This is a restricted unit meaning rent allowed 2 out of 5 years.
But it's unbelievable bargain because it makes maintenance 413$ / mo. RE tax 8 $ /mo. Can you find 2br2ba in manhattan with 421$/ mo in expenses?

If half the units in the Kalahari are still income restricted, wouldn't THAT be a reason that all the units in the building would sell for less than other buildings like 1485 Fifth Ave?

25 % of the units were resold since initial closing in 2008 and 2009. Half of the units were restricted units and the seller paid off enforcement mortgage to the city during the sale. If you are going to check who owns restricted units - teachers, city administtation, nurses and other professionals. The income for the restricted units was set up @ 64k-131k /year during purchase. There is no income restrictions for resell/buy.Kalahari location is much better than 1485, Kalahari amenities are better as well. But most important unbelievable low common charges in the full service building

The monthlies are indeed very low. People tend to factor that into their pricing though. If there's a tax abatement, they just jack up the listing price so you end up at about the same place on monthly outlays (assuming financing the purchase) as buying a comparable property with no abatement. Just like apartments with high monthlies have to list lower than they otherwise could. Of course, once the tax abatement expires, you are SOL.

This 2br 2ba unit @ Kalahari priced for 1.15,the newest listing, has total expense of 421 $ /mo if you buy for cash.
That's unheard of. Any other 2 br 2ba apartment in Manhattan you can tell me about that has the same CC and RE tax? And we are talking about full service building with plenty of amenities. And you still can rent it out for 2 out of 5 years. Also the seller will pay off enforcement mortgage fully , so the new buyer has no NYCHDC obligations.

Finally we have listings @ Kalahari far north from 1 mln.
New listing- 3 br 2 ba for 1.455 mln.
Lucky those who got a bargain deals for under 1 mln

http://streeteasy.com/talk/discussion/14968-azure-intelligence-new-construction-on-91st-1st

Fieldchester,wrong forum

muromec - can you please stop shilling for Kalahari - seriously ENOUGH !!!!!!!!!!

ph41 , why?
you can ignore this topic if you are not interested

mumorec is correct. Pricing is finally what it should be.

Did you see that this apt across the street already price chopped? If they don't get close to current ask they might take a loss on what they paid once you factor in broker fee/closing costs. http://streeteasy.com/sale/1228643?featured=1

$1300 per sq ft vs. 11oo at the Kalahari.

Ooops. $1100 per sq ft at the Kalahari.

I just noticed that unit A214 initially priced for 950k was sold for 1.15mln . It went into contract within 10 days. Price per sq ft 1250$

"mumorec is correct. Pricing is finally what it should be."
I think we will have to wait for a sale to determine that.

Again. The last sale in the building A214 sold for 1250$/ sq ft

That one had a 420 sq ft private terrace.

did you see it?
this is a garden unit with the terrace into common space- courtyard without any privacy , on the 2nd floor with the rooms half dark because of the terraces,
also units above 8th floor have higher ceilings,
not every one will be a fun of this terrace

It sold, and sold rather quickly. Guess people did like it :-)

What did you end up choosing to do by the way? Did you do it yourself or work with someone?

How was your experience and which flat fee RLS company did you end up choosing?

That 2 BR listing at the Adeline across the street just took a 2nd price chop and the seller will now take a loss after closing costs and fees. Meanwhile the 1 BR there someone is trying to resell at 1.3 is sitting at 214 days on the market.

its not a 2 br , but 3 br and its being offered by the owner-agent,
and its not 1 br but 2 br for 1.3 mln .They refused 1.2 mln offer btw

3 br @ Kalahari for 1.455 mln is in the contract I think

3 br 2 Adeline was sold for 1.625 .NYC and NYS tax 46 k.
So yes , they are selling at break even

It's a 2 BR "convertible" to a 3 BR. Break even assuming they get current full ask, plus an owner-agent will still have to pay 3% broker fee to buyer's broker. My mistake on the 1.3m apt, yes that is a 2 BR. There was another one in the same line asking 1.325; it appears to have been removed from the market. Dumb to turn down 1.2 because the longer it sits the more undesirable it looks.

Kalahari is a quicker sale because its priced 1100$ /sq ft instead of 1300 sq ft@ Adeline