We have a 2BR/1BA, 1,000 sq. ft coop we want to sell, 70s nr RSD. Good building, some pre-war features. The problem we have is that the broker we wanted to use (experienced, works for hi-volume company and also lives in our building), is selling the identical apt right below us. That seller is pretty desperate (moved out a while ago), so the broker dropped the price by $50K after a a month (to... [more]
We have a 2BR/1BA, 1,000 sq. ft coop we want to sell, 70s nr RSD. Good building, some pre-war features. The problem we have is that the broker we wanted to use (experienced, works for hi-volume company and also lives in our building), is selling the identical apt right below us. That seller is pretty desperate (moved out a while ago), so the broker dropped the price by $50K after a a month (to $800k) of showing because she got no offers. I suppose she's just being realistic. However, I am upset because I can't find a single comparable apt in my zip code listed for sale at less than $800k. We still need to do some basic work on the kitchen and bath so our apt isn't ready for sale yet -- maybe in a month. In the meantime, I can only hope my neighbor doesn't sell his apt for nothing.
The issue: I asked this broker if using her to sell our apt would represent a conflict of interest for her. She said no, she didn't see a problem -- so long as we priced ours lower it would sell sooner. That's all that counts. Nevertheless, I'm uncomfortable with the whole idea.
We interviewed another broker who was recommended by a friend. She has a good track record and is at Prudential, which seems to be selling a lot of stuff recently.
However, as recommended by people here, I would like to interview at least 3 brokers, so could anyone recommend a seller's broker in the UWS in my price range? We are realistic and ready to cut the price if necessary. I would prefer a broker who is negotiable about fees, given this environment.
Thanks,
LC
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"However, I am upset because I can't find a single comparable apt in my zip code listed for sale at less than $800k."
Are you upset because you think the broker isn't trying hard enough to maximize value, or because the drop (and the fact that it's not selling even at $800K) indicate that your apartment is worth less than you had hoped?
If you're inclined to try to hold out for a higher price, you should be careful in interviewing brokers not to just pick one who gives you an unrealistic estimate for where it will sell (and sets an unrealistic initial asking price). The longer an apartment sits in a declining market, the less it's going to sell for.
FWIW, I saw your neighbor's apartment a while back when it was listed around $1M - I don't think it'll go for more than $700k in this market (and even that might be generous).
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Response by manhattanfox
almost 17 years ago
Posts: 1275
Member since: Sep 2007
There is no apparent conflict though I understand the issues. Mostly, the issue is that your apt is on the market at the same time as a cheaper identical unit due to a neighbor's situation. Ask west81 -- uws resident expert on these boards. Good luck.
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Response by NWT
almost 17 years ago
Posts: 6643
Member since: Sep 2008
callalily, if the two photos of your neighbor's apt are anything to go by, you have an object lesson in how not to get yours ready to sell. If you don't see what I mean, then you need to get yourself a real stager. That place is dragging the building down.
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Response by drdrd
almost 17 years ago
Posts: 1905
Member since: Apr 2007
Calling West81st ... calling West81st ...
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Response by tina24hour
almost 17 years ago
Posts: 720
Member since: Jun 2008
If you like and trust that broker, and are willing to price the apartment where she suggests, I don't see a conflict. Having two units in the same building can help a broker sell both units, especially if there are simultaneous/overlapping open houses. And if yours is priced lower, in better condition, and on a higher floor, then yours will indeed likely sell first. But if a buyer who would never have come to see the lower floor/less attractive apartment comes to see your place because it shows better, loves it, but misses out, he/she is more likely to consider the other apartment as an alternative. Yes, you'll be setting the price in the building, and your neighbor's price will seem unrealistic in comparison. But that will be the case no matter who your broker is. You can't feel guilty for being a realistic seller.
In addition to interviewing other brokers, I would advise talking to your co-op board before advertising the price. Make sure they will let you sell at your asking price, and even slightly below. You don't want to go through this process only to have the board reject your price as too low (it has happened).
Tina
(Brooklyn broker)
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Response by starfish
almost 17 years ago
Posts: 249
Member since: Jul 2007
We used an excellent broker from one of the big 3 last year to sell a 2BR on the UWS and were very happy with the results (we also bought the apartment when he was the broker so can attest that he is good with dealing with potential buyers too). If you want his name, I can provide it offline - would prefer not to post it online.
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Response by martine78
almost 17 years ago
Posts: 25
Member since: Aug 2007
We worked with Denise Rosner from the Upper Westside Halstead Office. She was fantastic-attentive and thorough with a real understanding of coops and the market. I would recommend her without hesitation.
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Response by kas242
almost 17 years ago
Posts: 332
Member since: May 2008
I think this scenario could BECOME a conflict of interest. What happens when a potential buyer calls up and says she wants to see apt. A, but not your listing (apt. B)? Is it cool with you if your broker doesn't even mention that there is a very similar apt. in the building that happens to also be her exclusive? The fact is that you will probably never even know if that phone call happened. Why set yourself up for frustration and resentment? Have a broker work for you and only for you within your building.
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Response by dave_nycues
almost 17 years ago
Posts: 6
Member since: Apr 2009
I think it is a conflict for a couple reasons
1) If people come to an open house of the other apt, there is a good chance they will see your apt too but the open houses need to be at the same time. She can't be in 2 places at once.
2) If you use another broker then there are 2 brokers trying to lure buyers into your building and thus there is a good chance that the potential buyers will view both apts.
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Response by callalily
almost 17 years ago
Posts: 9
Member since: Oct 2008
Thanks for the great advice, especially the names. How do I contact Starfish offline? Starfish, if you are reading this, I would appreciate you emailing me at brainyblogger@gmail.com.
Noah Rosenblatt:
www.urbandigs.com
"However, I am upset because I can't find a single comparable apt in my zip code listed for sale at less than $800k."
Are you upset because you think the broker isn't trying hard enough to maximize value, or because the drop (and the fact that it's not selling even at $800K) indicate that your apartment is worth less than you had hoped?
If you're inclined to try to hold out for a higher price, you should be careful in interviewing brokers not to just pick one who gives you an unrealistic estimate for where it will sell (and sets an unrealistic initial asking price). The longer an apartment sits in a declining market, the less it's going to sell for.
FWIW, I saw your neighbor's apartment a while back when it was listed around $1M - I don't think it'll go for more than $700k in this market (and even that might be generous).
There is no apparent conflict though I understand the issues. Mostly, the issue is that your apt is on the market at the same time as a cheaper identical unit due to a neighbor's situation. Ask west81 -- uws resident expert on these boards. Good luck.
callalily, if the two photos of your neighbor's apt are anything to go by, you have an object lesson in how not to get yours ready to sell. If you don't see what I mean, then you need to get yourself a real stager. That place is dragging the building down.
Calling West81st ... calling West81st ...
If you like and trust that broker, and are willing to price the apartment where she suggests, I don't see a conflict. Having two units in the same building can help a broker sell both units, especially if there are simultaneous/overlapping open houses. And if yours is priced lower, in better condition, and on a higher floor, then yours will indeed likely sell first. But if a buyer who would never have come to see the lower floor/less attractive apartment comes to see your place because it shows better, loves it, but misses out, he/she is more likely to consider the other apartment as an alternative. Yes, you'll be setting the price in the building, and your neighbor's price will seem unrealistic in comparison. But that will be the case no matter who your broker is. You can't feel guilty for being a realistic seller.
In addition to interviewing other brokers, I would advise talking to your co-op board before advertising the price. Make sure they will let you sell at your asking price, and even slightly below. You don't want to go through this process only to have the board reject your price as too low (it has happened).
Tina
(Brooklyn broker)
We used an excellent broker from one of the big 3 last year to sell a 2BR on the UWS and were very happy with the results (we also bought the apartment when he was the broker so can attest that he is good with dealing with potential buyers too). If you want his name, I can provide it offline - would prefer not to post it online.
We worked with Denise Rosner from the Upper Westside Halstead Office. She was fantastic-attentive and thorough with a real understanding of coops and the market. I would recommend her without hesitation.
I think this scenario could BECOME a conflict of interest. What happens when a potential buyer calls up and says she wants to see apt. A, but not your listing (apt. B)? Is it cool with you if your broker doesn't even mention that there is a very similar apt. in the building that happens to also be her exclusive? The fact is that you will probably never even know if that phone call happened. Why set yourself up for frustration and resentment? Have a broker work for you and only for you within your building.
I think it is a conflict for a couple reasons
1) If people come to an open house of the other apt, there is a good chance they will see your apt too but the open houses need to be at the same time. She can't be in 2 places at once.
2) If you use another broker then there are 2 brokers trying to lure buyers into your building and thus there is a good chance that the potential buyers will view both apts.
Thanks for the great advice, especially the names. How do I contact Starfish offline? Starfish, if you are reading this, I would appreciate you emailing me at brainyblogger@gmail.com.