? About how to price real estate in NYC

You can obtain sales by becoming an SE insider. In contrast, to most other RE markets, Manhattan is not transparent and realtors typically control the data their clients see and don't see.

Since we are in the middle of a slow-motion crash, sales comps are few and far between and must be taken with a grain of salt if they are more than a couple of days old. Each comp marks a new step down: the next sale will be lower. Listings are, of course, irrelevant, since they only reflect the sellers' fantasies.

For a discussion of how to calculate VALUE based on comps, see my thread from a couple of weeks ago with a title like yours. Of course, nothing in NYC is currently selling based on value. Prices are still close to double fair value.

Any real estate agent who wants to pitch you ought to be able to come up with three "sold" comps as well as three "on-market" comps ... that's real estate 101.

However, we are in a very weird market -- volume has been down significantly since last fall, and even many listings that are priced "appropriately" are not moving. At this point to sell, you have to both price appropriately and get lucky -- and it helps if your place is in mint condition, so you might want to consider hiring a stager.

Also, financing is tight, so if you've got anything larger than a one-bedroom, you might find yourself waiting on a cash buyer.

ali r.
{downtown broker}

Is this for real? A price increase in the past year?

StreetEasy History

11/16/2007
Previously Listed in StreetEasy by Corcoran at $1,180,000.
09/03/2008
Corcoran Listing sold.
09/03/2008
Previous Sale recorded for $1,180,000.
12/04/2008
Previously Listed in StreetEasy by Corcoran at $1,425,000.
01/23/2009
Delisted temporarily by Corcoran.
02/11/2009
Listed in StreetEasy by Prudential Elliman at $1,350,000.
04/01/2009
Price decreased by 7% to $1,250,000.

ranter - I guess it depends on what you mean by "real." I'm sure the listing is real enough, but that has nothing to do with where a transaction might happen. The best thing to do with listings like this is to ignore them. Spend your time on listings where the owner is actually interested in selling; this one isn't.

amuzaurieta - back to your question, you can find threads on this board hundreds of posts long in which rent-vs-buy methodology and the implications for current and future prices are discussed. It's tedious because this topic is typically debated by posters who each think that their method/market view is the One True Method/Market View and that anyone with any different view is a complete idiot. However, if you can wade through all that there are usually some nuggets of common sense. You can choose the method that makes sense to you from the menu of One True Methods and go from there.

Stick to your gut. If you don't like it nobody else probably will. Don't purchase more rooms than you need, look at lots of units, check ACRIS and cross your fingers.

I think the OP's statements are very scary. Are brokers really using listings as "comps" when dealing with newbie buyers? Could you be any more of a snake-oil salesman? Disgusting behavior from a broker and very telling about where the market really is. If the market were solid the broker would send over 5 real comps. Instead this broker tries to trick the buyer into buying based on unrealistic asking prices.
OP don't buy now - DON'T DON'T DON'T - rent for at least another year. You'll be glad you did.

I somehow got the impression that the original poster (OP?) was about to sell an apartment not buy one. Coming up with an asking price in this market is certainly more art than science. Definitely want some actual sales to work with not just a pile of asking prices.
Good luck Amuz!
(PS my rule of thumb right now is if your asking more than $800/square foot in Manhattan you better have a very good reason)

Thanks for your comments. We ended up renting an apt in Stuy Town (2 Bedroom, 950 square feet) for $3,650 with two free months of rent $1,000 in amex gift cards and are holding on making a buying decision for at least one year.