Long Island City 2 bedroom 2 bathroom

uh oh

That depends a lot on where your building is located and its situation. Is it near the water? Do you have a view? Is it a new building with units still listed by the developer?

We prefer not to identify the building, but it is fully sold and we have a pretty decent view and get alot of sunlight. Its not on the East river.

Why don't you auction it on one of these sites?

Bid on the City is the one....some have even tried eBay.

Bid on the City looks like it is Manhattan only. The terms look onerous.

There is really no guess at price. Under cut the units in your building. Get information on recent selling prices and cut 10% from there. If you price too low you will have a couple of competing offers. If you dont, go lower.

10% on top of the recent lows will take the sale to a short sale. We put 20percent down. Ouch!

Do you want to sell fast, or do you want to sell high? (That is as high as possible.)

Those two goals interact and it's hard to get both in this market... especially in LIC.

If you want to sell fast, get an exclusive broker, pay 6% commission, tell the broker to price as high as s/he dares to get it gone in 90 days.

If you want to sell high, do it yourself via Craigslist. Price it based on recent sales psf.

If you put 20% down I doubt you get $0.01 out of this. How much is your credit worth to you?

Yes if you bought the peak, and put 20% down, then that leaves little doubt that your down payment is not available to you. It is a matter of your credit.

I mean of course, what makes for a fast sale other than to be lower than recent sales? Maybe 10% isn't the number....maybe its 5%...who knows, you wont know until you know. There are also transaction costs.

Fishy

Do you really think a broker will make the sale and not the price?

A broker is just going to slow you down.

$2,000 psf minimum, $2,500 if it has at least one bathroom.

In what year? 2020? ;)

Confused, it's worth it to pay the $10 and check out the recent closings for your building. It would be hard for anyone to give you specific advice on what to price your apartment to move it without knowing which building you are in. There is no one price for LIC in general or for any neighborhood for that matter. Even in the waterfront area, there is a range in which 2 bds have been closing. For instance, some buildings that were signing contracts in the $800's/ sq ft in 07 are now closing closer to $600/ sq ft. It's not that simple, however. You need to see if there have been any closing in your building and the ones nearby. The number you come up with is not going to be a friendly one, I'm afraid.

> Fishy

Yes, apartments selling for a loss after a huge crash. Has to be suspect... because the market didn't go down, right?

It doesn't seem like a good position to be in! With the low interest rates, we thought we could get out with some equity. Recent closing in the building are in the mid to low 600s so we thought there would be firming at that psf.

If that's what recent closings have come in at, then that's probably what you'll get. Interest rates are low, but not so many people can get a loan these days.

For quick sale in a loose market the best you'll do is the recent comps. What is the rationale behind firming in the face
of so many listings.