I was thinking of selling

Option 1: Accept the reality that your home is worth less than you thought.
Option 2: Remain in denial.

Are the apartments totally identical? Any differences in views, condition, recent renovation?

Nothing exactly like the apartment has been on the market in many years, so who's to say they are not just being lazy and expedient to value price? If it sells quickly, I'm then free to mark up the value, no?

Have you done any comps on your own? That might be a good way to start. And, of course you can "mark up the value" and of course the market can then mark down the value.

My apartment likely has about 5% of market value improvements, is on a higher floor, with slightly better views. I don't think the seller knows that the stunning views are well protected.

And by comps I mean not just similar apartments in your own building, but in your general neighborhood, in similar type of building with similiar services/amenities, etc.

Somehow I think that if you know the views are protected, the other seller knows it as well - and if they don't the broker selling the unit will (if they are any good) have informed them.

A much larger apartment with stunning views two floors higher just went to contract at about a 60% psf premium, so I think it is the seller that has not done the comps

"stunning views" "much larger" - as in 3 BR/3BTh vs. 1BR/1BTH - newly renovated vs. estate condition?

If you really believe that the other unit is underpriced, then, it should sell quickly, letting you take your apartment to market that much faster at a higher price without any pesky competition.

The broker has never worked in the building before priced the apt, so I rather doubt he knew the score. When I saw the listing, I alerted a broker I had a relationship with conveying the protected view status. If they want to do their client a favor, they will modify their offering price. But if the seller was happy with the original listing price, they may keep silent with their client, tell prospective buyers and collect a quick commission.

List it for what you want to list it for and if you have no offers in three months, you're wrong.

Thanks, ph41,

People think too much about how to list. The market is pretty efficient.

Why don't you wait and see? If the apartment below is so under-market price, it will sell quickly and may even spark a bidding war. Once it goes into contract, put your place on the market at 5% above to account for the higher floor/better views.

Amateur has clearly selected option 2. The question is whether the seller of the home Amateur wanted to buy is someone who will choose option 1 or option 2. In any case, trying to time two transactions and expect a favorable price on both is unrealistic.

Sunday, you sound like a really smart renter

Out of curiosity, what is the basis for your assessment of value? Why don't you ask your neighbor what theirs is.

It sounds like a much larger apartment with stunning views isnt much of a comp. Maybe you should do a little work before you assume you know better than your neighbor and their broker.

PS: Don't people usually want more for their homes than they are worth? As such, its less likely that you are correct then they are.

So maly, you think I should let my downstairs, non-new yorker neighbor dictate my asking price? It is her pied-a-terre that she hardly occupied. She bought it for a song, and likely never made a single improvement. If I priced mine 5% higher, that would just pay for recent renovations and improvements. My minimum ask is 15% higher, which, alas, is not possible while hers is on the market.

You should let the market tell you what its worth and stop worrying about your neighbor.

If they are as wrong as you wish they are, then it will sell over ask, simple as that. Or is the market just lower than you wish it was...and you want to make your neighbor the vessel of your angst.

The market doesnt care about the cost of your renovations.

Amateur, I am a current owner who is waiting for prices to go down further or things to truly stabilize to buy something else. Luckily I won't have to deal with two transactions because I won't be selling my current place.

I've got a great great. Idea. Why don't you approach the other seller and sell as combination and ask for 50% more!!!!!!! It'll be fantastic, don't let the fact there are other apts btwn these two units hinder you in any way! Don't you know NYC re only goes up!

But you do know you missed the greatest re seller mkt by 2 yrs and the mkt is falling faster than old penis off Viagra. Hey how about this, you price it at your neighbor and take off 6% as you are wo broker and get on in your life? Hey hey? When did it become my wish price is mkt? Flmao

yo rhino.

My read on this is this. The market fell, I went out and found a new apartment at the new market price... Now I want to sell my apartment for the old market price. Now I'll rail on my neighbor. Sounds reasonable.

Flmao. Pied de terres don't make the mkt! Right ric ppl buying all cash don't make mkt! 5% down don't make mkt! Brokers buying xple units don't make mkt!

The market will determine the value of your apartment; how much she spent or her motivations do not matter. If the deal is too good to be true, 2 or 3 bidders wil mark it up until it reaches market range. Once this is established, it will create a comp that should help you determine the value of your apartment. What I would do in your place is to invite her broker to have a look at your place and give you a listing price suggestion.
If your place is fully renovated and hers is a dump, it might be that your valuation is correct.
You really need to look at your goal, is it to sell fast so you can pursue another place, or is to get the last dollar, no matter how long it takes?

amateur: "...you think I should let my downstairs, non-new yorker neighbor dictate my asking price? It is her pied-a-terre that she hardly occupied. She bought it for a song, and likely never made a single improvement."

So when she bought her place n-years ago, it didn't effect the prices buyers had to pay after her??? It's ok as long as her transaction is positive for you?

I'll love that there's no comp to call the neighbors price wrong...other than some completely different apartment in the same building. Oh stupid neighbor.

Assuming the neighbor is an ignorant slut, she does have a broker....and brokers typically flatter sellers.

I don't appreciate the rude name calling on the neighbor. I meant no disrespect by saying she was from out-of-town--only to infer that she might not be fully informed about what she owns.

The ignorant slut was a 1970s SNL reference. You still haven't provided any basis for your estimate...which speaks volumes.

Rhino, since when does an apartment in the same building on a similar floor with comparable views not count as a comp in terms of price psf? One apartment is large, one small, but the price psf evens the score, no?

No not really... People pay big premiums in terms of PSF price for larger spaces.

Or she may be more clear-eyed about the pricing because she is less emotional about the product.

It sounds like you might not be fully informed about what you own.

You better sell before rates start motoring up.

I've got just the solution for you amateur. You should buy the lazy & ill-informed neighbor's apartment since it's 15% underpriced. Then, you can sell both it and your own at the proper current market price, and then you can buy the place you want and have a little extra.

I know, you might not be able to finance it, but that'd be a silly reason to pass up the home of your dreams. Tell you what, I'll finance you on it with your current apartment serving as collateral. You buy the neighbor's place, then you sell both it and yours, and then you move into the home you deserve.

(Ahh, now I know what it feels like to be a mortgage broker in the OC circa 2005.)

In case anyone missed it, that was sarcasm above.

Now that I think of it....you should probably mark yours and the neighbors up to the "comp" thats priced 60% above where this underachieving broker and seller have measured the market.

Well named Amateur, if you think anything you need to adjust by 40% or more is a good comp...you need to look up the term. The broker for your neighbor is not 60% off. Now get off your ass and find some real comps... Sales not asks.

wow the angst-o-meter is exceptionally high today....why wait for a rival gang member to cross your turf?..just do a drive by on some guy talking on the phone on your corner..

So we have:

Apartment A that is actually on the market with a price tag on it where the owner is willing to sell. I think we can assume (since this assumption applies to everyone) that this owner isn't looking to throw money away for no reason, and

Apartment B that is not yet listed but is owned by someone who has a number in his/her mind about what he/she would like to get in the event that he/she does list it.

...and it's the price on Apartment A that is suspect here? Excuse me? Option 2 is clearly the call here

amateur - you haven't mentioned anything about what your broker "free appraisal" said, only where you want to list the apartment.

Not that I place any stock in the appraisal - given that it's done by a real estate broker and the cost to you, you should assume that you got what you paid for. But let's at least work from what a market participant (I choose this somewhat clumsy term to avoid any incorrect terminology like "professional" or "knowledgeable party" that does not properly apply to a real estate broker) thinks, not from your hopes.

let's make this more interesting - neighbor's listing?

Yes listing plz, so we can put it up on the neighbor on neighbor thread. Sorry am not near computer or I'd put the link.

Yeah I'd love to see this desperately underpriced listing.