Critique my FSBO! The Adlon, 200 W. 54th St. #10E

$1mm for a pre-war 1 bedroom is a tough sale

Nice job but would include floorplan. Missing photos of kitchen and bath are of concern - hiding anything? Would also include photo of building entry and / or lobby. As to price, would need floorplan - room flexibility, etc. If a standard pre war 1 BR, seems a bit high in this market.

you need better pictures. provide more facts up front with the floorplan and leave the fluff on the bottom.

i got lost on your website with all of the "talking".

there is a floorplan, pics of kitchen/bath...more info than 99.99% of broker listings

From an agent: you need to hire your friend.

Why? Well, you may have heard that when most FSBOs fail, it's on price, so that if the sellers simply came around to the right number, the sale could go through without a broker. This was the 407 PAS problem.

And now, you've failed (no offers). So you're thinking, "okay, maybe we're in 407 PAS' shoes, and we just need to tweak our marketing and lower our price."

But you're not. Your apartment is not actually most FSBOs.

Your apartment is an odd, weird, beautiful, time-capsuled, artisanal thing: An Edwardian (I know technically Georgian, but Edwardian in layout) four-and-a-half? Tough enough to sell on the UWS with a river view, but on a busy corner in Midtown?

And so the work of selling it is not going to be principally about better photos (though I would recommend them).

It's actually going to involve turning AWAY most responders, who aren't prepared for what they're going to see (and would make you cry by ripping out the entire interior) and finding the one odd person* in New York that will just fall it love with it as is, where it is, lovingly preserved details and all.

IME, that person will buy all your furniture too.

So let your friend the pro do the tedious work of sniffing out that/those buyers. It's going to involve a lot of one-to-one marketing, for example, letting all the agents who work the Osborne that you have a small gem set in amber nearby and will pay a commission if they bring in a buyer.

Once he/she finds the one or two who could actually be on the hook, you can do price discovery from there.

ali r.
DG Neary Realty

*or odd persons, I support Fair Housing

There's a floorplan and kitchen, bath, and lobby photos, do you not see them? If so, please let me know how you're viewing.

I agree with Ali on this one to a point. The fact that you are dealing with something not cookie cutter makes it just that much harder to try and sell on your own. It is not that you are doing anything wrong, it is that it is almost impossible to bring buyers in on your own because brokers want there commission. I am not trying to bash them this time, just pointing out that not only are you working with a tougher sell to a much smaller population of buyers, but you are doing it on your own and a lot of brokers may be weary of bringing someone to look if they do not know something is in it for them.

There is a broker who lurks about on here who has a differennt fee structure that just may make it worth your while to take on a broker if you are not looking to pay out 5-6% in commissions, which no one really wants to pay.

Oh and your husband getting a real estate license does nothing for you. Unless he is running to work for one of the brokers to bring in buyers and giving up his part of the commission.

The pics are there and they aren't bad, but considering the price point you are selling to (a $1 million pre-war 1BR is not the most desired of items) you might want to re-shoot either using a pro or looking to what others have done and try to reproduce it. (many use additional lighting and wider angle lenses)

The StreetEasy listing has it as a 2BR (the floorplan would then disappoint). Also consider that 6E might have just been luckiy to find the right buyer. You might not be as lucky.

I am not a broker, nor a RE pro of any kind, but you should always weigh the price you are asking with the real desire/need to sell.

Just read Ali's comments and I totally agree. Gem or no, this is a fairly rare item that will suit only a few people, which is also why there aren't a ton of them on the market in that area. One thing RE agents do have is buyers and contacts.

Follow Ali's advice. I'm not a broker, but I've sold once in NYC. If you don't partner with the brokerage community, your odds of a successful sale are a lot slimmer.

Cant argue with Ali - but if you do stay FSBO, redo your website. Buyers care about a) the listing! Way too wordy and fragmented. Get to the details. Filmstrip of photos right there, floorplan right there, and the listing details (maint, size, br, bth, bldg info/amenities, etc.)...do not put these things in a story book format. Buyers want to look at pics, look at details, and thats it. Lose the story. They dont like to be sold, as they are sold every time they walk into a new property to view and they hear the same shit over and over and over and over again by different brokers trying to get them to bid. Let the property sell itself. By doing FSBO, there will be tons of potential buyers working with agents that may not even know your listing exists because they dont have time to browse these forums or ny times. The trust their agent, who uses their systems..even if your offering buyer fee, brokers may miss it. Thats the benefit of getting into the RLS and using a broker. Good luck.

Cute picture of the Macy's parade.

If agents are soliticiting you for your business at unwanted hours, and not responding to the ad with a genuine inquiry, and you are on the DNC list, you can file a complaint. The fines are pretty hefty for violations.

https://complaints.donotcall.gov/complaint/complaintcheck.aspx?panel=2

I would post a thread on Streeteasy asking for critiques of my FSBO listing. That way, I would receive greatly increased and enhanced exposure for my listing at no cost to me.

Adlon,
I will have more to say but you really should try Tom Demsker from Demsker Realty. He does everything for you at a FRACTION of the traditional brokerage cost. He does all the direct listings NYTimes/SE/Zillow etc. and for a modest 300 dollars will list your property in the broker roledex @ 2.5% for the lifetime of the sale. SO..you are hoping for that direct sale, where you will pay no commissions but the broker community is also there@ 2.5% cost. IF YOU ARE GOING FSBO THEN YOU MUST USE TOM DEMSKER. He will do everything, pictures, listings, organize inquiries, advice, forms, etc. Go to the website and see the costs for yourself. The guy has unbelievable energy. I highly recommend him.I will start a thread about him soon.

http://www.demskerrealty.com/properties/results

Not only FSBO. Any seller should try Demsker first. Save 1,000,000 X 6% = 60,000. R U kidding me?! How could anyone not try to sell it on their own first and save that much money. You will have access to the broker community but you also have the chance for that direct sale = no commissions. I'm sure many people could use the savings. Most stalled negotiation is seperated by the brokers commission anyway so you eliminate the 6% and you have a deal.

Look at all the hard work you have to do. When an offer is accepted the next words out of your mouth are "Now please have your lawyer contact my lawyer". Done.

You might also put the room dimensions in the floorplan - I always think that's a very important part of any floorplan.

Steve, these sellers already are on NYTimes/SE/Zillow and it's not working for them, because that's not where their buyer is...why should they do more of what's not working?

I agree with digs that RLS is the best shot, with the second best-channel (if the OP wants to stay FSBO) as craigslist.

ali r.
DG Neary Realty

WRT words: follow Steve Krug's advice and be ruthless: Take out half the words. Then go back and take half again. Web writing isn't like other writing; it's a whole different ball of wax.

Very well put, Ali. I disagree with your premise that because it's so different, that lowering the price won't work. Lowering the price will absolutely work, if you are trying to get it sold fast. Especially since you've had foot traffic, so the layout isn't that odious. You just need to compete with the other better-laid-out 2-bedrooms in the area on price and prewar detail. Obviously, prewar detail didn't carry the day, so price needs to reflect that. Now, if you have the luxury of time and the nerves, then you (or better yet, your broker) can try to market the place to the (small) pool of buyers who want an Edwardian 4-room plan.

The other thing that people, being human and irrational, will see that you bought your apt in '97 or thereabouts and immediately think that you bought it for 200k, my, greedy, greedy to want to bag a million. I know and you know that your purchase price should be irrelevant, but it won't be for some (and maybe the one buyer who wants to make an offer).

Not being a midtown specialist, I say that unless you get that pied-a-terre or couple or single person who loves the Adlon, 800k.

Ali, they've had traffic (unless I'm reading the post incorrectly). No offers.

I looked at the original floorplan on the NYPL website, and your apt in combination with your neighbor's (on the bedroom side, 1-bedroom) would make a wonderful large 3-br, 2-3 baths. Though, the market for large apts in Midtown West may be small.

you are comping a one bedroom with a two bedroom. yeah, i know...easy to put back the wall but, for $1 million you need to do it or face the fact that its a one bedroom. for all the reasons that de-cluttering is the standard, it simply doesn't cut it to say "picture a wall there where there isn't one."

23, of course you're right that lowering the price should work, and if they need speed they'll have to.

I just that I think this is one of the cases where that's not where you start.

Obviously if you put a vintage dress up for sale in Macy's, and you make it as cheap as an INC dress (or whatever their house brand is now) someone will buy it.

But wouldn't you want to start by trying to sell the dress in a vintage consignment shop first?

***

I do not currently have a buyer for this apartment, but it's logical that I might, given that I work for a boutique shop that handles a lot of prewars (and I personally own two). I had no idea that this listing existed, and if I weren't trying to avoid writing my column I still wouldn't know.

The seller needs to be where I would have looked, which is the RLS. Beyond that, to cut through the clutter, their friend needs to be sending little notes to agents like me saying that this very unusual very special apartment exists.

ali r.
DG Neary Realty

Wow, some great advice! Thanks so much, urbandigs, Ali, and everyone else. I'll work on the website -- put photos and FP up top and edit down the text. And add the dimensions, thanks ph41 for pointing that out.

We're not in a huge rush, but considering I'm unemployed and we have a baby, saving the 3% (or 6%!) would be huge.

Any way of getting on RLS without an agent? I've had various offers from people selling services to FSBOs, but can't tell if they're effective. Also seen sites that claim to get you on the RLS, which one is best?

nyc10023 -- the NYPL floorplan isn't as built, but you're right, it'd be fabulous to combine and that may well be possible in the not too distant future.

printer -- good to know. It wasn't so late (9:30), but this one woman really pissed me off.

sjtmd -- great idea, why didn't I think of that? Think I can get curbed to make fun of me?

adlon,

I don't know how RLS courtesy listings work but I can ask my sponsoring broker. It's possible that (in view of your spouse's alma mater, so don't everybody pile on and ask me this) I can do a limited listing for you for free.

send me a note offline, and please put "streeteasy" and "Adlon" in the subject line so I can find it.

ali r.
(Adams House '87)

ali [at] dgneary [dot] com

too much text on the listing, kiss, get a pro to take pictures and light the rooms up

"It's actually going to involve turning AWAY most responders, who aren't prepared for what they're going to see (and would make you cry by ripping out the entire interior) and finding the one odd person* in New York that will just fall it love with it as is, where it is, lovingly preserved details and all. IME, that person will buy all your furniture too."

I'm that one odd person who would love this apartment and wouldn't change a thing.

Except no way in hell would I pay a million dollars for a one-bedroom, one bath, and no laundry.

For $685K, maybe I'd make an offer.

grossly overpriced, yep said it. stop squeezing a nickel until it yelps. hire someone, harvard grad or not.

I'm sorry, but with both the bedroom and the bathroom through the kitchen, the whole place just reads "built as maid's apartment". No.

The FSBO listing itself is very nicely done, and superior to many broker listings. I wouldn't bother changing the pictures or anything else.
The apartment is beautiful, and I love the pic of the parade.
The only thing keeping your apartment from selling is PRICE. Don't let people tell you it's the "contacts" that "only brokers have," or the picture quality, or the excessive text in the listing, etc., etc. It's always PRICE. Nothing more. You don't need a broker to charge you 3% or 6% to sell your place. Just be willing to drop the price, especially to lure in prospective buyers. (If you get at least two people who want it, you could end up in a bidding war and get your original asking price.) Drop the price.

1. Your apartment is lovely. I wish it were 20 blocks further north - I would definitely take a look if it were. Ali is right - the midtown west location makes it a tougher sell for many buyers.

2. I've looked at a few listings that were FSBO and the one thing they all had in common is that they were priced well above market. It probably would not hurt to get some advice from a broker about pricing your apartment since your maintenance is a little high.

3. I understand your reluctance to put any money into renovating your apartment, but I would try to stage your kitchen and bathroom to make those rooms look a little less dated. The bathroom could use a drop of color somewhere and the kitchen needs something interesting on display on the counter. Is there room for a small table and 2 chairs by the kitchen window?

4. Highlight your windows - they are large for a prewar.

5. The one thing that I would recommend adding to your apartment if it is not too much work is to install a washer/dryer in the apartment. Personally I would not buy an apartment if it did not already have a w/d in the apartment because I would be afraid that the coop or condo board might turn down my request.

comps schmomps

i wouldnt buy this place with LICC's money

lose the story about your canape fantasy, bullet point the ad with pertinent info, like that it's in estate condition (with what looks like a half-baked kitchen update)--basically your ad is painful to look at--it's like one of those bizarre 12 page resume's that comes through from time to time--im not a headhunter--hate em almost as much as borkers

and lower the price--comp it with other bldgs in the hood, not the weird high print of the other E Line

Lovely apartment but NYCmatt is spot on.
Already mentioned but dimensions on plans is a must. No one is going to print it out and put a scale to it.
I couldn't even begin to read of all that text. It suggest you are too emotionally connected to the asset and unable to view it as the commodity it is.
I think pictures are fine but larger pictures would help highlight the detail which is a plus.
I do not think you would gain anything by renovating. The apartment is clean and perfectly livable and any improvements would be subjective aesthetic decisions best left to the new owner.

Maybe a particular broker has a particularly stupid or naive client they are willing to exploit but absolutely no broker who is looking after their client's best interest would allow them to make an initial bid within 25% of you ask and that probably falls outside of the range most feel comfortable so they move on without an offer.

You are looking for a sucker and they take time to find, particularly in this environment. Focus on media and advertising channels that increase your chances of finding an uninformed buyer or start cutting your price to where it is completive on a per sf basis with other ONE bedrooms in your neighborhood.

OK, here's a more considered critique.

-- Love the website. It's clean and easy to read. The photos are great, too.

-- As bhh mentioned, we need to see room dimensions in that floorplan. Giving us a scale and expecting us to either print it out or do our own calculations with a ruler against the computer screen is bullshit. You might as well just tell us "Move on!"

-- The text borders on the ridiculous. "a walk-in coat closet the size of a small bedroom…" Bullshit. Granted, it's a big closet, but even by the most truth-stretching standards of New York real estate scam artists, there's no way in hell it could be a "bedroom." Please don't insult us.

-- "The six closets are immense. Three are walk-in closets, and two of these are dressing room-size (similar units have converted this area to a bedroom or dining room)." Really. A "bedroom" that the apartment's front door opens directly into? Newsflash: lots of things are "done" in this city to apartments. That doesn't make any of them good or smart.

-- The bathroom needs work. The tub is screaming for a re-glazing. The yellowing of the floor tiles makes them look perennially dirty. The sink is badly chipped. The tiles need re-grouted. It's not a bad bathroom a most New York City bathrooms go, but for it being the unit's ONLY bathroom, I'm expecting a hell of a lot more for a million bucks.

-- I love the fact that you still have the original pushbutton wall switches, but I also need some assurance that they're in good working order. The main reason they were phased out in favor of toggle switches is that as the insulation inside the switches deteriorated, people were getting electrocuted each time they pushed their finger into the switch. Very unpleasant.

-- Assuming someone was going to buy this with a mortgage, you're looking at a $4000 mortgage payment, plus that obscene $1837 monthly maintenance. Nearly $6,000/month for a one bedroom, one bath in Midtown West -- after plunking down $200K. Good luck finding that special someone.

This unit is obviously not priced to sell. The owners are in love with it (and frankly, I would be too). But if they're really interested in selling, they'd drop the price out of the heavens to a more appropriate level. This is a $600K-range apartment, even on the optimistic side.

I agree with nycmatt. keep it simple, cut the BS (that's what brokers are for), and price the thing to sell. It will sell and you will get traffic by posting on SE.

Thanks all (well, most of you... maid's apartment, please!) I haven't had time to re-vamp the floorplan and website, but shall do soon.

Re: price: I've had agents who've seen it say the price is fine and one who suggested $899,000. We were thinking $949,000 which I know you all are going to say is still too high. But we're really not in a rush, so what's the harm? (Besides it looking bad hanging on the market too long.) Our price is in line with the building sf average. There are currently 3 1BRs in the 600-700,000 range, but they're much smaller (and all represented by agents, unless they're all delusional about pricing too?).

Nycmatt -- thanks for the detailed feedback. It cracked me up because believe it or not, we put in the switchplates, the bathoom floor, and the sink -- chips and all! And we love the crackleure of the tub, would never reglaze it (although I admit to hating the stains). But we're weird in loving the patina of age.

AdlonPrewar — I sold in Hell's Kitchen without brokers, and was very happy. You're not in a rush, so cutting out a pushy middlemen pays off, believe me.
Let's all remember that a real estate broker is an OCCUPATION, not a profession or a trade. They are only as indispensable as we allow them to be.
About the location: it's actually hot. A lot of people who do value convenience, small restaurants, real Manhattan feel will find you.

How can you possibly expect $1M for this apt when 10 L sold for $675K? $613 psf --that is your comp.

>Price: too high, right?

Right. WIth that maintenance I'm guessing you'll sell this for $720K max.

>(Besides it looking bad hanging on the market too long.)

Yep. Good luck, it's a nice place.

Thanks Commoner, finally something positive!

Apt23 -- but why would that and not 6E for $965 be our comp? The L line is actually a different building and not as nice, some units look smack onto a brick wall from almost every window.
http://www.nytimes.com/1999/04/18/realestate/streetscapes-adlon-aljomor-54th-street-seventh-avenue-1912-trove-design-show.html?scp=1&sq=Adlon&st=cse

AdlonPrewar, it might be wishful thinking on my part, but I do think that on the threads discussing FSBOs there should be no brokers' opinion voiced. They have whole stables of (Trojan?) horses in this race, and it seems that the trend is to make an FSBO listing look ridiculous; some small-time social extortion.
Hang on, and you'll sell and save a lot on the commission.

As I said earlier, 6e is a two bedroom. Yours is a one bedroom that requires work to turn onto a two bedroom.

And 6E was a fairly new, and very complete renovation.

I liked the photos a lot and the floorplan is very helpful. Also, you have done a good job of describing the place without being too exxagerational. You come across in a straightforward and non-pushy way which is a welcome change in this city. However, I can't help but agree with those who earlier said that your price is too high. The apartment is almost too big for a traditional one bedroom but too small and too expensive to convert into a proper two bedroom. So, while you are correct about the space and the great closets, they all but one are away from the bedroom. It seems that you will need to rethink pricing.

Adlon: I don't know if the sq. footage in your apt or 6E's is correct but going by what is printed, 6E sold for $722 psf. You are asking $798 psf. 6E, as columbia county pointed out is a proper 2 bedroom. It also is renovated. The pictures are much better than your pictures and may have attracted more interest. You have a lovely apt but even 6E was on the market for 167 days. If you are serious about selling, you need to lower your price so buyers know you are serious. If you have the luxury of time, then you can wait and hope the market doesn't go down.

Commoner: I hope you were not addressing me in your post. I am definitely not a broker. And quite frankly I found Ali's input to be correct and generous. She is a astute broker and the OP can benefit from her knowledge.

apt23— correct, I wasn't addressing you. And regardless of Ali's virtues, a broker, per definition, can not be an impartial reviewer because a broker, also per definition, is always on the hunt. Always. Otherwise it's not a broker.

Might it be worth your while to convert the dining room into a bedroom already? From the feedback, sounds like it unless you can wait it out for the right buyer.

I agree, commoner, I'm on the hunt. Much as I love these boards, I wouldn't hang out on them if I didn't get clients from my posts. (Usually, not from the person who asks a direct question but from others reading the thread).

However, I do get business because I provide the best advice I possibly can. In this case, I think it makes sense for the OP to keep the apartment on the market for awhile (especially since the seller can put time into the marketing effort) rather than immediately declare it a commodity and lower the price to bargain-basement levels.

Many commenters on this thread seem to be intent on saving a 5 or 6 percent brokerage fee, but perfectly happy to give up a 10 or 20 percent premium for selling the apartment as a unique historical unit rather than as a commodity teardown. Yes, I'm in the real estate industry, but that just doesn't make any financial sense to me.

ali r.
DG Neary Realty

"Nycmatt -- thanks for the detailed feedback. It cracked me up because believe it or not, we put in the switchplates, the bathoom floor, and the sink -- chips and all! And we love the crackleure of the tub, would never reglaze it (although I admit to hating the stains). But we're weird in loving the patina of age."

And yet, I'm still salivating over this unit!!! I can so see myself living in it.

Is the furniture Stickley?? (I'm sure my Stickley mission would look right at home!)

And where did you find those wall switches??

hi 10E

i know this building and this line very well and its a GREAT/Special apartment. Its feels big and sumptuous and is beautifully lit throughout the day.

it is not for everyone (but what is) chiefly because the square footage isn't "optimized" to squeeze practicality out of every inch . So the common areas have extra padding- so to speak- instead of a whole extra room. This is also part of what gives it its richness.

I think you could benefit from a little marketing help :)

Invest in professional photos-- and streamline (edit edit edit edit) the web page. No one wants to be talked into loving anything!. Let the buyer decide for themselves.

I do agree that a property can get stale -- even if youre not in any rush-- Street Easy lists all the activity and history - i think its common for a consumer to assume - not so much that something is wrong with the apartment so much as it must not be great or special -- otherwise it would have sold.

so I do think the pricing is critical and would get a few opinions from brokers- good ones- the less straight forward brokers can inflate prices to get you jazzed up and hypnotized that they can get a price that the market isn't likely to bear. Who wants to hear that their beloved home is worth less than they believe right?

numbers aside something is only worth what someone is willing to pay for it.

Every occupant in Manhattan is a self appointed broker-- we LOVE to talk about real estate!

carar---unpaid shill?

Oh w67thstreet, you charmer. Still, he's got a point. We all seem to agree it's too expensive.

But some basic points about the fsbo listing. If you want to sell, INVEST in the quality of the information you provide. Use a professional photographer, as suggested above. Get a better floor plan. Shoot the details, too. You could use the (disastrous) Apthorp as a guide - http://www.theapthorp.com -- and your one bedroom will seem cheap by comparison. I'd put the pics with the windows/honeycomb ceiling up front. Absolutely use dimensions on the floor plans. I stopped reading the text almost immediately - not because I'm not interested in the story, but because I want information FIRST. (That's one of the reasons I love Streeteasy.)

You are looking for a single buyer, as Ali says. Try to target that buyer with your outreach. Be creative and have fun. Offer a weekend in your home as a silent auction item at an arts-based charity event. Do a house swap with some rich Europeans. Get the word out. Find the people who will love it as much as we all do, but have more ready cash lying around. Enjoy the process.

Tina
(Brooklyn broker)

Also, if you're up for it, I'd replace the kitchen counters with something more period-appropriate. Marble maybe, with a new sink?

I have zero ties to Emily Gilbert, NYC photographer, other than being a stalker-admirer of her work. She has some amazing interiors in her portfolio.
http://www.emilygilbertphotography.com/

It may also be worth looking at work from different stylists.

I like http://www.designspongeonline.com and decor8blog.com.

Matt, you don't have Stickley furniture ... you have Audi furniture.

carar, you're right that non-optimized floorplans can have lots of luxurious features that assist flow, block noise, and make for a more elegant experience. That's not the case with this apartment. Full stop. This apartment has its sole bedroom and sole bathroom through the kitchen. That makes not for graciousness, but for awkwardness (at least in the context of a place that offers itself as elegant ... in a 1960s cookie cutter, no big deal but still odd).

"Matt, you don't have Stickley furniture ... you have Audi furniture."

Alan, my dear boy, it's STICKLEY, thank you very much.

Oh, my (as the kids used to say in the 1990s) bad ... I thought your furniture was from after 1942. Thanks for the correction.

Alan, luv, the bedroom & bath are BEYOND the kitchen not through the kitchen. If you're one of the few who doesn't even know where your kitchen is & leave it solely to the help, you can just move on; there's nothing for you to see here.
This apartment is gorgeous with magnificent period details; it reminds me of the Osborne or the Dakota & those Dakota apartments go for an amazing premium. This lovely gem is pricey, too, & when you think of the person who would spend a million bucks for a one bedroom, & there are some who would, they'd be expecting more than chipped formica in the kitchen & stains in the bathtub. Now whether you'd be well advised to change those things now, I don't know. This is a special unit for a specific buyer & possibly, if you can just be patient, you'll find that person. For everyone's sake, but particularly the sake of that maghificent unit, I hope you do.

dakota??? are you nuts???
a million for an estate conditon 1 bdrm in the w 50's??
the only period attribute that has any unique value is the ceiling height

NYCMatt: Have no fear, the original pushbutton wall switches are in good working order -- because they're not original. They were purchased from Rejuvenation, and are UL Listed. The switchplates are from Olde Good Things.

exactly---those switches can be bought for a few hundred bucks--tall doors can go in any apt with high ceiling--for a few thousand---but these bones, in this hood, for a million dollars??

if this is properly priced, i'll move to LIC

OK, we've made a small price drop ($949,000) and will probably drop more before the day is done. I've edited the website a bit and am working on the floorplan.

We're having an open house this Sunday (Oct. 17, 12-2) and Thursday (Oct. 21, 5-7), come on by and see it in person if you like.

Interesting idea about making it back into a real two-bedroom (it'd just be replacing part of a wall; there's already the original walk-in closet and door). Although considering we have a baby, I fear it's not feasible.

carar -- so nice! Interesting about agents not being honest about our pricing too high, that makes sense.

NYCMatt -- yes, almost all Stickley with a touch of Limbert; Arts and Crafts does work perfectly in the space. With the exception of our couch, every stick of furniture is antique.

Alanhart -- the hall to the bed and bath is distinct from the kitchen (level/flooring change).

drdrd -- thanks for the kind words (and also thank you for pointing out to Alan that one walks past the kitchen to get to the bath and bedroom!).

tina24hour -- Good advice, thanks. Re: kitchen counters: I wish! I've been on my husband to update the counters since I moved in, wish I'd done it then.

i disagree with a lot of the commenters, and i agree with ali. this is a really beautiful space, and for someone who is OK with the busy location, it is a lot cheaper than something comparable on the prime upper west or upper east sides. i think the apartment is special, whether as a one bedroom or two bedroom, and it has to be marketed to someone who wants a special place--kind of like you guys wanted when you bought it.

i don't think the price is really the issue: you may have to come down a bit, but you could also find someone who falls in love with it. i think the problem is that you need to get this place seen by the right people. i hate to say it, but i think you need to hire a broker, preferably one with some expertise with this type of apartment.

Please don't replace the wall between the LR and DR! At least that's my vote. That special buyer you seek will appreciate the footprint being gracious and original.

>i don't think the price is really the issue: you may have to come down a bit, but you could also find someone who falls in love with it.

For what it's worth, I am in the market for a one bedroom plus DR, this year or maybe next. I might even be interested in this neighborhood (and have looked at apts in the Adlon in the past -- it's a lovely building, but the apts I saw were wrecks facing brick walls). I appreciate the light, the views, the original details, the restoration, etc. I could afford this place, too.

But there's not a chance I'd take this seriously before the price comes down to earth. Whether or not it's true, to me It just looks like you're still dreaming.

yes the pleasant chit chat, like an Austen novel, the crackleure, the kitchen counter and floor that has 1987 written all over it, the Stickley/Audi tableaux, owner can love them from here to east overshoe, doesn't mean actual any buyer will.

Maybe one day the sellers will put down the crackleure pipe and come to their senses....

crackleure is good for old china or other fine decorative pieces not for your bathtub. This not shabby chic is shabby unsanitary and ugly. I would deduct the cost of bathtub from the asking price.

Adlon: I commend your courage in opening up your FSBO to criticism.

"This is a special unit for a specific buyer & possibly, if you can just be patient, you'll find that person. For everyone's sake, but particularly the sake of that maghificent unit, I hope you do."

(Cracking open my piggy bank)

To get right to the point.. It's ALWAYS the price.

"Crackleure pipe" -- ha! That's a good one. The tub had been reglazed when the apartment was purchased, but THAT was unsanitary, peeling off in bits, disgusting. It's perfectly clean and smooth now, but yes, stained. It's 100 years old! Don't reglazed tubs always end up looking nasty anyway? Doesn't feel like porcelain.

Let me get this straight. You're fking hate the fact a borker is gonna make "$30K" but you're trying to steal $300K from a "buyer"... and that's okay. So you got a newborn, unemployed and would like "bubble" prices to make all your financial ninniness "go away."

this is gonna be good when you get your first foreclosure notice.... pls tell me you don't wear Olvier PPL glasses and don't own 40 pairs of $500 pairs of shoes....

A very nice place except for the BATHROOM- It looks cold like the subway! While your kitchen, and the rest of your home are expressing warm ambience you may want to do the same with the bathroom and sell it fast! Please strongly consider selling it with a Realtor, they are licensed dedicated professionals and can market and sell your unit correctly and successfully. Please note that I am NOT a realtor, you will be wasting a lot of time and money trying to sell it on your own. Let a professional REALTOR handle your important investment with fully APPROVED QUALIFIED BUYERS. Good selling and Best Wishes. 

Since this isn't a cookie cutter apartment, I have to agree with Homeshine. Look around for someone who deals in these older buildings (Who sells in the Osborne, for instance - actually think Ali mentioned this); they will have contacts & strategies for selling these old gems - they're not for everybody.

A few questions / comments:

1) Are there any rodent problems? Rats, roaches, or columbias?

2) The kitchen speaks against value. Just because you have a Viking stove ... the fridge for instance opens the wrong way and is not built in to the cabinetry and the black side is an eyesore. The color scheme leaves much to be desired.

3) The bathroom looks sloppy. Ok so different points of view on the bathtub by itself, but the paint on the pipe will bias people toward the negative on the bathtub.

4) As pubesshaving67thstreet said, if you are willing to pay the buyer's broker, we are talking about a saving of $30K in brokerage fees. That'll be made up in maintenance fees when your apartment sits for 15 months, or just with one price chop. No one is paying extra for that "special apartment" (ex the falling apart bathroom and cheaply done kitchen) that can be replicated in a month by visiting whatever stores you visited.

5) As for the strategy of keeping it on the market for a while to find that "special" buyer, keep in mind that the "special buyer" has access to these resources, unlike a decade ago, and will be able to quickly see the time on market and come to the realization that they are "special".

Adlon - no pictures of kitchen or bathroom on the SE listing immediately signals "estate condition", as in gut job to anyone looking at this on SE.

And the 5% decrease in asking price - indicates this is going to be a "death by paper cuts" listing by an unrealistic seller

Columbiaroach - good catch on the refrigerator opening the wrong way.

are you really this dumb?

What are the most recent sales (comparable) within the last 6 months in this particular project?

ph41 -- I see both kitchen and bath photos on the SE listing, do you not see them?

That fridge opening, yes, annoying. It was originally supposed to be at the other end of the kitchen.

Homeshine -- you can see comps in our building here: http://streeteasy.com/nyc/building/the-adlon

Adlon - sorry, my bad, do see them.

Re: Let me get this straight. You're fking hate the fact a borker is gonna make "$30K" but you're trying to steal $300K from a "buyer"... and that's okay.

And the ghost of Larry from PAS just asked me to point out that the husband paid $290,000 for the place in 1997.

AdlonPrewar, make sure your unit price is consistent with the sf and the units sold within the last 6 months. Active listings can't be used as comparables.

West34 - while I do think this apartmemt is overpriced, I also think that lots of apartments purchased in 1997 have appreciated way more than 3X, even with the recent meltdown.

This may just indicate that the current seller paid way too much in 1997, overcome by the "romance" of the building.

Here is your downside. You keep the price too high -- as every savvy SE poster here seems to think-- and the apartment sits on the market for another 4 months. Meanwhile, the very real looming crisis over the foreclosure/mortgage fraud comes to the forefront of media attention and the stock market loses a very rapid couple of thousand points. Suddenly it is 2009 all over again and no one is buying antyhing, let alone an overpriced apt. So yes, you have saved $30 K by not engaging a broker but you are subsequently asking $200,000 less and still can't get a buyer. You should take a look around the apt and see if you can't live there for the rest of your lives. If not, don't be greedy and drop the price in a significant way. Or get a broker immediately.

You are very wise not to address the "but you bought in '97 for nothing" gibes. So don't start addressing these posts. But as I've said before, we won't be the only people who will know that you bought 'in 97 for under 300k and the market sentiment is such that with rare exceptions, people want to see that the sellers aren't maximimizing profit. So, either you are walking on a pristine new renovation (which you aren't) or buyers will want to see that you aren't necessarily taking all the profit you can.

Adlon - also noticed your comment that if you do decide to use a seller's agent you "have a friend waiting in the wings". Some notes of caution: it's not always the best move to enter into "touchy" business relationships with friends or relatives, and you had also be sure that your friend has expertise in this very specific area of the market (older pre-war buildings in the area, such as the Osbourne as noted by a previous poster).

sorry you "should also be sure" that your friend has expertise....l

Why don't you check and see which of the brokers that sell alot in your bldg sold apts quicker than your sale is going yourself like Ed or Jude? And give it to them. I could say a few things about the apt since I am a broker and sell in the Osborne alot but it looks like you are feeling it out by yourself. Good luck with whatever you do.

Other units in the building have been on the market from a month to over a year and the two in contract were 106 and 56 days. Average is 125 days, right? So I'm not so worried about that.

apt23
about 4 hours ago
ignore this person
report abuse
... Meanwhile, the very real looming crisis over the foreclosure/mortgage fraud comes to the forefront of media attention and the stock market loses a very rapid couple of thousand points. Suddenly it is 2009 all over again and no one is buying antyhing, let alone an overpriced apt

Welcome Chicken Little!

The lady who called the police and reported a false felony gun crime being committed by her husband, in some harebrained scheme to get revenge on her neighbor.

do not reglaze it but there are some things that are not meant to be used when antiques. Would you eat from stained dishes or opaque/discolored/scratched water glasses. for this reason there are replicas
http://remodelista.com/posts/shoppers-diary-drummonds-showroom-london
but don't charge for junk

nyc10023: As to "You are very wise not to address the 'but you bought in '97 for nothing' gibes", you are a good counselor, and absolutely correct. But nevertheless... When I bought in '97, the sponsor still owned over 80% of the units, the rest being rent controlled or rent stabilized, and ran the building as a private fiefdom. The public areas of the building were positively disgusting, very much in keeping with the sex club and XXX movie theater down the block. No bank would give me a mortgage. Before the closing, my lawyer required me to prospectively release her from liability for making such a foolish investment.

Thirteen years later, all that is a memory. The lobby and hallways are artfuly refitted (winning a renovation award from the Edwardian Society). The sponsor's ownership of units is whittled to a slim minority. Having served on the Board for over ten years, I know that virtually all of the shareholders admitted over those years are pretty cool. And of course, the neighborhood is reborn. While reasonable people may differ as to the proper pricing of the apartment today (and I note that it's now priced well below the psf/ask of the two units in contract), it's hard to argue that the circumstances have not changed dramatically since '97.

Just thought it should be said. And now I feel a little like Banquo. Let it come downe...

Well, you know what they say in the real estate business:

If it were done when 'tis done, then 'twere well it were done quickly.

Supply and demand. It's pretty basic.

Open house for realtors tomorrow (Wednesday, Oct. 20) from 12-2pm; and regular open house Thursday (Oct. 21) from 5-7pm. Come by and harangue us in person!

Also: no bedbugs in the building (as far as I know), should this be a new selling point?