I’d love feedback on our FSBO: http://adlonprewar.com Be gentle please. Went on the market early last summer and we’ve had a few open houses and appointments. Fair number of lookers (and 20 million calls from agents), but no offers. My questions: Price: too high, right? Our best comp is a lower-floor but more recently renovated E line that started at $1,075,000 and ended at $965,000. (They... [more]
I’d love feedback on our FSBO: http://adlonprewar.com
Be gentle please.
Went on the market early last summer and we’ve had a few open houses and appointments. Fair number of lookers (and 20 million calls from agents), but no offers.
My questions:
Price: too high, right? Our best comp is a lower-floor but more recently renovated E line that started at $1,075,000 and ended at $965,000. (They mysteriously had 1336 s/f when we measured around 1250 s/f, huh.)
Agents: we’re open to 3% for a buyer’s agent, but have resisted giving exclusives or an open listing. Ought we? (I know what an agent would say, other opinions?)
Marketing: we’re on Streeteasy (of course), NYTimes, Zillow, Trulia, Craigslist, Facebook, and did one Curbed ad. Anything else?
Website/ads/photos: suggestions and (constructive!) criticism welcome.
The apartment does need work (painting/minor plaster repair, floors, kitchen counter update). We’ve massively de-cluttered and touched up the paint, but have resisted major projects under the theory that a) it’d be a pain and expensive, and b) buyer would rather do things to her specs.
My husband is a lawyer and can get a RE license, any benefit to this?
Agents: should we choose to use a seller’s agent in the future, we have a friend waiting in the wings. Also can you please tell your fellow agents that calling me late at night and saying I’m an idiot is no way to get business?
Also if anyone from Streeteasy reads this, can you please not list 54th @ 7th as Times Square? Midtown West would be much better.
And, yes, I’ve read (some of) the 407 PAS discussion…
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Response by nyc10023
about 15 years ago
Posts: 7614
Member since: Nov 2008
Adlon: good luck. Don't tempt fate.
Ignored comment.
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Response by Apt_Boy
about 15 years ago
Posts: 675
Member since: Apr 2008
AP...you joke, but it is the new law that you provide bed bug history...so i hope what you just said is true or you have provided false information to potential buyers and opened yourself to litigation
OCTOBER 16, 2010
WSJ
By JOSH BARBANEL
Selling a co-op apartment has been tricky in today's market, but now it may get harder—because of a mistake in a new bedbug disclosure law for renters.
State housing authorities have ruled that buyers of co-ops, but not condos, in New York City are entitled to learn the recent history of bedbug infestation in the building and the apartment they plan to buy.
More in Metropolis
The law's prime sponsor said it was intended to provide renters with bed bug histories, but through a drafting error, the state housing agency has determined it also triggered the same requirement for co-op buyers.
The ruling is a major—if inadvertent—expansion of the new disclosure law. It could unveil now-hidden bedbug histories in some of New York's most expensive co-ops at a time when outbreaks of the tiny nocturnal blood-sucking insects have spread across the city.
Under the law that took effect in September, bedbug disclosure forms are required to be given "to each tenant signing a vacancy lease."
A new ruling by state housing authorities could unveil now-hidden bedbug histories in some of New York's most expensive co-ops.
But it turns out this same language can apply to the sale of a co-op apartment. Co-op buyers actually purchase shares in the co-op and receive a lease from the co-op board entitling them to live in the apartment. Condominium sales are structured differently, and buyers aren't entitled to the bedbug disclosure forms, the state ruled.
The Real Estate Board of New York, which represents the industry, had urged the state to clarify the law and to specifically exclude co-op sales. But Friday, state officials confirmed that they had decided to apply the law to co-op sales
Stuart Saft, a co-op and condo lawyer, says the state "has decided to use a badly written bill to expand its jurisdiction."
State Assemblywoman Linda Rosenthal of Manhattan, the sponsor of the bed bug legislation, said she drafted the bill to exclude both co-op and condo sales, after brokers and apartment owners objected.
Real-estate groups said they expected the bill to be corrected. But in an interview, Ms. Rosenthal called the state co-op ruling a "good thing" for both buyers and sellers and said she hopes to extend the new law to the rest of the state: "I am glad that as many people have access to this protection as possible. It is an epidemic here. Every day there is a new revelation."
Ignored comment.
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Response by AdlonPrewar
about 15 years ago
Posts: 30
Member since: Jun 2010
Thanks, I know all about the new law, I'll be glad of it when we're seeking a new place.
Ignored comment.
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Response by AdlonPrewar
about 15 years ago
Posts: 30
Member since: Jun 2010
Open house today (Nov. 10), 5-7pm and Sunday (Nov. 14) 12-2pm.
Also is craigslist worthless for FSBOs? There seem to be VERY few real FSBO ads, section is a mess.
$400k short 9wks late. Flmaozzzzzzzzzzzz. What will you do when interest rates increase?
A: raise prices! Higher rates/ higher prices higher the deductions! Excelsior!!!!!!!
They sold it. good for them. As of now, there are no units for sale in this building.
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Response by matsonjones
over 14 years ago
Posts: 1183
Member since: Feb 2007
Original ask $998,000. Sold %875,000. About a 12% reduction, which according to another SE thread is exactly the average discount right now. Advertised as 1,200 sf. So, sold at $729/sf. In the end, seems about right, given where we are.
So, uh, w67, once again, wrong. Flmaozzzzzzzzzzzz.
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Response by huntersburg
over 14 years ago
Posts: 11329
Member since: Nov 2010
Not entirely sure you should be looking at it from a discount to ask point of view. FSBOs are notoriously unrealistic in their price expectations - why else would they worry about saving $30K (3%) in exchange for all of the hassle.
But anyway, congrats to them.
So much for this though - the $400K, as well as the nonsense about interest rates increasing. But what can you expect from a dirty ape who has cheated people in business dealings:
>w67thstreet
about 6 months ago
ignore this person
report abuse
$400k short 9wks late. Flmaozzzzzzzzzzzz. What will you do when interest rates increase?
A: raise prices! Higher rates/ higher prices higher the deductions! Excelsior!!!!!!!
Ignored comment.
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Response by Bill7284
about 10 years ago
Posts: 631
Member since: Feb 2009
This is the first time I think I have dredged up an old thread. I could not pass this by as we all seemed to have a hand in this semi-drama. Honorable mention to Front Porch as you were the first one that I thought of. Spoiler alert: The price spiked $620K from the last sale in '11. And that was clearly the time to buy. Granted, they put some work into this. The fact that I am not pleased with what they did will be of no consequence, so here it is:
'/%3e%3c/g%3e%3c/svg%3e)
Adlon: good luck. Don't tempt fate.
AP...you joke, but it is the new law that you provide bed bug history...so i hope what you just said is true or you have provided false information to potential buyers and opened yourself to litigation
OCTOBER 16, 2010
WSJ
By JOSH BARBANEL
Selling a co-op apartment has been tricky in today's market, but now it may get harder—because of a mistake in a new bedbug disclosure law for renters.
State housing authorities have ruled that buyers of co-ops, but not condos, in New York City are entitled to learn the recent history of bedbug infestation in the building and the apartment they plan to buy.
More in Metropolis
The law's prime sponsor said it was intended to provide renters with bed bug histories, but through a drafting error, the state housing agency has determined it also triggered the same requirement for co-op buyers.
The ruling is a major—if inadvertent—expansion of the new disclosure law. It could unveil now-hidden bedbug histories in some of New York's most expensive co-ops at a time when outbreaks of the tiny nocturnal blood-sucking insects have spread across the city.
Under the law that took effect in September, bedbug disclosure forms are required to be given "to each tenant signing a vacancy lease."
A new ruling by state housing authorities could unveil now-hidden bedbug histories in some of New York's most expensive co-ops.
But it turns out this same language can apply to the sale of a co-op apartment. Co-op buyers actually purchase shares in the co-op and receive a lease from the co-op board entitling them to live in the apartment. Condominium sales are structured differently, and buyers aren't entitled to the bedbug disclosure forms, the state ruled.
The Real Estate Board of New York, which represents the industry, had urged the state to clarify the law and to specifically exclude co-op sales. But Friday, state officials confirmed that they had decided to apply the law to co-op sales
Stuart Saft, a co-op and condo lawyer, says the state "has decided to use a badly written bill to expand its jurisdiction."
State Assemblywoman Linda Rosenthal of Manhattan, the sponsor of the bed bug legislation, said she drafted the bill to exclude both co-op and condo sales, after brokers and apartment owners objected.
Real-estate groups said they expected the bill to be corrected. But in an interview, Ms. Rosenthal called the state co-op ruling a "good thing" for both buyers and sellers and said she hopes to extend the new law to the rest of the state: "I am glad that as many people have access to this protection as possible. It is an epidemic here. Every day there is a new revelation."
Thanks, I know all about the new law, I'll be glad of it when we're seeking a new place.
Open house today (Nov. 10), 5-7pm and Sunday (Nov. 14) 12-2pm.
Also is craigslist worthless for FSBOs? There seem to be VERY few real FSBO ads, section is a mess.
Price drop to $925,000 and open houses Sunday 1/23 and 1/30, 12-2. http://adlonprewar.com/
$400k short 9wks late. Flmaozzzzzzzzzzzz. What will you do when interest rates increase?
A: raise prices! Higher rates/ higher prices higher the deductions! Excelsior!!!!!!!
http://www.nysl.nysed.gov/ils/images/nysarms.jpg
http://streeteasy.com/nyc/sale/593534-coop-200-west-54th-street-midtown-new-york
They sold it. good for them. As of now, there are no units for sale in this building.
Original ask $998,000. Sold %875,000. About a 12% reduction, which according to another SE thread is exactly the average discount right now. Advertised as 1,200 sf. So, sold at $729/sf. In the end, seems about right, given where we are.
So, uh, w67, once again, wrong. Flmaozzzzzzzzzzzz.
Not entirely sure you should be looking at it from a discount to ask point of view. FSBOs are notoriously unrealistic in their price expectations - why else would they worry about saving $30K (3%) in exchange for all of the hassle.
But anyway, congrats to them.
So much for this though - the $400K, as well as the nonsense about interest rates increasing. But what can you expect from a dirty ape who has cheated people in business dealings:
>w67thstreet
about 6 months ago
ignore this person
report abuse
$400k short 9wks late. Flmaozzzzzzzzzzzz. What will you do when interest rates increase?
A: raise prices! Higher rates/ higher prices higher the deductions! Excelsior!!!!!!!
This is the first time I think I have dredged up an old thread. I could not pass this by as we all seemed to have a hand in this semi-drama. Honorable mention to Front Porch as you were the first one that I thought of. Spoiler alert: The price spiked $620K from the last sale in '11. And that was clearly the time to buy. Granted, they put some work into this. The fact that I am not pleased with what they did will be of no consequence, so here it is:
http://streeteasy.com/building/the-adlon/10e