I am a re newbie thinking of selling my apartment. I own in a building with very low turnover, in a neighborhood with few buildings like mine. I need help figuring out comps so I can have educated discussions with brokers (and to prevent smoke from being blown certain places). From reading this board I have gathered we are down 25% or so (2br)from peak prices of 2007, but up a bit from 2009. Is... [more]
I am a re newbie thinking of selling my apartment. I own in a building with very low turnover, in a neighborhood with few buildings like mine. I need help figuring out comps so I can have educated discussions with brokers (and to prevent smoke from being blown certain places).
From reading this board I have gathered we are down 25% or so (2br)from peak prices of 2007, but up a bit from 2009. Is this right? And how do you calculate the value of other stuff like reno v orig cond, floor, view/light, ceiling height, amenities? What about location (location, location)? Does it matter (beyond the obvious) if, for example, an apartment is 1 block or 4 from the subway and shopping when there is a chain drug store on every corner?
All guidance appreciated. I know there is no magic formula, I just don't want to get ripped off or sit on the market for 6 months.
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