Hold or Sell??

If you think you can get $800k in this market than definitely sell...enjoy your move...by the time you come back you'll be able to buy an apartment for much less than 800k.

every seller thinks there apt is worth more than it actually is; completely normal human behavior. I made same mistake and Im a broker; only to sell it for market price lower than what I thought it would go for...did you check on last comps and what active units are in that bldg/area? I have a feeling the current market will not pay 800K given the uncertainty out there right now!

If the question is do I sell now or sell in a year from now, dont wait. Too many red flags out there. But if you can hold the asset for 3-4 years or rent it out, than you have a decision to make!

Put it on the market for what you think it is worth. If you don't get your price, take it off the market and rent it. Best bet, rent it to a friend and then you have a place to stay when you visit. Do you plan on returning to NYC at some point? If you can swing it, wouldn't it be great to keep it and always have a place in NYC? It would be tough for me to part with a NYC condo bought 6 years ago unless I absolutley had to.

I would say sell. If you are moving out of the country, take the money and run.

Thanks guys.

More specifically location is on Broadway between 22/23rd. Building is a little older but it is prime location, in front of the park. You are right, i do not know the current market conditions hence my question #1. However there are 1 bedrooms that are asking for $999k here and one closed previously on 840k in December. So I think $800k may be reasonable but as all of you know, these things can change in a week.

Yes there is sentimental value in this unit as I have lived in it for +/- 6 to 7 years. It is possible for me to return, but at the same time, I would probably be looking for a 2 bedroom or larger if i do.
Renting to a friend maybe a great idea and so I have a place to stay (I will probably visit at least once a year).

Alternatively, since Manhattan real estate is still relatively strong, I may consider selling the place, taking the capital gains hit and then moving the money into stocks (which have taken a hit lately).

If we are in a recession right now, we should be counting our blessing — it's a very mild recession indeed! And it's alomost over anyway. I went to open houses on UWS this week — they are packed.

nyc119, don't negoitiate with yourself. There are a lot of people out there that would love your apartment so, don't sell yourself short.

Thanks.

I was just trying to make a conservative estimate on my condo. I will be selecting a broker in a week or two. If the sale price is a good one, I will sell.

You should be able to get a break on capital gains taxes if you sell the co-op now. If you rent it out and then sell it you will have had to claim the house as your primary residence for two of five years prior to the sale. So that may weigh in favor of selling now.

My experience with sellers who think their apartment is worth 800k. Take that number and apply at least a 30% discount. 30% of 800k = 560k. There you have the first ballpark estimate of your real selling price. Modified up or down depending on how truly delusional the seller is.

brokerzrule yep u and Urbandigs should walk around Manhattan with a big sign ---"Price em low and watch em go" Now if can can get them to price it even lower then you can help them out and buy it for yourselves.

brokerzrule - please. He has comps, it's a one bedroom in a fantastic location.

Spunky, people on this forum are so desperate for insider info, how brokers think, how boards think, etc. I was just trying to quantify it for them. You are such number crunching geniuses I was trying to give you something to plug into your precious little spreadsheets. If you had an ounce of common sense you would be thankful for brokers like me, they help buyers get realistic prices. I doubt you are a developer waiting to unload dozens of units (you wouldnt be posting here then)so my little reality check for sellers is helping you stretch your tiny checkbook a little further.

Problem with comps aboutready, is they trail current numbers. The great spreadsheet and mortgage geniuses on Wall Street have created such a nice mess for someone else to clean up that the comps in a few months may be very different from today. If you were in the industry (real estate) you would know and smell the fear of the bigger players. Price cuts that were unimaginable a year ago are now finally be openly discussed.

Hey, I'm one of the biggest doom and gloomers around. I understand the comp trail issue, and I know psych issues (and people losing lots of their retirement money, even their jobs) could have a rapid negative effect on this market. I've been following this market since 1994. But delusional references, in this instance, seem a bit much. He should try and see. If he NEEDS to sell, which he doesn't seem to, he should go below comps somewhat (and it's from December, which was both recent and not a hot time). Who can tell right now?

brokerzrule now I understand why people have very little respect to for most RE brokers. It's ashame when the majority of bad apples ruin it for just a few good ones.

Spunky, the feeling could not be more mutual. I could care less what a pathetic buyer thinks of me. I fully expect to drop at least 70% of buyers after first contact. Im not hear to win a popularity contest. Despite the "know it all" attitudes on buyers part, when left on their own, to their own devices, even in this glorious computer age, buyers become like little sheep, helpless and confused. Its amusing to sit back and watch all these posts. You just create more confusion for one another and make my job even more valuable.

brokerzrule, how is it that you became a broker anyway? Was it the straight A's at junior college or a fall back after your failed Ringling Brothers attempts?

I beleive ever since brokerzrule was 10 he wanted to become a real estate broker. He knew that was his mission in life. That is why he was put on this earth. In fact here is little video clip of Brokerzrule in action. Enjoy

http://youtube.com/watch?v=ts8vMvO32w0&feature=related

Hey brokerszrule:

You misspelled "here" as "hear" in your last post. This makes you look quite silly.