Decent Appreciation Given Market

winnie..i think you need to take a deep breathe. You paid 450k in 04 for what size apt. one bedroom, two bedroom, etc. $800k is high but I would ask him what he's basing the quote on and then sign a 30 day contract with him. good luck!!

it depends on how large it is. is it around 650sf or 800sf? i think right now, if you want to sell it fast you should price it just under $1,000 per square foot...$950 per square foot, for example. you want to generate excitement on the property so if you underprice it just slightly, more people will come and see it and it would sell faster.

condo or coop?
drmn?
actual ground floor or one floor up?
monthlies?
renovated?
light/view?
size?
scalable to larger BR?

1st floor units are not the easiest to sell for concerns over security, noise, etc..what are last comps in your bldg? I do not think the market is UP 80% since 2004! Brokers will ALWAYS tell you a higher price for fear of losing the listing agreement to another broker! Get the agreement signed, try for a month, and then convince the seller to lower price! Thats the sell. Why would a broker tell you honestly what you will get for it, if they will not get the listing because other agents promise 10% more?

Market determines price, not broker! Always remember that. Let him show you actual data and explain WHY your house should ask 800K!

winnie, and I say this in all seriousness, call urbandigs and have him list your place. He will do what is right for you.

its a one bedroom parlor level; small building about 10 units no elevator buidling. the size is about 600 sq ft completely updated, exposed brick etc. i talked to my broker and he is saying that there are other listings that are about 1200 per 1500 per sq ft. the only issue i have, is that i did a search and found that most of these listings have been on the market for over 30 days some even as long as 90 days...

yes by all means list with urbandigs but make sure you put in your contract that he can not use your computer to answer these threads while showing your apt. He needs to be focused. Remember price it low and watch it go.

winnie..600sq ft is a studio,not a one bedroom...so your broker is selling a ground floor studio for $800k. I would definitely have a conversation with him asking him to show you other apts. same size, location that have sold for $800k. Also, is there a doorman, live in super, etc.

thanks - i am being conservative, i think some where between 600 and 700 - in any case, its not a studio, its a one bedroom of decent size. i do think 800 is unreasonable, i think about 1000 would be the min per sq ft; i dont want to do a fire sale, but also dont want to have my place on the market for a long time.. i need to sell in the next 3 months... any suggestions on what is reasonable appreciation value?

600 square ft one bedroom that's of decent size. Now if that's not an oxymoron what is?

Is it a condo or a coop? Peronally it sounds expensive in my opinion for the east village a no doorman building on the first floor. Your broker sounds a bit overly optimistic.

Julia - take a look at some of the west village listings and you will see that 1 bedrooms come in many sizes including 600sq ft and less - especially there.

I have a one bedroom - 3 closets, well laid out and it is 650 sq ft - and definitely a true one bedroom from its creation onward. Though I would say that a true one bedroom should be about this size at minimum and I would not call that a large one bedroom of course.

Winnie, I agree with JuiceMan. Have Noah Rosenblatt (Urbandigs) handle the listing - his email is nrosenblatt@halstead.com

thanks, but what would be a good range if i wanted to sell it quiclky

He's the best guy to judge that for you - if someone isn't an experienced broker and they havn't seen your place in person and studied the comps etc they can't honestly answer that question for you. Anything anyone gives you here is just a guess and will be more misleading than helpful if you put too much weight on it.

cant wait for spunky to come out with the 'partner' conspiracy theories now..Thx Streets & Juice!

Winnie, how about this. Email me (nrosenblatt@halstead.com) the address of the bldg so I can look it up and send you some information. I'll give you some thoughts. If you want me to see it, Ill be more than happy to view it with no obligation. If not, fine too.

thanks - but i really like my broker as a person.. this has been helpful

Winne - i am pretty sure urbandigs is offering you free feedback. It is clear you are questioning your broker's view on valuation. Why would you reject free feedback? Pretty odd. . .and undermining yourself. . .i think.

urbandigs I too am recommending you. Why the harsh words.

yea but you said I cant use their computer..Im not interested if I cant use the seller's computer.

you can make a one bedroom from 400 sf. that doesn't make it a true bedroom. Closet/window and approx. 700 sq. Wait, maybe I'm the fool because if people pay $800k for a 600 sq ft ground floor studio than so be it.

Winnie, I'm a long-time East Villager and - full disclosure - looking at properties similar to yours. Parlor level, to me, can go two ways. If the garden level is mostly below ground, placing the parlor windows at street level, you've got a curtains-closed, always-on-display situation. If the garden level is mostly above ground, the parlor windows may be above the heads of people walking by, and then you have a pretty nice thing with a short walkup and privacy like a 2nd floor unit. Also, where are the garbage and recycling cans kept? Off to the side vs. right under your window will make a big difference to prospective buyers.

The East Village changes so much block-by-block (as I'm sure you know), and prices vary accordingly. Check completed sales and you will see that many blocks (that dreary stretch of 14th btw B & C near the Con Ed plant, almost everything between C & D) are priced more like Brooklyn, well under $1k/sq ft. There's a unit at 512 E. 12th (A % B), a small 1br, that's lingered for a long time, despite the sub $1k per price. Even units in the gorgeous new Flowerbox on 7th btw C & D went for just under $1k per (penthouse aside). Then there are the premium blocks, 10th between A & B across from the park, blocks with well-preserved architecture and parks, things further west closer to subways.

One other thing: you are using your own purchase price as a comp, but looking back at the $450k you paid in '04 and seeing other sales around that time in or near your building, did you underpay? overpay? The recent comps are really all that matter.

Check the comps for your particular block. I suspect your broker is trying to test the market, and from what I've been seeing in your range in the nighborhood, that hasn't been working lately. Despite your personal realtionship, he/she doesn't seem like the best choice for your timeframe.

Why don't you just have one agent from Corcoran, one agent from Brown Harris Stevens, one agent from Elliman, and one agent from Halstead who seem to specialize in your area/size of aprtment come over (or fill in the names of any other companies you prefer - they do this free of charge), and have each outline for you a strategy for the sale of your unit? In addition, have each broker give you the name of one or two people who they've sold and closed deals for in your area recently so that you can get a reference(s) on each broker.

It would seem like simple logic to me to get as many POV's as possible, as it's a free service and also gives you the opportunity to interview each of the brokers as well to see who's a good 'fit' for you and your situation.

If you're already feeling a bit uncomfortable about ANY aspect of the current situation with your new broker, goodness gracious, now's the time to get a second, third, and fourth opinion at no cost! It's the best investment of your own time that you can possibly make at this point, short of doing the legwork yourself and going FSBO.

tenemental - thanks very helpful

"thanks - but i really like my broker as a person"

winnie, wake up. Why in the hell would you get on this board and ask the most basic pricing questions if your broker was worth a damn? Pricing is broker 101, I can only imaging what marketing and negotiations will look like. This has nothing to do with "liking your broker". This is business, you would be wise to separate the two.

I have to agree if you are going to change brokers I would definitively be looking at one in the area and one that has been successful selling property in and only in for the most part the east village.

She needs to sell in 3 months for an international move and is "i really like my broker as a person". Good luck with that! Treat this as business as that's what it is - a financial transaction which needs to occur in a very limited time frame. Get other feedback from professionals and compare notes.

Julia - I wasn't calling 400 sqft a true one bedroom, but I am saying some people are calling 400 sqft a one bedroom in west village.

And yes you can have a 650sqft true one bedroom. That's where it starts as studios typically cap out at 600sqft.

Spunky on Brokers: "I would definitively be looking at one in the area and one that has been successful selling property in and only in for the most part the east village."

Yes - If they live or work 5 blocks north in Gramercy and were previously very successful in the west village then there is no way they can sell a place in the east village.
Spunky you are such a goon. Just because you have your rat hole in the east village doesn't mean there is a fine art to selling property there that takes brokers a lifetime to learn.

i just found out that there is one in the area 613 east 6th street that is for 789, another one on 1st street for 779 and another one on Avenue C for 895. all look like my unit, nicely maintained etc... the one on 1st street and avenue C have been on the market for a while... i am not sure i want to risk the same, so feel that maybe 700 would be a good list price.... my place is on 4th street.

winnie, are you an inexperienced broker looking for free pricing advice?

Good luck with your shortcuts - btw - i dont see any sqft information on those listings. So it is bad for you to compare pricing without that. Anyway - do what everyone told you already and get professional opinions. Nobody can really guide you unless they know your address, sqft and see the place.

3 months is short. Good luck and be thorough!

girlgirl77 thanks and JuiceMan, no i am not a broker.. i just dont want a slew of brokers "offering to help me out" though i do think i need to get the advice of another broker.... I just thought i would get some initial thoughts from this Talk capability on StreetEasy before i moved forward with another broker in discussions.

Yes my timeframe is tight.. i know..

this has been helpful, isnt this site intended to allow for a free exchange of information?

Of course. The line of questioning just seemed a little bizarre for someone that had a good broker. That said, it is good you are doing your own research. The smarter you can get on your own the better. Good luck.

girlygirl77...you are correct 650sf is definitely a one bedroom...when i was looking for an apt. i went crazy with my broker showing me 500 sf apts claiming they were one bedroom...sorry

Fair - we are on same page. There are some phony situations where they put up walls and the like. I hear you.

Winnie, the unit at 613 East 6th is a duplex (garden and parlor), with a den and half bathroom that I'm guessing your unit, as a 1br, doesn't have. That makes it considerably more valuable, and not at all an appropriate comp. 6th btw B & C is also a particularly beautiful block. It's what I was thinking of when I said "well-preserved architecture and parks."

oh thestreets now now now. Just because I recommended a broker other than your business associate urbandigs doesn't mean you have to get bent all out of shape.
Yes if I had a place in the east village I would prefer dealing with a broker that has a very successful track record selling apts in the east village, well respected, has high integrity, and lives in the east village. I certainly would rather do business with that RE Broker than to a broker who sells mostly in the upper west side and who lives in the Bronx and is not as familiar with the east village. Thestreets is that to difficult for you to comprehend you freaking moron.

tenematal, thanks for the insight. what about 149 Avenue C? irrespective of the variance - do you think the sq ft is a reasonable comp?

i just looked at the floorplan for 613 (its on the site) and measurements add up to about 500-600 sq ft... so that is about 1300 to 1520 per sq ft.... but then there is 149 that is 1000 sq at 849 per sq ft... which one which one???

It i only comparable if you have a garden as well as the parlor and you have a duplex. It didn't sound like your place was a duplex. Again - until someone sees your place and knows the full facts, nobody can give you a great answer.

i dont think this unit has a garden (other than a common garden). Mine is not a duplex but seems to be as nicely updated and maintained. not looking for an answer only some thoughts

Winnie,I think your main problem is time...you said you wanted to leave quickly and that would be the problem.

Winnie, the floorplan at 613 doesn’t give measurements for the bathrooms or hallways, so you have to factor that in to the square footage. The building also has a nice roof deck and beautiful garden. Also, forget the listing price at 613 E. 6th. Who knows what it will eventually sell for? Look at recent completed sales in the building. There’s no sq footage on the most recent sale and I can’t get the floorplan to load, but it has an extra half bath and half room (?), plus a washer dryer. It’s supposedly large enough to be a 2br, and has higher maintenance than the current unit (more size/more shares?), so at $764k it seems very likely to be less than $1k/sf. There is the walkup issue with that unit, though (5D). 4A sold for $795/sf in mid-2006. I’ve seen more appreciation in listing prices since then than actual sales prices.

I’m familiar w/ 625 E. 6th. There was a beautiful 1br there for just under $1k/sf but it had the wrong layout for me. It entered contract 2.5 mos later but is only listed as “no longer available” 6 mos later, no sales price.

149 Ave C has the walkup issue (5th fl on Ave C and no mention of an elevator, so I assume), but you’ll generally find that ppsf increases w/ # of bedrooms, and it has two as opposed to your one. Also, they tried getting $1k/sf and it’s been on the market for 4 months with two big price chops.

For the most part, Alphabet City has overcome its crack-and-heroin stigma (until you get close to Ave D), but for many people the distance from the subway is a big problem. If you really want to sell within three months, I don’t think you want to go much higher than $900/sf. If your parlor has look-right-in street level windows or and/or close proximity to the building’s garbage and recycling, you probably want to price between $800-900.

winnie, how did you decide to price your property?

winnie, I am in the market for a place in village area. Could you send me where your place is located (unless its one of the units described by others) and other details? If you like you can email at nylonmade@gmail.com

Thanks