Showings but no offers

Uh oh, expect we'll be getting a lot more of these comments.

First off, real estate is a commodity market -- no one cares what the cost basis is of your friend and how much he/she made or lost on a transaction.

Secondly, he/she has two choices based on what you said about it -- (1) wait longer, or (2) drop the price. On the latter point, you can do many things outside of just dropping the list price, including offering maintenance credits, paying for selling fees, etc.

Good luck

Priced to comps as in comparable listing or actual recent sales? Cost basis shouldn’t matter.

Are these ready and qualified buyers or... though I hate the term... "lookey-loos"? Many buyers go through an information-gathering phase where they visit different properties to get an idea of what they like and what prices are ... but they might still be six months or more out from buying.

If he can rule out price (and I'm with 300_mercer that you can't do that either by looking at your own basis or at on-market comps; you have to use a mixture of sold comps and on-market comps) then he might consider making it tougher for potential buyers to see the apartment -- traffic will drop but his visitors will be more likely to make offers.

Also, I'd reach out to brokers who have existing buyers and encourage them to bring their clients (in addition to whatever broadly-cast marketing he's doing.)

ali r.
downtown broker

How does it compare to actives your competing against?

Is he trying to sell on his own or with a broker? very difficult to have a conversation about this without having a link to the property.

Selling with a broker. It's priced slightly below recent comps in the building and neighborhood. He would like to keep confidential so can't share link or exact location but it's downtown. Many of the apts in this neighborhood have also sat for more than 90 days and either went through multiple price reductions prior to sale or got taken off market.

@BPC: it sounds like you answered your own question. Seems like pricing is the issue, as much as your friend might not want to admit it.

If the price is close to recent sales (last 3-4 months), it may be the condition of the apartment or how well it shows (furniture etc) or just a matter of time.

Is this in Battery Park City?

That's what I was going to ask, maybe in one of the older buildings towards the south end ,difficult to sell.

Also parts of the financial district can be difficult sales.