I have a buyer should i sell?

Some questions first:
Does that put you at an 11% loss from your 2007 purchase price? Not sure how to read your statement above...
Are you listing through an agent, or by owner?
Will you continue to live in NYC, as a renter?
Do you think you're going to lose your job, or see a reduction in your compensation?
Will the cash you recoup from the sale be enough to offset your concerns?

i would walk away with a slight profit (75k) after accounting for renovations. i purchased early 04. i have listed through an agent.. i will continue to live in nyc as a renter for a least the next 2years. i do think i will see a reduction in my compensation. and mostly afraid of having to sell and not being able too, but also do not want to be too hasty. thank you for responding.

Go for it, bb10024. We're in for a nasty couple of years in the Manhattan real estate market.

If you sell now & pocket 75k, you'll be more 'lean' & able to maneuver & respond should an offer appear which might include relocating. If you don't want to hold for a good while, selling now may be the best thing to do. Good luck & have a prosperous 2009!

I'm a broker, I should have said that above. But I'm also a homeowner, and have been forced by circumstances to sell at a loss in the past - so I know how scary that can feel. Given that you'd be netting a profit, and recovering your equity, selling seems like a good idea. It's hard to find buyers right now, so you should feel pleased to have one on the hook.

If you feel you're underselling your property, you have to accept that possibility and just move on. No one can say where real estate is headed, but as we're in the midst of a global financial meltdown it's unlikely we'll see prices rising any time soon. As a broker, one frustrating aspect of our business is that when we bring a seller a qualified buyer, the sellers sometimes assume that means the apartment has been priced too low, or that there are more buyers out there. But I think it sounds like you have done what everyone on this board is clamoring for - priced your place at a number that appeals to a buyer who can afford to purchase it. Congratulations!

Now see if your broker can put you into a nice rental without having to pay any brokers' fees. And then buy back in when you feel more secure - you were smart about it in 2004, and you're being smart about it now. Trust your instincts to tell you if/when you are ready to buy again. Till then, explore the city and see where you want to live for the next phase of your life.

great advice .. thank you

take it!

bb10022 (lots of neighbors on this thread).... in the old days, if you were one of my associate or vp traders, I'd fire you right now :). If your analysis says the market is going down... what does anchoring to a past price point get you?... yeah tina yada yada yada... RE is different... yep there's a tremendous friction and tons of leverage so if your analysis is correct more bang for the bucks.

Tina my dad taught me a lesson that someone should have taught you a long time ago.... not losing/wasting money = making money.

bb10024: I'm a pretty risk averse guy, so if I were in your position and could get out with a profit, I would. I would guess that even in 6 months, that 75k of profit would evaporate. Also, since you're in finance, I'd be even more eager to sell while I could.

capital preservation - sell it

uhh, w67thstreet - did you read my post, or did you black out after you saw the word "broker"?

"Does that put you at an 11% loss from your 2007 purchase price?"

No I didn't black out... I was questioning your question above.....

I only black out after seeing borkers :)

bb10024 is just the tip of the ice-berg. Many more in his position will be questioning the logic of holding a highly leveraged take you to bankruptcy asset.. Cheers!

I was asking for clarification - didn't know if OP had purchased in 2007, or had apt on the market in 2007. OP clarified. Then many people responded to the more accurate information.
Thanks for your helpful input, though - I'm sure that's just what the OP was looking for.

bb10024, you know the answer to the question, but let's give you the moral support you came here for:

SELL SELL SELL!!!

As you are in finance, you know what's up and where Manhattan is heading. The music has stopped, and everyone is searching for a chair to sit on. You are lucky enough to find a chair. Get out while you can.

lets make this simpler... anyone think he *shouldn't* sell?