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Who came up with the original million plus price tag? Did she have an analysis done by a competent broker or did she just wing it? I can't see a good real estate broker putting a client a position where a price gets dropped by huge amounts regularly and still doesn't sell. That's just really bad.Sounds like the place has gone sour at this point and will be next to impossible to sell.All info about price drops and length of time on the market,etc is public record and this situation will scare most potential buyers away.
after thinking, your friend should ask a good broker or hire an appraiser. Recent sales/comps gives some indication what it is really worth & how long will it take to realistically sell.
Again there could be a lot of reason why its not selling. Another possibility from personal experience...its possible the co-op has limited financing available for the buyer. You mention finer parts of west village which trigger my experience of looking at nicer areas in manhattan. Some places require require 50% cash down or 100% cash down. So if it sells for 800k, someone can only borrow 400k or is financing is totally disallowed. This severely reduces your buyers out there and only markets to people who are very liquid. I notice this is a trend among very tough co-op boards (i think of the 1% when i see this)
A lesson that I've learned is that the only answer to every real estate valuation may not necessarily be "LOCATION LOCATION LOCATION."
i really don't know what to say from limited details. I remember 15 yrs ago looking at prestiges addresses with 1 bd/1bth with 800sq ft for about 400k with 1300+ maint (financing not allowed too!)....i am absolutely sure its worth over 7 figures today.
I think maybe part of the problem might stem from the fact that she first bought a small 1 bedroom and then layer bought an adjoining small studio to make for a nice sized 1 bedroom. Perhaps 1 + 1 = more than 2 here as far as the maintenance goes?
Amenities...she has none, just part of a brownstone a quarter block from Fifth Avenue. I doubt that even her electricity is included.
I don't think the building even has an elevator but she's on the first floor so I never noticed.
She's been trying to sell for a year dropping the price by 50G's every couple months.
Given the inverse relationship between price and maintenance, I think she will have to come down another sizeable chunk o' change to sell the place.
This leads me to believe also that the market is softer than real estate interests would like to let on.
But my God...if I was staring at at $2100 maintenance every month, I'd never get any sleep.
Maybe she could revert it back to two apartments like it used to be. Then she'd have 2 apartments to sell and that whopper of a maintenance fee would be split also.
Maybe she could revert it back to two apartments like it used to be. Then she'd have 2 apartments to sell and that whopper of a maintenance fee would be split also.
You might be on to something there. Really!
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