Advice on setting the selling price...

You don’t say anything specific about the condition of the house so it’s a little hard to know if these comments will be useful. But, generally, I would say focus on fixing any issue that could be a serious impediment to a sale going through. That is, certificate of occupancy problems; title issues; serious structural issues; obvious problems with the heating, eletrical and plumbing systems. Don’t waste your money on anything decorative! If you’re not happy with the selling prices mentioned so far, just talk to more brokers. They will be falling over themselves to get your listing so don’t promise anything prematurely. Go online to the Corcoran site and look at the agent profiles. These indicate who has sold what and where. With a little digging, you should be able to find an agent with solid experience in Bed Stuy. Or ask a friend for a referral.

NeoGrec

in Garden 12 years and 2 months ago

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greencat | 12 years and 2 months ago

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Hi, We are planning on selling our 4-family brownstone in Bed-Stuy and are just in the process of talking to brokers/investors and trying to come up with a sales price. Both an investor and broker independently came up with about the same price. Their price seemed fair, but then I would imagine that both estimates would be on the conservative side. We are hoping to get as much as we can (obviously, I suppose) as we have left NYC and need to invest in our business. Any suggestions of the best way to think about this? Many thanks, Cat

irqgbfqcbpop | 12 years and 2 months ago

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This is an interesting dilema. I would suggest that you do some minor renovations before selling. It always helps the sale price. Try to make your place move-in ready because that always fetches a little extra. If the investor and broker came to the same conclusion, there is a problem. There are only three reasons that happens 1) your place needs work 2) Brokers is bad or 3) investor is stupid.  Not knowing anything.. you need to do some work.  If you need a recommendation, let me know.

mousta | 12 years and 2 months ago

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If it’s an attractive property, and by attractive I mean has walls and is in a decent location, and your ask is even remotely in the ballpark it will just be bid up in this market. The buyers will do the work for you as long as you aren’t too outside of the realm of reality.

bedstuytownhouse | 12 years and 2 months ago

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Everything is seemingly selling over ask in Bed Stuy these days and there isn’t a lot out there so I’d be surprised if you ended up disappointed with what you go into contract for.

Bklnite | 12 years and 2 months ago

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I would expect the broker to give a number on the high side, and it’s in their interest persuade you they can get a high price to get the listing as well as to get the biggest commission (though they’d also be happy to close a deal quickly). If the broker and investor numbers are the same, then it’s probably a reasonable estimate of the market value. The broker will want what – 5 or 6%? so it might be worth considering selling directly to save the commission.  I replied to a post of yours last year about refinancing. If you shoot an email to bklnite@gmail.com I’ll give you my real name & contact info (not the anonymized brownstoner identity) and I’d be happy to give you another opinion on what the place is worth, given the income & expenses, location & general description of the place. I’d be glad to trade some ideas about your strategy, whether that’s listing it with a broker or selling directly to investors or taking on equity partners to raise the cash you need while retaining an interest in the property.

guestCH | 12 years and 2 months ago

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Hi my husband and I are looking for such a brownstoner in the bedsty/crownheights area. Shoot me an email if you’d like at raquelhousehunt@hotmail (dot) com

boredatwork | 12 years and 2 months ago

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Not sure what the issue is here.  I guess there are two potential markets – 1) developer who will add FAR and subdivide for maximum profit or, 2) owner who will live there.  But an estimate on the value should be close to the same. The real issue is if the buyer is seeking a mortgage, the appraisal needs to be right. Developers have different financing issues.  Or you could follow @bklnite’s advice and bring in equity partners.  All depends on your time frame and needs.