Pricing a 1BR Co-Op for FSBO?

Anyone like to express an opinion on pricing a 1BR apt in Park Slope?  I’m looking to sell my place FSBO, and am doing the usual gathering of comparables via StreetEasy and such, but was hoping to crowdsource some opinions as well.  Here’s the details: Prime north slope location between 8th Ave and PPW, named street 4 Unit brownstone co-op with decent financials and lots of regular maintenance done within last 10 years (new boiler, h/w heater, roof, facade, etc).  Building maintenance is approximately $1000 a month, about 50% deductable.  Apartment is on the 3rd of 4 floors. 894 square feet inside, plus a 100 sq ft private roof patio off the living room/kitchen. Gut renovated in 2008 with by well known local architect and contractor.  Top quality work, lots of custom details and finishes. Large BR in front of building with original bay windows.  Off the bedroom is a combination office/walk in closet area with two desks and two full closets (4′ wide x 20′ long) Middle of apartment has large bathroom divided into two sections, one with a large shower and sink, the other with toilet and additional sink, plus european stacking washer/dryer and linen closet. Rear of apartment has living room and open kitchen, including original fireplace (not functioning, but plumbed for natural gas).  Kitchen has all soapstone counters, custom cabinetry, wine fridge, Bosch dishwasher, counter depth fridge, and a custom counter bar. Kitchen has a professional style ventilation hood that vents with a roof mounted fan.  Extension added to back of building to create 5’x10′ raised breakfast nook with lots of glass that opens to the private rooftop patio. All the infrastructure was updated during the renovation, including all new plumbing, electrical, and structural work to accommodate the removal of walls – there’s nothing hiding in the ceilings.  Renovation fully documented with photographs.  Quality lighting fixtures used throughout, combination of chandeliers and recessed lights.  Apartment wired for internet, audio, and cable, includes a dedicated wiring closet for technology. Very nicely detailed finish carpentry, including baseboards, crown moldings, much of it original that was refurbished.  New solid oak floors with excellent finish. The apartment is not easily convertible to 2BR.  It could theoretically be done, but it would probably be cost prohibitive and probably wouldn’t be legal.  Ideal for a single person or couple. Of course it’s hard to price without seeing it, but what range of price would you expect?  $800/sq. ft? $1000/sq. ft?  What’s the top end on 1BR apartments in Park Slope these days?  My last formal appraisal (for a re-fi in 2009) was for $600,000.

bensbl

in Real Estate - Sales 11 years and 11 months ago

3

Please log in, in order to post replies!

3 replies

Newest Oldest

gogobkrealestate | 10 years and 2 months ago

string(1) "1"
object(WP_User)#4935 (8) {
  ["data"]=>
  object(stdClass)#4908 (12) {
    ["ID"]=>
    string(6) "185446"
    ["user_login"]=>
    string(16) "gogobkrealestate"
    ["user_pass"]=>
    string(34) "$P$BGK.4jMd/qgG0MGzc9qSurxsEUVxh6."
    ["user_nicename"]=>
    string(16) "gogobkrealestate"
    ["user_email"]=>
    string(24) "sgogolak@bondnewyork.com"
    ["user_url"]=>
    string(57) "http://www.bondnewyork.com/nyc_real_estate_agent_2798.htm"
    ["user_registered"]=>
    string(19) "2017-08-10 13:56:22"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(16) "gogobkrealestate"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(185446)
  ["caps"]=>
  array(1) {
    ["bbp_participant"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(1) {
    [0]=>
    string(15) "bbp_participant"
  }
  ["allcaps"]=>
  array(1) {
    ["bbp_participant"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

I agree about reasonable pricing relative to the market. Price is a marketing tool to get buyers in the door. You don’t want buyers to prioritize other listings during Sunday Open Houses because your price seems too high. You want them to see your home and make an offer! When you get multiple offers, then you can push your sales price above asking (and evaluate which buyer’s financial profile best suits your co-op board). … I also agree that hiring a REBNY broker vastly increases your chances of marketing yourself competitively and getting top dollar for your home. (Full disclosure, I am an agent at a REBNY brokerage.) Being a FSBO is tough because it seems like modern technology is on your side; however, buyers perceive FSBO sellers as being cheap and needing cash ASAP, so they low-ball their offers. Also, most serious buyers end up using a broker… and brokers rarely bring their buyers to FSBOs because they fear getting cut out of the deal after many weeks and months working with that buyer. In any case, price yourself competitively based on recent sales and nearby current listings. The market will tell you your true value when the offers come in. Just know that hiring a broker gives your listing a professional polish, maximum exposure and publishes it to the broker database, which is how buyers’ brokers are guaranteed a commission. Happy to help if you have more questions! Best, Sam gogo@bondnewyork.com

brokelin | 11 years and 11 months ago

string(1) "1"
object(WP_User)#4934 (8) {
  ["data"]=>
  object(stdClass)#4933 (12) {
    ["ID"]=>
    string(5) "90954"
    ["user_login"]=>
    string(8) "brokelin"
    ["user_pass"]=>
    string(34) "$P$BukARi5fCxcdKRwwLKRkiawWixLEUK/"
    ["user_nicename"]=>
    string(8) "brokelin"
    ["user_email"]=>
    string(17) "annindc@yahoo.com"
    ["user_url"]=>
    string(23) "/forums/users/brokelin/"
    ["user_registered"]=>
    string(19) "2017-08-10 14:32:08"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(8) "brokelin"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(90954)
  ["caps"]=>
  array(2) {
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(2) {
    [0]=>
    string(10) "subscriber"
    [1]=>
    string(15) "bbp_participant"
  }
  ["allcaps"]=>
  array(4) {
    ["read"]=>
    bool(true)
    ["level_0"]=>
    bool(true)
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

I can’t begin to comment without pictures, but I will tell you how I easily chose the price for floor-through coop in a four-unit building in Park Slope when I sold – larger than yours, and more bedrooms – but the principle is the same.  If you scour the NYTimes ads online, and websites of the larger brokerages in the area (Corcoran, Brown Harris Stevens), and even some of the smaller ones in Park Slope that do a lot of business in coops, you will readily realize what the price is – they tend to be priced very rationally – meaning similar apartments are priced similarly.  And you will find a lot of similar coops in Park Slope. I quickly realized what apartments similar to mine were priced at, and while I wasn’t going the FSBO route (because I realized the marketing of a larger brokerage firm that was a REBNY member would get my place sold for the best price and fastest), you could call in a broker and ask what they’d price it at, once you have your number from your research, and compare.  The broker I hired suggested a price at exactly where I would have priced it after I had done my research – it was the obvious price.  It sold quickly for full price, too.  One other broker I spoke with had the strategy of pricing much lower than market to spark a bidding war, but that wasn’t my goal.  Good luck.  And you may as well interview some brokers and get their price opinions, because you may end up hiring one after trying to sell it on your own for awhile, as the majority of FSBOs do.

elbow | 11 years and 11 months ago

string(1) "1"
object(WP_User)#4930 (8) {
  ["data"]=>
  object(stdClass)#4936 (12) {
    ["ID"]=>
    string(6) "177161"
    ["user_login"]=>
    string(5) "elbow"
    ["user_pass"]=>
    string(34) "$P$BKnX8zyZxQQrEZb8oVvlJQppBrN3dO0"
    ["user_nicename"]=>
    string(5) "elbow"
    ["user_email"]=>
    string(17) "leeb155@yahoo.com"
    ["user_url"]=>
    string(20) "/forums/users/elbow/"
    ["user_registered"]=>
    string(19) "2017-08-10 14:26:00"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(5) "elbow"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(177161)
  ["caps"]=>
  array(2) {
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(2) {
    [0]=>
    string(10) "subscriber"
    [1]=>
    string(15) "bbp_participant"
  }
  ["allcaps"]=>
  array(4) {
    ["read"]=>
    bool(true)
    ["level_0"]=>
    bool(true)
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

I have a similar apartment and I run market analysis every now and then.  Not being able to convert to 2 bedrooms will affect sales price. My sense is that if you ask over $600K, you may wait quite a while for a buyer.  At that price you’re starting to get into the range of low prices for 2 bedrooms, though there was a very stylish top floor one bedroom with vaulted ceiling and terrace that recently went into contract or sold and it was asking in the low $700Ks.