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Athee
I believe in miracles!
Member since 8/07 2462 total posts
Name:
A
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Need to sell coop and fast! need advice
My 2 bedroom coop has been on the market now for almost a year and still nothing. We had one bid, we accepted and it fell through. I already moved out so the coop is now empty- freshly painted.... I'm having a very difficult time maintaining payments for maintenance and mortgage. Anyone know how to go about selling this coop fast? What are we doing wrong? It's priced below average coop price around our neighborhood, and my realtor keeps saying that its because of the busy location (its on a busy-ish street in Queens) Already taking a HUGE loss- may even have to pay out of pocket to get rid of it... Anyone have any suggestions? Opinions? Advice? Anything! Thanks!!!
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Posted 2/18/13 9:23 AM  |
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Prudential Douglas Elliman Real Estate
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BabyBeans
LIF Adult
Member since 3/07 930 total posts
Name:
Melissa
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Re: Need to sell coop and fast! need advice
why dont you try renting it for a year and then re-visit how the market is. even if you cant get it rented for what you pay at least you have money coming in going toward the rent, seems like it would move quickly as a rental w/ that location.
Message edited 2/18/2013 11:14:35 AM.
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| Posted 2/18/13 11:13 AM |
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Athee
I believe in miracles!
Member since 8/07 2462 total posts
Name:
A
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Re: Need to sell coop and fast! need advice
I totally would but we are not allowed to sublet  
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| Posted 2/18/13 12:02 PM |
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JennB
My princess <3
Member since 5/09 2473 total posts
Name:
Jenn
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Re: Need to sell coop and fast! need advice
We just took a loss on ours. We dropped the price 3 times we finally got 3 offers in one day. One fell through. One was ridiculously low and the other was low but do able. We couldn't rent either. Have you had open houses?
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| Posted 2/18/13 12:12 PM |
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JandJ1224
Member since 6/06 5911 total posts
Name:
Jannette
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Re: Need to sell coop and fast! need advice
Are the comparables that you are using in the same building? Or buildings with similar busy locations? Maybe not really priced right based on truly comparable sales?
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| Posted 2/18/13 12:30 PM |
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Re: Need to sell coop and fast! need advice
Posted by JandJ1224
Are the comparables that you are using in the same building? Or buildings with similar busy locations? Maybe not really priced right based on truly comparable sales?
I agree with this - I sell a lot of condos and co-ops and a true comparable is one in the same building or complex. Because a different buliding or complex, even if right down the street, could have differences from your co-op that could affect value (e.g., lower maintenance, rules on pets, parking, amenities, square footage of units, management company, age of building, etc.). Not to mention the location -- if you are on a busy street and other co-ops you are using as comps are not, you need to factor the busy street into the price. That's something that can't be changed, so the ONLY way you can address it is through price. But any appraiser or agent will look for comps in your own building FIRST... other buildings in the area may not be comparable.
I would look into what has sold in your building in the past 6 months, and ask your agent to figure out what is the average days on the market for units that are selling. That might give you more information on whether what you are experiencing is the norm or if there is an issue you need to address.
If your unit is not selling, the issue is either price (and condition, but that's tied to price), marketing (how is it being marketed), or access (is it easy to show, are agents getting in to show it?). And 90% of the time, it's price.
A couple of other thoughts -
1) Sometimes vacant units are actually harder to sell than occupied ones, because they have a colder, less inviting/homey feel. And buyers tend to lack imagination about where to put furniture. I know it's probably not feasible to fully stage the unit, but maybe you can bring some items in to warm up the place.
2) Also, if dropping the price is not an option right now, you might want to considering offering other types of financial incentives to a buyer and/or selling agent. Examples would be - - $1000 selling bonus to the buyer's agent if unit is in contract by x date, or seller will pay first 3 months of buyer's monthly maintenance fees after closing, or seller will contribute x dollars toward buyer's closing costs. These types of incentives are less costly than dropping the price, in most cases, and are ways to make your unit stand out as a good value and put it at the top of buyers' and buyers' agents lists of units to show.
Message edited 2/19/2013 10:02:47 AM.
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| Posted 2/18/13 1:15 PM |
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fabrichick
LIF Adult
Member since 5/05 2479 total posts
Name:
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Re: Need to sell coop and fast! need advice
Where are you located? We had a studio in Great Neck and our broker ran ads in Korean papers bc families are moving here - it worked but took time. We had already bought our 2 bedroom in the same building...it was nerve wracking but finally happened.
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| Posted 2/18/13 8:16 PM |
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Paramount
Sweet!
Member since 7/12 4289 total posts
Name:
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Need to sell coop and fast! need advice
Dollars to donuts you have it priced badly. If you havent gotten any offers besides one, you are not priced well.
I was thinking stage the unit, re-check comps, and get a new listing agent.
Message edited 2/19/2013 9:51:18 AM.
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| Posted 2/19/13 9:50 AM |
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Re: Need to sell coop and fast! need advice
Also, I know it can be painful for a seller to bring $ to the table, but think of the $ you are losing every month paying for the mortgage and maintenance (not to mention utilities and other incidental expenses) on a place you no longer live. The money you will lose by lowering the price is probably the same money you will lose by keeping it on the market for another year priced too high (or close to it). So it maybe less painful to just rip the band aid off, sell it for what the market will bear, and stop paying the carrying costs on the unit.
Because the true value of property isn't really even based on comps - it's what a buyer is willing to pay for it in the current market. And a buyer isn't willing to pay what you are asking. Has your agent suggested a price drop?
And to bring another perspective - if you bought another place, you probably gained more from "moving up" into that place than you lost on your co-op. So the big picture is probably not all that bleak, although it still stings to have to shell out at the closing table, I know!
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| Posted 2/19/13 10:08 AM |
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Athee
I believe in miracles!
Member since 8/07 2462 total posts
Name:
A
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Re: Need to sell coop and fast! need advice
Thank you guys so much for replying. I was just looking through several web sites just to compare it to similar listings at the same development and on the same road- and it's definitely priced lower (not by much but still lower or comparable). I am also offering an incentive for other agents if they can sell the unit. I just don't know how much more I can offer- I really can't afford more. The loss is significant already...  Thank you all again, I thought maybe I can do a little more to push the sale... 
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| Posted 2/19/13 11:09 AM |
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jennyal
LIF Adult
Member since 8/07 1430 total posts
Name:
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Re: Need to sell coop and fast! need advice
i know what you're going thru! we bought a house and are still paying our coop mortgage! and selling it at a loss from 6 years ago!
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| Posted 2/19/13 12:29 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Need to sell coop and fast! need advice
contact Erica Rose Siegel of Exit kingdom Realty - she is the co-op queen!
718-809-7808
tell her Beth sent you- she is the best!
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| Posted 2/19/13 1:39 PM |
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AdoptedCalm
LIF Infant
Member since 6/11 152 total posts
Name:
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Need to sell coop and fast! need advice
Do you have your co-op listed? I know someone looking.
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| Posted 3/3/13 5:43 PM |
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