4 important points to remember when pricing your apartment



Pricing your apartment is one of the most important steps in the marketing process. Price too high and no one will come and the apartment will languish on the market. Items to consider:

1) In Line Comps: You want to look at “like kind” units within your building that are in the same apartment line. So if you live in 12A, you want to look for sales in the A line that have the same floor plan. If nothing exists then you would move to similar units that have sold within your building. You only move outside your building for closed sales if there is nothing within your apartment line or in the entire building.

2) Like Kind: All the closed sales you look at and evaluate for pricing should be like kind apartments. So the level of renovation, view, size, and layout should be evaluated to ensure an apples to apples comparision.

3) Timing: You want to select comps from the most recent time period. For the most accuracy, the past 6 months will suffice and the more recent the better.

4) Contract Signed: Since there is a lag time in the recording of sales and the time from contract signed to closing, you should look at the contract signed date as that tells you the most accurate info as to what someone was willing to pay on that date. The date the sale is closed and recorded could be 3-5 months later and the market may have changed during that time.

6 Steps to Correctly Doing the Financial Section in a Board Package



Correctly doing the financial section in a board package is a key element to progressing to a closed sale. The top 5 things you will need to do in this section of the board package are:

1) Create a spread sheet of all you assets, line by line and present a snap shot of what you are about to show in the package. For example you would break out all you cash in banks + total, stocks and any other accounts. You would list bank, last 4 digits of account number and total of the statement you are providing.

2) Add to the spread sheet in number 1, you post closing liquidity as pertaining to how many months mortgage and maintenance you will have liquid + you debt to gross income ratio (mortgage & maint vs gross income)

3) You will identify if you earnest money deposit (10%) has been removed from the statements you are providing for the package and if not – you will make the subtraction on the spread sheet to show the current balance.

4) You will fill in the whole financial statement. Stuff that is empty, you will put in 0.00 or na and you will fill out every field.

5) All the totals you put into the financial statement will match to the penny, the sum totals of you back up statements. For example if you have 100.25 in cash, the bank statements you provided will add up to that number

6) You will create sub dividers so to differentiate which statements pertain to which sections. This will make reading and comprehending the section easier.

February YoY Sales of Tribeca Condo lofts


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Price Strata Avg Sold $ Avg Disc. Avg PPSF Avg SF
5MM + $7,591,907.77 -1.71% 2130 3672
4MM – 5MM $4,356,494.40 3.73% 1670 2659
3MM – 4MM $3,470,286.58 2.21% 1622 2206
2MM – 3MM $2,552,083.74 1.24% 1493 1389
1MM – 2MM $1,646,069.12 -2.52% 1364 1073

Once again you can see the averages show that 3 out of the 5 segments for sales of Tribeca Condo Lofts are going over the asking price.  This show the strong demand and low inventory levels leading to such bidding wars.  Buyers need to be alert and aggressive when finding properties in Tribeca as they are not lasting long on the open market.

Year over Year Luxury Lofts – Condo Sales Avegerages


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Price Strata Avg Sold $ Avg Disc. Avg PPSF Avg SF
5MM + $7,624,523.90 -2.09% 2169 3599
4MM – 5MM $4,379,071.43 4.22% 1668 2680
3MM – 4MM $3,441,470.59 2.24% 1607 2215
2MM – 3MM $2,539,882.25 0.99% 1484 1371
1MM – 2MM $1,646,069.12 -2.52% 1364 1073

As we can see from the numbers, Tirbeca was hot in 2013 with 3 of the 5 price ranges showing bidding wars over the asking price.  With a total of approx. 350 sales total in 2013, it shows how strong the demand is amid weak supply.

Tribeca Luxury Condo Sales – Year over Year


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Tribeca Sale

Year over Year Averages for Tribeca Luxury Lofts and Condos

Sales continue to hum in Tribeca.  Over 50% of the June sales in this sample have sold at above asking price, displaying intense competition and bidding wars.  Two bedrooms are the most active segment while three bedrooms had the highest jump in price per square foot.


Seen & Heard: Making the AT&T Long Lines Building Disappear


tribecacitizen.com – ••• I was walking my parents up Church when we passed 56 Leonard, so I pointed out the rendering to them. As I was looking at it, I marveled at how it made the AT&T Long Lines Building disappear. (I thought it must be directly behind 56 Leonard, but I now think that that might be it between 56 Leonard and the Woolworth Building…? Kind of where City Hall Park is?)••• Thanks to Aileen of Bikini Bar for giving me this excellent print when I stopped by yesterday.


Using Comparable Loft Sales NYC


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When using comparable sales nyc – compare the contract signed dates as that is the most telling as to what market was doing at that point. Closing dates posted via Dept of finance are not accurate due to length in approval process for coops and condos + delay in posting to Acris from actual closing to recording.  So when you see a closing recorded on 9/2012, the more prescient date is when the contract was signed, 5/2012, as that is directly what was happening in the market.  By September the market could have changed with new contracts being signed at higher or lower rates.

From more on comparable sales nyc contact us: Demsker or go to our website Demsker Realty

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Tribeca Year over Year Sales Aveerages


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YOY Averages Sold $ Disc. PPSF SF
5 Bedrooms $9,590,000.00 5.93% 1749 5133
4 Bedrooms $7,170,997.00 -3.16% 1870 4827
3 Bedrooms $3,884,383.00 -1.36% 1596 2473
2 Bedrooms $2,390,469.00 -1.97% 1521 1684
1 Bedrooms $1,300,432.00 -3.63% 1318 996

Everything is on the rise with the recording of the 2013 sales as year over year appreciation continues to climb and inventory remains short.

Tribeca YOY sales Averages


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YOY Averages Sold $ Disc. PPSF SF
5 Bedrooms $9,590,000.00 5.93% 1749 5133
4 Bedrooms $6,982,461.00 -2.11% 1822 5164
3 Bedrooms $3,875,725.00 -1.77% 1571 2508
2 Bedrooms $2,283,747.00 -2.55% 1535 1631
1 Bedrooms $1,244,445.00 -4.62% 1299 960
  • Inventory is very tight
  • Pent up demand is very strong
  • Competition is strong with bidding wars

For more information contact Demsker


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