The price is right, isn’t it?

Do sellers understand that. . .

. . . prices have. . .

. . .fallen?

I’ve written in the abstract about sellers who don’t grasp the true value of their properties.

Welcome now to the real world.

A former client of mine–twice!–has been telling me she wants to trade for another place on one level the duplex co-op that I sold her almost three years ago.  She and her husband paid $2 million for the two-bedroom, two-bath unit on Manhattan’s Upper West side, and they have invested another $100,000 in improvements to what already was a lovely apartment.

If the housing market has declined only 20 percent since the middle of 2007, then wouldn’t you expect the market to value the co-op at no more than $1.6 million?  Although it’s pointless to include the cost of renovations, despite what virtually every seller maintains, the apartment should be worth perhaps $1.68 million if that expense is added.

I had been thinking we should list the place for Continue reading