Out and About: Renovations explain price differences

A broker at his open house recently shared with me what he believes is an effective pricing subtlety. Frankly, I can’t disagree with him.

For Blaise, the pitch better be low. (Flickr photo by clappstar)

When it comes to pricing apartments that don’t demand renovation, about which more below, Richard has learned that buyers are none too likely to lowball their offers.

However, with apartments that need work, said he, they invariably cut their offers significantly below the asking price.

The listing he was holding open that Sunday was a prime example. In the mid 70s on the Upper West Side, the co-op had a price of approximately $2 million. Continue reading