Out and About: Location explains huge price gap

(Photo by scholl10)

When I ambled into open houses just 16 blocks apart on Central Park West, the tired old saw about location struck me as graphically evident.

In a building in the low 70s, I visited four apartments, each of them with prices that I find hard to justify.  They then ranged in price between approximately $3.5 million and $10 million.

That same day, I went to an open house in a building in the low 90s, and I was blown away by Continue reading

Out and About: Sellers need to appreciate that price should be no object for them too

This two-bedroom, one-bath Upper West Side co-op has lingered on the market at its original price of $895,000 since last July. It is not described below.

The listings database is filled with properties that have gone unsold for months and months.

One example of many that I recently visited happens to be a one-bedroom co-op in Lincoln Square.  The 700-sf apartment went on the market for $479,000 last April and has ticked down in three steps to $429,000.  Its last reduction: $10,000 back in June.

The problem with this ground-floor unit is small rooms coupled with courtyard exposures.

But those flaws are not why the apartment hasn’t sold, is it?

Properties don’t fail to sell because of Continue reading