You’ve finally taken the leap. You’ve listed your apartment for sale. Apparently, everyone else has the same idea. Your building has multiple apartments/units listed for sale, and yours is just another item on the available inventory. Take a number please! Wait your turn.
So, how will you make your apartment competitive? Are you competing with your neighbors’ apartment or are we talking apples and oranges? To answer that question, you must look at all the facts. Then you can determine how similar your apartment is to others listed for sale in your building. Yes, they are in the same building, but that’s where the 
similarities stop. Look at bedrooms, square footage, natural lighting, skyline, and any other unique quality separates your apartment from the rest.
Apples and Oranges.
You can’t compare a one bedroom one bath to a two bedroom two bath. Not only are the floor plans different, but the buyers for each of these apartments will be different as well. Generally, a one bedroom one bath appeals to singles or couples without kids. On the other hand, a two bedroom two bath appeals to families. That doesn’t mean families only buy two bedroom two baths, but generally those apartments target different potential buyers. Same building, yes, but different prospective buyers.
Price-per-square-foot.
While your apartment might be decently sized, a competing apartment with larger square footage is not necessarily detrimental for your listing. It boils down to the price-per-square-foot you are asking. Even a $50 difference in price-per-square-foot (for apartments in the same building) is huge. In just 800 square feet of property, you can save $40,000.
I know you think your apartment is special because you lived there, but others may not share your enthusiasm. All things equal, difference in price-per-square-foot could be the tipping point to attract potential buyers to you rather than your neighbor. Basic supply and demand suggests buyers will obviously flock towards the cheaper option, especially when they don’t have to sacrifice on square footage or amenities. When there are multiple listings in your building comparable to your own, then you must keep pricing in mind. If you overprice your unit when there is competition present, it will spell disaster for your listing. Be sure to listen to your realtor when pricing your listing.
Distressed Seller.
If the other apartments listed for sale are similar to yours, then be mindful of distressed sellers — people willing to sell no matter what. Whether its unemployment, financial insecurity, or some other personal issue, they have to sell. They don’t have the luxury of time and they are willing to sell at a steep discount in order to unload the apartment. His or her house is a real estate Black Friday and everyone is invited. It’s a great opportunity for buyers, but damaging to sellers. If this scenario unfolds in your building, you will best be served waiting out the distressed listing. If the unit forecloses, that puts a different spin on the distressed apartment. You can compete against a foreclosed unit much easier than an apartment with a hyper-motivated seller. Most buyers (especially first time) will run the other way.
You know your apartment is better.
Hey, if you arrived at this conclusion on your own then you and I are in good company. your apartment has that X factor that distinguishes it from the rest. It is better, or at least you convinced yourself it is. This is why it is always so important to use an experienced real estate agent that knows and understands your market. The team at TripleMint is well versed in the New York City market, and has become a brokerage of choice for both buyers and sellers. They will price your apartment appropriately to ensure you have a successful listing experience.
The competition blew you out of the water.
It happens to the best of us. You can’t win every battle. The only way to successfully sell your apartment when you’re outmatched is to price your apartment lower than the competition. This may not be feasible depending on your price point. If you need every dollar you can squeeze out of this deal, then consider shelving your listing for a few months until the competition is gone. If the competition raises the average price-per-square-foot for your building, then you can list your apartment for a higher price. So if there are multiple listings in your building, use your best judgment but keep these factors in mind.
I love NYC.
