How Much Is My Apartment Worth in NYC: https://www.hauseit.com/how-much-is-my-apartment-worth-in-nyc/ <br /> <br />List with a Full Service Agent for 1%: https://www.hauseit.com/agent-managed-listing/ <br /> <br />Pricing an apartment NYC is more of an art than a science, but there a number of factors to consider when valuing your condo or co-op in NYC. <br /> <br />Neighborhood <br /> <br />Each neighborhood in NYC has its own pricing ecosystem which means that the comparable apartments you choose to analyze must be in the same neighborhood as your home. If you’re selling in a larger building, most if not all of the comps you analyze should be from within your building. <br /> <br />Price Point and Size <br /> <br />It’s a good idea to select units which are priced within a similar dollar price range when searching for comps. For example, let’s say you are selling a 1br / 1bath condo in the East Village which is worth under $1,000,000. It would not be a good idea to compare the Price Per Square Foot (PPSF) of your condo to the PPSF for luxury new development condos whose prices start at $1,500,000 because the composition of the buyer base is not the same. <br /> <br />Layout <br /> <br />It’s important to compare apartments which have a similar bed / bath count and similar overall layout. For example, comparing a studio to a 1br would not be advisable even if they are the same approximate square footage since studios are usually less valuable. <br /> <br />Building Type <br /> <br />It’s important to ensure that the buildings you are comparing yourself to are broadly comparable to your own apartment building. For example, it would not make sense to compare a pre-war, walkup apartment with a unit in a full-service, post-war elevator building. <br /> <br />Floor and Exposure <br /> <br />Each floor in an elevator building is worth an additional $3-10k on average. While the difference between floor 25 and 28 may only be worth ~$10k, the difference between floor 2 and floor 6 could be worth ~$30k or more. In a walk-up building, apartment values generally decrease as you go above the 3rd floor. <br /> <br />Condition <br /> <br />The interior condition and renovation status of apartments is one of the most important adjustments to make between units. The most expensive renovations in NYC apartments are for the ‘wet areas’ of the unit, also known as the kitchen and bathrooms. A typical renovation per wet area in NYC can range from $20k to $50k, or $100-200 per square foot of the apartment size. <br /> <br />Monthlies <br /> <br />Apartments with higher carrying costs are generally less valuable, all other considerations aside. If an apartment has a drastically higher or lower monthly maintenance or common charge bill, then a valuation adjustment should be made. <br /> <br />Looking to buy or sell a home in New York? Learn how you can save on commission and closing costs at https://www.hauseit.com <br /> <br />Sell Agent Assisted FSBO in NYC: https://www.hauseit.com/fsbo-nyc/ <br /> <br />#hauseit #hauseitnyc <br />https://www.hauseit.com
