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Extra effort spurs a sale

Sellers need to realize buyers have upper hand

By PHYLLIS FURMAN

Things were dragging on and Halstead broker Richard Hamilton wanted to get the deal done at 148 W. 23rd St., where he recently found a buyer for a studio apartment.

"I bought someone a stove," he said. "I gave a little something. You do little things to help people out."

With the city's real estate boom over and the number of homes on the market rising, for the first time in years sellers need to be thinking of those extra somethings that will move their apartments.

"A year ago people were lining up to buy property," said Rob Gross, senior vice president at Prudential Douglas Elliman. "Things change."

The number of unsold apartments in Manhattan rose an ominous 54% to 7,640 in the second quarter of the year, according to Prudential Douglas Elliman and appraiser Miller Samuel's most recent market report.

Brokers describe the current market as "stabilizing" after years of double-digit gains.

Some neighborhoods, such as Chelsea, are continuing to hum along, with brokers reporting a surge in sales in recent weeks.

Even so, sellers have to think about going the extra mile, especially when it comes to "fringe" apartments. Hamilton said homes in "questionable buildings" or those with lousy views fall into this category.

How do you make your home stand out in a crowded market? Brokers questioned by the Daily News offered these tips:

Start with an attention-grabbing price. 

"Consider pricing a tad below the market," Gross said.

That's just what he did downtown at 47 Walker St., where he recently marketed a two-bedroom, one-bath loft measuring around 1,350 square feet.

The asking price was $1,195 a square foot. "We priced it at $900 a square foot, we knew it would go higher," Gross said.

Sure enough, Gross got 10 offers within a week. A contract was just signed at a price of about $1,000 per square foot.

To arrive at the right number, be vigilant about understanding your competition. "Go to open houses, view apartments online," said Michael Goldenberg, executive director of sales for Halstead's West Side office.

Look at "apartments that are truly comparable to yours," taking into consideration variables such as location, services, maintenance and the amount of financing allowed, Goldenberg said.

Show your apartment in the best possible light.

It's always been true, but all the more so now.

Depending on the condition of the apartment, some brokers said it's worth investing as much as 1% of the sales price on upgrades.

Be willing to show your apartment 24/7.

"Normally you could put off showings," said Prudential Douglas Elliman executive vice president Marsha Frances. "In this day and age, there is no more 'Sundays only at an Open House.'"

Get the word out.

Go beyond newspapers, the Internet and mailings to market your apartment.

To grab attention for a three-bedroom apartment at 417 W. 22nd St., priced at $2.495 million, Gross partnered with a mortgage broker and threw a party to showcase its outdoor space. Some 40 brokers showed up. "It helped, we're getting offers," Gross said.

Simplify your deal.

For instance, if you know an assessment - a one-time charge by the co-op board to pay for items like repairs - is coming, tell a prospective buyer you will pay it, Hamilton said.

Buyers are likely to learn about assessments anyway and factor the cost in when making offers.

Act quickly when you get an offer that you like.

Have your lawyer ready to send out a contract. Don't give your buyer time to reflect and change his or her mind. "We've seen buyers almost walk away when the contract wasn't out," Goldenberg said. "In this market, a delay can be very harmful."

Post Date: 8/13/2006

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