Selling NYC Real Estate

Preparing to Sell:

comparative market analysisIf you are considering selling NYC real estate, a comparative market analysis is a vital tool in the proper pricing of your property. It should include a comprehensive assessment of the home’s appreciation, location, amenities, and general presentation, as well as current supply and demand, and a price per square foot comparison.
Once the comparative market analysis is complete, a marketing plan is formulated tailored to the specific property and incorporating multiple facets. These include professionally photographing the property, writing detailed property descriptions, and distributing them to the various internet marketing and sales websites.
In addition, Spark Realty will feature the property locally, nationally, and worldwide via the website, as well as tapping Spark Realty’s sizeable database of qualified buyers, and much more. A property’s presentation is also paramount. The physical appearance and consequential psychological and emotional impact the home has on prospective buyers, beginning with its first impression, will make an impact that could result in a sale. Therefore, sellers are urged to take advantage of Spark Realty’s experience when it comes to staging and highlighting the best features of a property to prepare it for showings and open houses.

Suggestions for the Seller Include:
Suggestion for the Seller include

  1. De-cluttering rooms and closets. Clear all excess furniture, lamps, magazines, toys, and knickknacks.
  2. Clean windows, blinds, curtains, and draperies. Curtains and draperies should be open during agent and potential buyer visits unless the view from the window is less than attractive. Lights should be on to help brighten the room.
  3. Repaint any walls, ceilings, doors, cabinets, and molding where the paint is peeling, chipped, or cracking.
  4. Thoroughly clean bathrooms.
  5. Leave the home whenever possible when agents and potential buyers are visiting the property. They feel more comfortable and less distracted inspecting and discussing the property in private.

Bidding and Negotiating:
Bidding and NegotiatingAll offers on NYC real estate must be in writing and, typically should be accompanied by a REBNY form financial statement of the buyer and, if financing applies, a mortgage pre-qualification letter from a lender. The goal is to for a seller to be able to evaluate the buyer and negotiate the highest price possible with a qualified buyer.
In the case of multiple potential buyers, healthy bidding wars are encouraged.


Estimated Seller Closing Costs: Condo

Broker Commission 6%
Seller’s Attorney $1,500/$2,500 and up
Managing Agent Fee $450 and up
Move Out Deposit $500- $1,000
NYC Transfer Tax 1% of gross purchase price up to $500,000; 1.425% if over $500,000
NY State Transfer Tax 0.4% (.004) of price
Misc. Title Company Fees $200
Payoff Bank Attorney N/A

Estimated Seller Closing Costs: Co-op

Broker Commission 6%
Seller’s Attorney $1,500/$2,500 and up
Co-op Attorney $450 and up
Stock Transfer Tax $.05 per share
Move Out Deposit $500 – $1,000
NYC Transfer Tax 1% of gross purchase price up to $500,000; 1.425% if over $500,000
NY State transfer tax 0.4% (.004) of price
Misc. Title Company Fees N/A
Payoff Bank Attorney $300 and up
UCC-3 Filing Fee $30