Here we go again with another New York Magazine Triple Assessment from OpenHouseNYC. I like to watch these segments in their entirety and venture my own guess before the actaul list price is disclosed. My guess was $599,000.00. Now you try:
In our partner segment with New York Magazine, Open House NYC host, George Oliphant meets Jhoanna Robledo, editor of NY Mag’s Real Estate Section for a new video version of the ever popular Triple Assessment.
To refresh your memory, Triple Assessment is an appraisal from three different brokers on what they believe is the proper price of an apartment recently listed on the market. In this edition, Jhoanna invites a triumvirate of brokers to 305 West 86th Street to guess the value of a 1 bedroom/1 bathroom apartment steps from Riverside Park.
The apartment has a great location, but no views. It needs little work, but isn’t large. It has high ceilings, but is there a lower ceiling on the price? What do the brokers think?
Jhoanna solicits guesses from Toni Haber of Douglas Elliman, Eric Rath of Bellmarc Realty and John Gasdaska of Corcoran. As a special bonus, our very own George Oliphant tries his hand at the exercise and hazards his own guess.
Who comes closest? What’s the actual price? You’ll have to watch the video to find out…
Note the HUGE price spread here and more often than not a seller will choose the agent who gives them a higher price which is often detrimental to the sale of the property. I’m also surprised that they don’t discuss monthly maintenance charges for the property. Even more surprising are the high prices suggested for an apartment with no view to speak of despite its condition. I used to live next door at 309 West 86th Street and a quick look at neighborhood comps would have shown some less expensive options with more desireable views. Oh well, yet another argument to get multiple pricing opinions and don’t always believe what you want to.
Case in point: Yesterday I received yet another call from a seller who I met several months ago. He and his wife were not pleased with my pricing opinion then (too low) but now that they have wasted several months with another agent, they have decided that they should hire me. The problem is that the property may in fact be worth even less than it was several months back. Underpricing is a much more effective way to see what the market will bear. Overpricing is the kiss of death…ALWAYS! Making the wrong decision here may have bitten them in the asking price.