@jonri – is there a chance that some buyer might want to purchase both apartments and combine them?
Never say never, but I doubt it. In any event, I don’t think two combined apartments would sell for twice as much as one by itself.
@jonri, if your apartment doesn’t suffer from the same issues as the neighbor’s, I can’t imagine why her inability to sell would affect your unit.
Perhaps it’s even possible that all of the potential buyers her unit initially attracted would flock to yours, since it doesn’t suffer from the same drawbacks.
In my town, there are some developments with cookie-cutter “plan 1, 2, 3, 4” floor plans. Dozens of houses that repeat the same four floor plans. There might be a resale home in terrible shape that won’t sell, but the exact same floor plan down the street in nice condition could sell quickly and for more money. Maybe your situation is like that?
If her apartment has an issue that will ultimately hurt the price, maybe you are better off listing yours first. That way, you command the pricing and you won’t be weighed down by a bad comp for appraisal purposes.
Thanks…I probably shouldn’t have posted. I’m just freaking out about it a bit. I’m afraid most people will just check the floor plans, see that it’s the same layout in reverse, hers has a slightly better view and assume that mine is worth less than whatever hers sells for.
I agree about listing yours first.
I have had my eye on some condos nearby. There are two that have the same floor plan.
The one I am drawn to actually has horrid carpet. The other is pristine. The difference?
The pictures! In the nicer one the kitchen looks very narrow and claustrophobic.
In the uglier unit the picts are so much nicer and the kitchen looks 3 feet wider.
I am just a browser for a few more years but I do find the photography differences to be amazing.
In the same building another with a different floor plan showed a bedroom with the mattress on
the floor ( no box springs. I have no idea what people are thinking…)
Her unit could have the same issues we’ve been talking about here. Are you saying she hasn’t gotten foot traffic or just that it hasn’t sold? Maybe her own agent isn’t aggressive or the listing is stale, to others. Or something else makes them not want to deal with your neighbor.
You’d need your own talk with a good agent. See if other buildings in your neighborhood sell faster, get the attention.
Yes, multi units available can affect price. One lists, the next lists for X% lower. But the idea is to maximize your unit’s perceived value.
I wonder about the assumption that it’s bad to have two apartments in the same building for sale at the same time. Fast food franchises increase their business by locating next to other fast food. Two apartments in one building give a realtor more to show - it can build interest in a building and the increased showings can nudge an ambivalent buyer not wanting to miss out. There’s so much to consider when putting a place on the market, why complicate things by trying to figure out what the neighbor is doing? When the time is right for you, put apartment into best shape you can do and go with a realtor that communicates well with you and seems to have a handle on the local market.
@jonri, just price it appropriately and don’t worry about it. It sounds like she’s overpriced for the condition or location of the apartment. Smart pricing will get you a sale regardless of what the neighbor is asking. Look at what the other units have sold for in your building, and look at their condition and location. That’s going to be a better guide.
Thanks to all of you who posted.
The price my neighbor is asking is definitely not too high. That hasn’t been the issue. I’m just afraid that people will assume that it is because it hasn’t sold. I’ll just have to wait and see.
It may be too high for what she’s presenting, the reality when folks walk through the door… Anything could be throwing it off, if she’s actually getting foot traffic. I think the message in this thread is that it’s not theoretical, it’s the buyer’s personal response.
I find it difficult to imagine a NYC apartment that is too big, unless you have a really enormous place. (My sister used to have a coop in Chicago that was two full floors of their building. It was probably about 4,000 sq ft. That could be too big for one person. 
)
To me, the question would be more could you buy an apartment that is more suited to your desires and maintenance budget than this one with the amount of money you would clear from selling it.
The market determines what a property is worth. If a property is sitting sitting sitting, it’s priced too high.
Well…it’s priced to high for what it IS. It is very possible that @jonri has a nicer unit, better maintained, less cluttered, no pets, more updates, etc.
There are sometimes factors that can affect “time on market” other than price. A difficult seller/divorce situation/poor marketing/etc. A property can be priced right but not sell for these kinds of reasons. Of course, in most cases, if you lower the price enough, a buyer will come.
I remember looking at a house that was being sold due to a divorce. Apparently the kitchen renovation had caused it, as it was only half done. We passed on that house, though they were giving a discount for the kitchen, we had a baby at the time, and finishing up the job was not something we wanted to tackle at that time.
Sometimes, the property has too much “history” - I always research deeds and get as much scoop about what can be going on. The stuff that can be uncovered even from the cursory public records is sometimes unbelievable. Someone buys a house, then marries, transfers the house into community property, then divorces and tries to get the property back… Soon to be ex spouse says not so fast and does not want to have the house sold but can’t pay for it. A mess. Or someone has not paid property tax for a while. Try to get financing on a house that has tax or other massive liens attached…
A friend just introduced me to a designer blog that I really love. It is unclear to me whether it is okay to post a link to a business blog here, so I’ll just tell you the name: Laurel Home Blog.
Her posts on paint and kitchens are wonderful.
I just looked at that Laurel Home Blog. I noticed in her article about kitchens that aren’t white that many of them have brass fixtures. Not shiny brass, though.
Kitchens that are not white or dark brown stained - yay.
@Nrdsb4 wrote
Took the words right out of my mouth :).