BY MARTHA WILKIE | “For Sale by Owner” (FSBO for short) is a rarity in Manhattan when it comes to homes. In the outer boroughs, it’s more common. Although with Queens and Brooklyn being such hot markets now, it’s changing.
Manhattan buyers might look for an apartment without a real estate broker, but few will brave selling a place that way.
In the pre-Internet days, buyers and sellers used newspaper classified ads, and realtors had their own sources. Today, almost everything is available online, so you’d think it’d be easy to sell your own apartment. But it’s not.
If you’re selling, you could place an ad in The New York Times or on Craigslist, but if you’re not in the realtors’ listing service, you won’t get much exposure.
One hurdle for buyers in co-ops is preparing the board package. As anyone who has done this knows, you must present a cubic ton of paperwork, undergo great scrutiny, endure an awkward interview, and then promise your firstborn.
My husband and I sold an apartment ourselves, but it was difficult and we were lucky enough to find a buyer who already owned in the building. My husband had been president of our co-op board for more than a decade, so he knew the ropes.
Rema Mixon Parachini is an agent with Stribling. Surprisingly, she’s open to work as a buyer’s agent on an FSBO.
“I’d absolutely work with a buyer on a For Sale by Owner,” she said. “To help a buyer find a home is a pleasure and exciting and always a learning experience.
But, she’s realistic.
“Pricing is everything in Manhattan real estate,” she said. “If not priced correctly, the apartment will not move. Sellers need a broker’s expertise to analyze active and recent closed comparables and recommend a competitive price.
“The intangibles of ambience, location, building, light, view, floor and floor plan all contribute to the sale,” Parachini added. “The scope of a real estate’s firm ability to market and advertise on a multitude of platforms locally, nationally and through international partnerships is a valuable benefit to a seller.”
Here are four apartments for sale this week — two FSBOs and two from agencies:
24 Fifth Avenue at Ninth St., an FSBO offers a one-bedroom, one-bath apartment on the sixth floor in a landmarked building. $850,000. (https://streeteasy.com/building/24-5-avenue-new_york/632)
An FSBO at 120 E. 90th St. features a studio (could be converted to a one-bedroom) near Central Park. Sunny, with a newly renovated bathroom, in a doorman building. $640,000.
(https://streeteasy.com/building/trafalgar-house/7h)
In Kips Bay, a one-bedroom, one-bath in a full-service doorman building has a gorgeous roof deck with wonderful views. It features sleek bamboo floors and four closets. $699,000.
(https://www.stribling.com/properties/20736489)
At Sutton House, at 415 E. 52nd St., a two-bedroom in a doorman building is on the market. Features include clever built-ins with two drop-down beds, and a lovely kitchen with marble counters. $549,000.
