Given the high demand and intense competition in the city’s real estate market, figuring out how to sell a condo in NYC can be complex and challenging. However, with the right strategy and preparation, homeowners can successfully navigate this market and sell their condos for a fair price. So, what should you know? StreetEasy tapped some of the top real estate agents in the city to get their practical tips and advice for selling a condo in NYC. Here’s what you should know.
Steps to Sell Your Condo
Selling a condo in NYC involves several steps. First, you need to determine the market value of your property and make any necessary repairs or improvements to increase its appeal to potential buyers.
“You will want to de-personalize anything that could turn away potential buyers and spruce up anything that exhibits wear and tear,” agent Jeremy Kamm of Coldwell Banker Warburg told StreetEasy. “That could mean a fresh coat of paint or caulking in kitchens and bathrooms.”
Next, you’ll need to find a real estate agent who is experienced in selling condos in NYC, as they can help you navigate the complex process. Once your property is listed, you’ll receive offers, and negotiations will ensue. After you’ve accepted an offer, you’ll need to complete all necessary paperwork and attend a closing meeting where the sale will be finalized.
“It’s important to have all building documents for a condo, typically consisting of building financials, offering plan, house rules, and purchase application, ready to go,” said agent Emily Becker of Coldwell Banker Warburg. “This way, the due diligence process can move quickly when a deal is made, and a contract is issued.”
Throughout the process, work with a real estate attorney to ensure that the sale is handled legally and appropriately.
Manhattan Homes for Sale Under $1M Article continues below
Yorkville
328 East 94th Street
$450,000
2|
1
Battery Park City
70 Little West Street
$950,000
Studio|
1
Lenox Hill
230 East 71st Street
$730,000
2|
1
Kips Bay
200 East 24th Street
$899,000
2|
1.5
Lenox Hill
328 East 73rd Street
$410,000
1|
1
Fulton/Seaport
99 John Street
$895,000
1|
1
Murray Hill
303 East 37th Street
$599,000
1|
1
Tribeca
450 Washington Street
$830,000
Studio|
1
Hell’s Kitchen
400 West 58th Street
$725,000
Central Harlem
555 Lenox Avenue
$615,000
2|
1.5
Flatiron
10 West 15th Street
$515,000
Studio|
1
Yorkville
245 East 87th Street
$775,000
1|
1
Costs You Should Expect to Pay
As far as costs go, you must be aware of all closing costs that will be part of the sale. Those include:
- Seller fees: “Seller fees include broker fees (about 6%), taxes, and legal fees,” said broker Mihal Gartenberg of Coldwell Banker Warburg.
- Application fees: “The two most common fees when submitting the purchasing application are a submission or application fee and a credit report and background check fee,” said Becker.
- NYC and NYS Transfer Taxes: The transfer tax rate for a condo sale in NYC ranges from 1% to 1.425%, based on the sale price. Along with the city tax, you must also pay the New York state transfer tax, which is either 0.4% or 0.65% and varies with the property’s value.
- Condo fees: Gartenberg added, “Condo-specific fees can include move-out fees, transfer fees, and other application costs.”
According to Frances Katzen with The Katzen Team at Douglas Elliman, “The associated costs could range anywhere from a few hundred dollars to several thousand dollars. It depends on the unit size and what you want to achieve.”
How to Make Your Unit Appealing to Buyers
You only have one chance to make a first impression, and one must recognize the importance of not turning off a buyer. So, what should you do when figuring out how to sell a condo?
“One must de-clutter, de-personalize, deep clean and clean windows, remove old carpets,” said agent Jane Katz of Coldwell Banker Warburg. “Nothing extra or controversial should be displayed, i.e., pet bowls and paraphernalia, political posters, and piles. Ideally, one should stage with modern furniture to show purposes and the best use of rooms and nooks.”
Plus, putting away personal items helps open up the space, while fresh paint spruces it up. Light colors and clean lines give the unit a more streamlined appearance. For instance, try swapping to white bedding and removing items from the unit that could be considered dated.
“You want to present the space as open while allowing potential buyers to imagine themselves living there,” added Katzen.
Brooklyn Homes for Sale Under $1M Article continues below
Canarsie
8803 Avenue B
$980,000
6|
3
Brighton Beach
60 Oceana Drive West
$959,000
2|
2
Coney Island
458 Neptune Avenue
$445,000
2|
1
Seagate
3701 Lyme Avenue
$725,000
4|
2
Stuyvesant Heights
235A Hart Street
$995,000
4|
1.5
East Flatbush
774 East 35th Street
$950,000
Studio|
Bushwick
900 Knickerbocker Avenue
$849,000
2|
1.5
Bushwick
900 Knickerbocker Avenue
$475,000
1|
1
Bushwick
900 Knickerbocker Avenue
$545,000
1|
1.5
Brighton Beach
40 Brighton 1 Road
$519,000
1|
1
Homecrest
2229 Knapp Street
$350,000
3|
1
Marine Park
1638 Ryder Street
$805,000
3|
2
Differences From Selling a Co-Op
The difference between selling a co-op and a condo is how the buildings are structured. If you own a co-op, that means you own shares of a corporation, and that “co-op” owns the building. On the other hand, a condo is a private residence that you own entirely. So, how does that affect your sale?
The sale process for a co-op is more complex and includes a board approval process, where the board reviews the buyer’s financial information and decides whether to approve the sale. In contrast, the sale process for a condo is similar to selling a single-family home, and the buyer only needs to be approved by the building’s board if the building has a condo association.
Additionally, condos usually have more flexibility in terms of customization and rental policies, while co-ops may have more restrictions.
Queens Homes for Sale Under $1M Article continues below
Forest Hills
70-25 Yellowstone Boulevard
$549,000
2|
1
Richmond Hill
97-47 106th Street
$699,990
3|
2
Flushing
132-35 Sanford Avenue
$399,888
Studio|
1
Little Neck
240-50 65th Avenue
$935,000
3|
2
Rego Park
64-34 102nd Street
$420,000
2|
1
Rego Park
99-05 63 Drive
$520,000
2|
2
Hunters Point
4-74 48th Avenue
$545,000
1|
1
Rego Park
97-40 62 Drive
$833,850
2|
2
Astoria
33-68 21st Street
$610,000
3|
1.5
Rego Park
97-40 64th Avenue
$541,450
1|
1
Ditmars-Steinway
22-10 80th Street
$559,000
2|
1
South Jamaica
128-35 146th Street
$715,000
4|
1
How StreetEasy Can Help
StreetEasy can be a valuable resource when figuring out how to sell a condo in NYC. Our home value estimate tool provides an estimated market value for your property, giving you a better understanding of the current market conditions and helping you price your condo competitively. We also offer the services of StreetEasy Experts: high-performing, highly regarded listing agents with expertise across neighborhoods, buildings, and property types, who can provide guidance and support throughout the selling process. From listing your property to negotiating offers and closing the sale, StreetEasy Experts are there to help with every aspect of your selling journey.
Have questions about selling? Reach out to the StreetEasy Concierge
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