Highest One Bedroom Coops Sold in Jackson Heights!
In a rising market, one of the toughest challenges Sellers and Realtors face are low appraisals conducted by independent third party appraisers if financing is being used. Several deals have fallen through or been sent back to a negotiation table due to the disparities between the agreed upon contract price and the bank appraisal. Low appraisals are often a result of lack of comparable sales within the building or the surrounding area. It seems the increased values due to recently seen bidding wars are being adjusted downward. I am happy to say that we now have at least three shining examples of recent sales on public record that may help turn things around.
- 37-30 73rd Street, #6E – 1bed 1bath Closed at asking $318,000 on April 10th 2014
- 35-24 78th Street, #A55- 1bed 1bath Asked $325,000, Closed at $315,000 on March 6th, 2014
- 35-36 76th Street, #523- 1bed 1bath Asked $309,000 Closet at $300,286 on January 14th 2014
Marketplace is always changing, and in our experience consumers are much faster to respond to it, and if their demand is loud enough, lenders will begin to embrace change as well.
PS. This data is also important for owners who tried refinancing in the past, were discouraged from doing so due to low appraisals.