Winning tips for bidding on apartments stuck on the market + Lingering listings with price cuts and open houses

By Cait Etherington | From Get To Know Thursday, September 5, 2024

Chelsea Mercantile, 252 7th Avenue, Unit PHG has been on the market since January 2024 but recently has had its price reduced by $500K (Compass)

From time to time, you’ll see a listing that has been on the market for months and even years. While commonsense might suggest that any listing that lingers on the market is a bad investment, in fact, bidding on apartments that have been lingering on the market can be strategic. The trick is understanding why some properties are slow to sell, investigating the property in question, and coming in with a reasonable offer.

Six Common Reasons Apartments Linger on the Market

While an apartment lingering on the market for an exceptionally long time can make the imagination run wild, in most cases, there is a mundane explanation. The following are six common reasons New York City apartments often take months and even years to sell.

Chelsea Enclave, 177 Ninth Avenue #PHA (Compass)

• PRICE
Sometimes, sellers are simply stubborn. For example, a seller might decide upfront that they have to achieve a certain return on their investment, or they merely refuse to list their apartment for a penny less than their neighbor sold a similar unit a year or two ago. In such cases, even with the advice of a great listing agent, some apartments end up going on the market well above their current market value, which can leave them on the market for an extended period.

• CONDITION
Another reason apartments linger on the market is that most buyers can't imagine living in them. After all, it is a lot easier to say yes to an apartment that has been recently renovated in a tasteful and neutral manner than it is to say yes to an apartment that is in "as is" condition or, perhaps, has been renovated but to the owner's esoteric standards.

• LOCATION
Location is king in real estate, especially in New York City. For this reason, amazing apartments in less desirable locations often linger on the market far longer than run-down apartments in highly desirable neighborhoods.

• BOARD APPROVAL
In rare cases, coop boards will reject multiple potential buyers for any number of reasons, ranging for the size of the prospective buyer's dog to the length of their U.S. credit history. As a result, in some cases, desirable apartments end up lingering on the market longer than one might expect simply because the coop board has a narrow definition of who qualifies as an applicant.

Harry Winston's former co-op at 927 Fifth Avenue, #9th Floor (Sothebys International Realty)

• RENOVATION RESTRICTIONS
Particularly in pre-war New York City coops, it can be difficult to gain approval for even straightforward renovations . If, for example, you want to add another bathroom to a sprawling three-bedroom pre-war coop or remove a wall or two to update the existing layout of the unit, it may prove more challenging than expected. This may explain why some of the city’s most coveted addresses, including Harry Winston's fromer home on the 9th floor of 927 Fifth Avenue, often spend years on the market.

• MARKET CONDITIONS
In some cases, properties don't sell simply due to market conditions. At the start of the pandemic, for example, a high percentage of deals fell through, and many of those units lingered on the market for several months. Currently, a growing number of units are also lingering on the market but for a different reason—high interest rates are limiting the number of prospective buyers.

Bidding Strategies

If you see a listing that piques your interest, but you're concerned because it has been on the market for an extended period, take the following steps:

• Arrange for an In-person Tour
The best way to assess an apartment is to tour it in person. Since listing photographs are often virtually staged, visiting in person is the best way to see what the unit looks like and assess its true condition.

• Arrange for an Appraisal and Inspection
If the apartment obviously needs repairs or a gut renovation and it has been lingering on the market for many months, consider having the apartment appraised and even inspected before you make an offer. In most cases, the appraisal and inspection happen after you've made an offer, but if a property has been on sale for an extended period and the owner is motivated, they may agree to an appraisal and inspection before you put in an official offer. The appraisal will help determine the true market value of the property, and an inspection will help determine any high-cost repairs might be required to make the unit live-in-ready.

Images showing existing condition and virtual rendering at 105 East 38th Street, #PH9

• Determine the Cost and Viability of Necessary Renovations
If you’re buying an “as is” property or any property that will require major repairs or renovations, you'll want to ensure that the cost of buying the property and any subsequent improvements won’t exceed the property's projected market value post-renovation. For this reason, before closing, you may also want to bring in an architect to help determine how much you'll need to invest. Due to coop and condo board regulations, you'll also want to ensure your vision is doable.

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• Make a Reasonable Offer
Once you've determined the true market value of the unit and factored in how much you'll need to invest to make the unit move-in-ready, work with your real estate agent to come up with a fair price. As always, if you’re relying on financing, remember that it is risky to overbid. Few lenders will be willing to lend if you're asking for more than the actual value of the property.

Lingering price-reduced listings with open houses

The Plaza, #1509
$14,500,000 (-6.5%)

Midtown West | Condominium | 3 Bedrooms, 3 Baths | 2,791 ft²

Open House: Thursday, September 5, 2024

The Plaza, #1509 (Douglas Elliman Real Estate)

From the Listing: A Trophy Residence at the Iconic Plaza. This magnificent home features 3 bedrooms with 3 full bathrooms in the most desired corner of the building directly facing Central Park, as well as Fifth Ave. This residence has been thoughtfully constructed and designed by renowned interior designer Wade Hallock, using the finest quality of materials and finishes throughout. The exceptional layout has a glamorous and inviting entry foyer that beautifully flows into the grand living room and luxurious formal dining room. See floor plan and full details here.

40 East End Avenue, #PH15
$11,950,000 (-7.6%)

Yorkville | Condominium | 4 Bedrooms, 4.5 Baths | 3,645 ft²

Contact CityRealty to arrange a showing

40 East End Avenue, #PH15 (Corcoran Sunshine Marketing Group)

From the Listing: Buyer incentive - Limited time offer! Transfer Taxes, Mansion Taxes, and Two Years of Common Charges Paid by Sponsor. Immediate occupancy!
Penthouse 15 is an exquisite full floor, four-bedroom, 4.5 bathroom residence designed by renowned architect Deborah Berke Partners. Spanning approximately 3,645 square feet and 855 square feet of outdoor space with expansive city and river views. This generously scaled residence features direct elevator access, 11 foot ceilings, oversized casement windows, custom moldings, 8 foot doorways and white oak flooring. See floor plan and full details here.

The Chelsea Enclave, #PHA
$9,900,000 (-20.8%)

Chelsea | Condop | 4 Bedrooms, 3.5 Baths | 3,452 ft²

Open House: Tuesday, September 10 , 2024

The Chelsea Enclave, #PHA (Compass)

From the Listing: Truly special at the Chelsea Enclave. If you could pick a perfect location in West Chelsea, this would most certainly be on top of the list. Perched on one of the most coveted blocks of West Chelsea, 177 Ninth Avenue Penthouse A offers an elevated experience like no other. Spanning 3,452 sf across two levels with an incredible 2,640sf of private outdoor space, this once-in-a-generation 4 bedroom, 3.5 bathroom home beautifully blends the luxury of penthouse living with a sense of serene privacy. See floor plan and full details here.

The NOMA, #PH2
$6,450,000 (-7.8%)

Chelsea | Condominium | 3 Bedrooms, 3.5 Baths | 2,190 ft²

Contact CityRealty to arrange a showing

The NOMA, #PH2 (Corcoran Group)

From the Listing: Introducing 50 West 30th Street PH2. Situated amidst 6th avenue and Broadway, this immaculate sun-flooded penthouse is above all. This full 24th-floor residence is accessed by private keyed elevator at The Noma - a modern masterpiece and boutique condominium. Offering a 2,190 square foot residence in addition to an outstanding wrap around terrace with Eastern and Western river views. This exceptional 3 bedroom 3.5 bathroom apartment has ample space for entertaining and relaxation. See floor plan and full details here.

Trump World Tower, #58B
$4,550,000 (-22.2%)

Turtle Bay/United Nations | Condominium | 3 Bedrooms, 3.5 Baths | 2,857 ft²

Open House: Sunday, September 8, 2024

Trump World Tower, #58B (Douglas Elliman Real Estate)

From the Listing: Breathtaking East River and city views abound from this spacious 3 bedroom, 3.5 bath residence, sited on the 58th floor, at Trump World Tower. This elegant, six-room apartment, which is approximately 2,857 square feet, is available IMMEDIATELY. The beautiful corner apartment receives excellent sunlight from its southern and eastern exposures. It's a fantastic layout and ideal for formal or/and intimate entertaining. See floor plan and full details here.

Fifteen Hudson Yards, #63C
$4,150,000 (-12.6%)

Midtown West | Condominium | 2 Bedrooms, 2.5 Baths | 1,907 ft²

Contact CityRealty to arrange a showing

Fifteen Hudson Yards, #63C (Douglas Elliman Real Estate)

From the Listing: The apartment can be sold with or without a tenant in place and furnished or unfurnished. GREAT investment opportunity. Don't miss the opportunity to buy the first resale of this special C-line, which originally sold out quickly. The loft-like, living and dining rooms are perfect for an entertainer with their nearly 11-foot ceilings and open West river views. The sleek open kitchen is a chef's dream with a breakfast bar and top-of-the-line appliances including a vented five-burner stove, three ovens (a regular, steam, and speed/convection) the Meile dishwasher, wine fridge, InSinkErator an extraordinary number of custom cabinets. See floor plan and full details here.

The Chelsea Mercantile, #PHG
$4,000,000 (-16.6%)

Chelsea | Condominium | 3 Bedrooms, 3 Baths | 1,906 ft²

Open House: Sunday, September 8, 2024

The Chelsea Mercantile, #PHG (Compass)

From the Listing: Welcome to Penthouse G at the Chelsea Mercantile, a dramatic 3 bedroom, 3 bathroom duplex with open northern and southern views of the Manhattan skyline and a huge terrace directly off of the main living space. This trophy home is a seamless blend of over 2500 interior and exterior square feet perched high above one of Chelsea’s preeminent full-service condominiums. See floor plan and full details here.

CitySpire, #6401
$3,750,000 (-18.5%)

Midtown West | Condominium | 3 Bedrooms, 3 Baths | 1,518 ft²

Open House: Friday, September 6, 2024

CitySpire, #6401 (Leven Real Estate)

From the Listing: Open house showings are by appointment only. Experience the true essence of Manhattan urban jungle living in this extraordinary residence at 6401. As you step inside, prepare to be captivated by the awe-inspiring wall of windows, offering breathtaking Northeast, East, South, and Southwest views. This stunning home boasts a generous layout featuring an open living room, a dining room, and a sitting area, all designed to maximize your enjoyment of the surrounding vistas.Prepare to have your breath taken away as you gaze upon iconic Manhattan landmarks such as Central Park, the Empire State Building, the Chrysler Building, and Hudson Yards with Hudson River, while also glimpsing the beauty of Queens and Brooklyn. See floor plan and full details here.

900 Fifth Avenue, #4B
$3,495,000 (-14.7%)

Park/Fifth Ave. to 79th St. | Cooperative | 3 Bedrooms, 4 Baths

Open House: Thursday, September 5, 2024

900 Fifth Avenue, #4B (Compass)

From the Listing: Experience the epitome of luxury living at this exceptional Classic 7-room apartment located on Fifth Avenue between 71st and 72nd streets, moments away from the renowned Frick museum. The semi-private elevator hall leads to a beautiful entrance gallery, setting the tone for the grandeur that awaits within. This stunning residence boasts three large en-suite bedrooms, with the option to configure one as a library, offering versatility and elegance. See floor plan and full details here.

The Century, #2E
$2,495,000 (-9.3%)

Central Park West | Condominium | 3 Bedrooms, 2 Baths | 1,676 ft²

Contact CityRealty to arrange a showing

The Century, #2E (Brown Harris Stevens Residential Sales LLC)

From the Listing: This spacious 5.5-room versatile layout at The Century has greenery at every window and is approximately 1700 sf. It evokes a townhouse ambiance but with all the convenience of a full-service condominium also designated a NYC Art Deco Landmark. See floor plan and full details here.

Edith Apartments, #1D2D
$1,850,000 (-7.3%)

Central Park West | Cooperative | 3 Bedrooms, 2 Baths | 1,700 ft²

Contact CityRealty to arrange a showing

Edith Apartments, #1D2D (Douglas Elliman Real Estate)

From the Listing: BRING ALL OFFERS! MOTIVATED SELLERS!!
Best priced 3-Bed Coop on CPW - Extremely Low Maintenance! Beautifully combined 3 Bedroom, 2 Bath duplex with double-sized living room and giant chef's kitchen! With a charming Townhouse feel, this apartment sits just off Central Park in an elegant prewar doorman building. See floor plan and full details here.

505 W 43, #11G
$1,700,000 (-10.3%)

Midtown West | Condominium | 2 Bedrooms, 2 Baths | 1,208 ft²

Contact CityRealty to arrange a showing

505 W 43, #11G (Douglas Elliman Real Estate)

From the Listing: Introducing 11G at Charlie West - A stunning 2-bedroom, 2-bath unit spread over 1,208 sf, featuring a 28-foot long living room with south-facing floor-to-ceiling windows and expansive city views! This residence boasts a custom Scavolini kitchen, a large primary suite with luxurious bathroom, a generously sized secondary bedroom with full bathroom, and abundant closet space throughout, ideal for both living and investment. See floor plan and full details here.

80 Central Park West, #12C
$1,495,000 (-6.3%)

Central Park West | Cooperative | 1 Bedroom, 1.5 Baths

Schedule a tour

80 Central Park West, #12C (Compass)

From the Listing: A once in a lifetime opportunity to own a home with unparalleled park and city views on the perfect Park View level, the twelfth floor. This OVERSIZED one bedroom one and a half bath apartment has a Gracious foyer leading up to a large scale living & dining room with private balcony which is big enough for a bistro table. The Primary suite has an ensuite bathroom and enables you to wake up to the most inspiring Central Park view everyday! This is truly one of a kind and has not been on the market over 40 years, and when you see it you won't want to sell it either! See floor plan and full details here.

The Hampshire House, #1010
$1,385,000 (-12.6%)

Midtown West | Cooperative | 2 Bedrooms, 2 Baths

The Hampshire House, #1010 (Compass)

From the Listing: Situated in the heart of New York City and just steps from Central Park, Unit 1010 at the renowned Hampshire House offers an opportunity to indulge in refined luxury living.As you step into this beautiful apartment, the residence unfolds with a seamless blend of sophistication and comfort. Facing south, the unit is pin-drop quiet and receives lovely natural light. See floor plan and full details here.

200 Central Park South, #7Q
$1,299,000 (-3.7%)

Midtown West | Cooperative | 1 Bedroom, 1.5 Baths | 1,050 ft²

Contact CityRealty to arrange a showing

200 Central Park South, #7Q (Compass)

From the Listing: Modern design meets high function throughout this stunning, well-considered renovation. The formal entry landing invites you into the spacious, sunny living room and dining area, with parquet floors, oversized dual-pane windows, and new HVAC central heating and air-conditioning units. The living room features an oversized walk-in closet with a designer frosted glass barn door and three additional closets in the foyer. See floor plan and full details here.

The Creston, #6D
$1,249,000 (-7.4%)

Riverside Dr./West End Ave. | Cooperative | 2 Bedrooms, 2 Baths | 1,000 ft²

Open House: Sunday, September 8, 2024

The Creston, #6D (Douglas Elliman Real Estate)

From the Listing: Sponsor sale, no board approval required. Step into the stunning residence at 839 West End Avenue #6D, an exquisite apartment in New York that seamlessly blends contemporary comforts with classic charm. This expansive six-room home presents a flexible 3 bedroom and 2 baths, featuring a well-designed floor plan adorned with oversized windows and 9-foot ceilings, creating a light-filled and welcoming ambiance. Gleaming hardwood floors gracefully flow throughout the apartment, infusing it with a touch of elegance and warmth. See floor plan and full details here.

NINE52, #705
$1,245,000 (-10.8%)

Midtown West | Condominium | 2 Bedrooms, 2 Baths | 958 ft²

Open House: Sunday, September 8, 2024

NINE52, #705 (Douglas Elliman Real Estate)

From the Listing: This two-bedroom, two-bathroom condominium home boasts high loft-like ceilings, a gracious split-bedroom layout and modern details such as in unit washer and dryer, hardwood floors throughout and luxuriously appointed bathrooms. The renovated kitchen boasts custom grey and white high gloss cabinets, Kohler sink and built in appliances. This home has a multi-zone HVAC system with individual climate control and an energy-efficient water heat pump system. See floor plan and full details here.

The Aristocrat, #1112D
$1,195,000 (-7.7%)

Midtown West | Cooperative | 2 Bedrooms, 2.5 Baths

Contact CityRealty to arrange a showing

The Aristocrat, #1112D (Brown Harris Stevens Residential Sales LLC)

From the Listing: Luck favors the buyer who captures this spacious 2 bedroom/2.5 bath duplex apartment in the heart of the city. Enjoy the grand feel throughout - expansive rooms, walls of windows, and your own private 26' x 4' setback terrace! Enter the apartment on the 11th floor to living and dining areas flooded with light from a wall of stylish east-facing casement windows with city views. T See floor plan and full details here.

The Cherokee, #5CD
$950,000 (-5%)

Lenox Hill | Cooperative | 3 Bedrooms, 2 Baths

Open House: Sunday, September 8, 2024

The Cherokee, #5CD (Keller Williams NYC)

From the Listing: Welcome Home to the historical CHEROKEE with 4 balconies!! This distinctive apartment boasts two spacious bedrooms with a versatile third bedroom room that can easily transition into an office or nursery, complemented by two bathrooms. With a generous layout featuring hardwood floors, the seamless flow from room to room creates a welcoming ambiance. The recently renovated kitchen, complete with an island, effortlessly connects to the living area, enhancing the overall sense of openness. Abundant natural light floods the space, accentuated by terraces adorning each window. See floor plan and full details here.

233 East 70th Street, #11U
$949,000 (-5.0%)

Lenox Hill | Cooperative | 2 Bedrooms, 2 Baths

Contact CityRealty to arrange a showing

233 East 70th Street, #11U (Compass)

From the Listing: Welcome to 233 East 70th Street, a lovely corner unit residence in the heart of Manhattan's Upper East Side. This spacious 2-bedroom, 2-bathroom co-op offers an abundance of natural light with three exposures facing East, West, and North. Upon entering through the hallway with large closets on each side, you'll be greeted by a 32-foot open living and dining area, perfect for hosting guests or enjoying quiet evenings at home. See floor plan and full details here.

The Opera, #5E
$895,000 (-25.1%)

Broadway Corridor | Cooperative | 2 Bedrooms, 2 Baths

Contact CityRealty to arrange a showing

The Opera, #5E (Compass)

From the Listing: The great room of the home features a generously sized, open kitchen equipped with ample cabinetry and an extra-long island bar with seats for 4+. A flexible living area accommodates both a formal dining area, and living space with room for a full-sized sectional. See floor plan and full details here.

The Benny, #1D
$698,000 (-12.8%)

Prospect Lefferts Gardens | Condominium | 1 Bedroom, 1 Bath | 670 ft²

Open House: Sunday, September 8, 2024

The Benny, #1D (Real New York)

From the Listing: Be the FIRST to live in this beautiful one-bedroom, one-bathroom home. With a massive 901 square feet of outdoor space. This residence is outfitted in modern, natural finishes: white oak hardwood floors run throughout, while matte white cabinetry and polished white quartz kitchen countertops create a light, airy feel. In the bathroom, white subway tiles and Moen fixtures present a pristine finish. See floor plan and full details here.

233 East 70th Street, #10T
$625,000 (-3.7%)

Lenox Hill | Cooperative | 1 Bedroom, 1 Bath

Open House: Sunday, September 8, 2024

233 East 70th Street, #10T (Douglas Elliman Real Estate)

From the Listing: Amazing potential with this large one bedroom apartment, possible convertible two. This sun-filled apartment includes a huge open living room, a large primary bedroom with open city views from two exposures. Having the option of a dining/den (possible 2nd bedroom) just adds to this spacious home. In addition, the property has 5 closets for storage. See floor plan and full details here.

Manor Towers, #14D
$299,000 (-6.3%)

Riverdale | Cooperative | 1 Bedroom, 1 Bath

Open House: Saturday, September 7, 2024

Manor Towers, #14D (Brown Harris Stevens Riverdale LLC)

From the Listing: Looking to purchase at "Manor Towers"? Come view this one-bedroom with an "L" shape dining area with a beautiful river view from your living/dining area & terrace. This unit has an abundance of closet space with parquet floor throughout. See floor plan and full details here.

Would you like to tour any of these properties?

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Contributing Writer Cait Etherington Cait Etherington has over twenty years of experience working as a journalist and communications consultant. Her articles and reviews have been published in newspapers and magazines across the United States and internationally. An experienced financial writer, Cait is committed to exposing the human side of stories about contemporary business, banking and workplace relations. She also enjoys writing about trends, lifestyles and real estate in New York City where she lives with her family in a cozy apartment on the twentieth floor of a Manhattan high rise.

Read Full Bio | Contact Cait Etherington

This is your member's center

In this article:

Six Common Reasons Apartments Linger on the Market

• PRICE

• CONDITION

• LOCATION

• BOARD APPROVAL

• RENOVATION RESTRICTIONS

• MARKET CONDITIONS

Bidding Strategies

• Arrange for an In-person Tour

• Arrange for an Appraisal and Inspection

• Determine the Cost and Viability of Necessary Renovations

Select which properties are of interest to you:

• Make a Reasonable Offer

Lingering price-reduced listings with open houses

The Plaza, #1509
$14,500,000 (-6.5%)

40 East End Avenue, #PH15
$11,950,000 (-7.6%)

The Chelsea Enclave, #PHA
$9,900,000 (-20.8%)

The NOMA, #PH2
$6,450,000 (-7.8%)

Trump World Tower, #58B
$4,550,000 (-22.2%)

Fifteen Hudson Yards, #63C
$4,150,000 (-12.6%)

The Chelsea Mercantile, #PHG
$4,000,000 (-16.6%)

CitySpire, #6401
$3,750,000 (-18.5%)

900 Fifth Avenue, #4B
$3,495,000 (-14.7%)

The Century, #2E
$2,495,000 (-9.3%)

Edith Apartments, #1D2D
$1,850,000 (-7.3%)

505 W 43, #11G
$1,700,000 (-10.3%)

80 Central Park West, #12C
$1,495,000 (-6.3%)

The Hampshire House, #1010
$1,385,000 (-12.6%)

200 Central Park South, #7Q
$1,299,000 (-3.7%)

The Creston, #6D
$1,249,000 (-7.4%)

NINE52, #705
$1,245,000 (-10.8%)

The Aristocrat, #1112D
$1,195,000 (-7.7%)

The Cherokee, #5CD
$950,000 (-5%)

233 East 70th Street, #11U
$949,000 (-5.0%)

The Opera, #5E
$895,000 (-25.1%)

The Benny, #1D
$698,000 (-12.8%)

233 East 70th Street, #10T
$625,000 (-3.7%)

Manor Towers, #14D
$299,000 (-6.3%)

This is your member's center

In this article:

Six Common Reasons Apartments Linger on the Market

• PRICE

• CONDITION

• LOCATION

• BOARD APPROVAL

• RENOVATION RESTRICTIONS

• MARKET CONDITIONS

Bidding Strategies

• Arrange for an In-person Tour

• Arrange for an Appraisal and Inspection

• Determine the Cost and Viability of Necessary Renovations

Select which properties are of interest to you:

• Make a Reasonable Offer

Lingering price-reduced listings with open houses

Select which properties are of interest to you:

Listings in this article

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