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Good real estate agent in Park Slope — Brooklynian

Good real estate agent in Park Slope

bjones
bjones
edited November -1 in Park Slope
Hi everyone,

We've been looking to buy a place in Park Slope on our own for about a month now and have realized that we won't be able to figure out everything without getting an agent. We haven't done well negotiating so far and are not sure on determining fair market value on the homes there. Can anyone recommend a local agent in Park Slope to use?

Best,
Ben

Comments

  • d_luxx
    d_luxx
    I used Imma Giocoli at Prudential Douglas Elliman
    [email protected]
    718-935-6137

    Her office is on Court Street, but she has access to listings in Park Slope. She was the only agent of the many I tried who really searched for me. Also, you can attend open houses and get an idea of what types of properties are available at different asking prices. By doing that you will meet different agents and most of them will offer to check listings for you. Trulia.com is a great website where open houses are advertised.

    Good luck!
  • water ice
    water ice
    By all means, work with a RE agent, but please have a rough idea what you think a property is worth. It's not too hard to do. Just estimate what you think a property can rent for (annually), and then multiply that number by 20. For example, if you believe a property can rent for $2,500 per month, that gives you $30,000 per year in annual rent. Multiplying the annual rent by 20 gives you an estimated value of $600,000. Numbers wildly higher than this are simply unreasonable. You are better off renting. Good luck.
  • daveon8th
    daveon8th
    Dude is hitting every site. Guess he doesn't trust the advice on just one board

    http://www.brownstoner.com/forum/archives/2010/04/good_park_slope.php
  • d_luxx
    d_luxx
    Water Ice wrote: By all means, work with a RE agent, but please have a rough idea what you think a property is worth. It's not too hard to do. Just estimate what you think a property can rent for (annually), and then multiply that number by 20. For example, if you believe a property can rent for $2,500 per month, that gives you $30,000 per year in annual rent. Multiplying the annual rent by 20 gives you an estimated value of $600,000. Numbers wildly higher than this are simply unreasonable. You are better off renting. Good luck.
    This formula is often repeated, but if I had followed it I would have paid 50,000 more than did, so keep that in mind!

    Heres another strategy: use websites like Property Shark and Zillow to find recent sales (last few months) in the immediate area. Use this data to figure out an average price *range* per square foot, and use that that to determine what the sales price should be. If the place is in great condition, or has super amenities, you may feel that it should be at the top of that range. Then offer 10-15% below your estimated sales price to give yourself some room to negotiate.
    Be sure to compare houses to houses, condos to condos, etc, as it can vary.

    Its still a good idea to use an agent, though. The seller pays their commission, and the process can get a little complicated so if you haven't done it before, you won't know what the steps should be.
  • water ice
    water ice
    Thanks d_luxx. I should have noted that the formula I suggested is the maximum value you should pay, and if comps show a lower value, then of course go for it. Also, this formula is a rough rule of thumb, which is based on a discounted cash flow valuation. As interest rates rise, vacancy rates rise, or rents fall, then this "rule of thumb" number should go down. I've seen buyers pay at a multiple of just 14, especially earlier in this decade. The point is to set a threshold for which you will not exceed.
  • bjones
    bjones
    Thanks everyone for the info. We tried to determine fair market value, but with coop and not being able to view the sq ft with the purchase price, we've had some trouble putting together comparable places. These formulas will help. Starting to feel a little more confident out there, but still think it's our best option to get an agent...
  • brooklynjack
    brooklynjack
    Sq Ft prices need to be informed by layout, a good 700 sq ft layout can be better than a 900 sq ft poor layout.

    Coop sales prices are public record and are all posted on nyc.gov/acris

    There is no substitute for going to as many open houses as you can to get a sense of the market

    One way to look at comparables in a specific coop is to get the sales in the building and calculate the per share sales prices
  • brooklynpotter
    brooklynpotter
    i'm a huge fan of warren lewis. the favorite agent, aaron isquith, has moved out of town but there are other great ones.

    i've met/seen all the others at open houses, etc., and each time i felt like i was working with a milder version of a used car salesman. esp corcoran.
  • sidewalker
    sidewalker
    Good real estate agent. Isn't that an oxymoron?
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