Back in August, 2013, unit 130 at Arris Lofts came on the market. The 3 bed, 3 bath condo was asking for a princely sum of $1,500,000.1 On Tuesday evening, we received a release from Warren Lewis Sotheby’s International Realty telling us that the apartment has officially sold. The unit “closed at $1,340,000,” real estate agent Michael Kawochka told The Court Square Blog in an email.
Here is the release:
After fielding multiple offers, Warren Lewis Sotheby’s International Realty is pleased to announce Long Island City’s largest 3 Bed / 3 Bath condo (2,120sf), has just been sold. Michael Kawochka of Warren Lewis Sotheby’s International Realty represented the seller in a direct deal.
Who is buying in LIC? “Smart people who are betting on the next hot market, that still has some upside. Maybe they got priced out of Williamsburg, but still want something one subway stop from Manhattan,” said Michael Kawochka of Warren Lewis Sotheby’s International Realty, listing agent for Arris Lofts #130. “We’re seeing people who had the foresight to buy in Williamsburg years ago, cash out and reinvest their gain in another sure thing like LIC.”
Real estate, like politics, is local. Long Island City condo inventory remains low: OLR and StreetEasy (at press time) reveal just three comps in this 3BR/3Bath segment. Data points of the day: interest rates are still historically low, and appraisals at Arris Lofts are strong.
It is an interesting time: low rates let you buy more house for your money; but high demand and low inventory conspire to frustrate the buyer, tilting the market in favor of the seller. But the buyer who is qualified and tenacious, and willing to meet the market, will eventually be rewarded with their dream home.
Kawochka’s advice to frustrated buyers? “If you don’t know the market, seek the advice of a competent real estate agent versed in the neighborhood (or better yet, the building) in which you want to live. Good agents will know the building, the condo board, the management company, and the doormen. They will know of what’s coming to market, before it hits StreetEasy. Financing? S/he can refer you to a competent mortgage specialist that can get you to the closing table.”
Considering selling? “Tap a real estate agent to help you price and market your home. Even if you think you know the market, it has probably changed in the last 90 days,” advises Kawochka, “Your agent should be willing to co-broke the listing (work with another broker’s buyer and then split the commission) to help ensure you maximum exposure and top dollar. Or simply hire a REBNY agent (they are duty-bound to co-broke). Chemistry should not be overlooked – this is a people business, and your agent will be living in your home every Sunday afternoon.”
The Sotheby’s International Realty network currently has more than 14,000 sales associates located in approximately 650 offices in 45 countries and territories worldwide.