Return of the Sellers Market: How to Price Your Apartment

Written By Andrew Warren | June 10, 2013
New york city sunset from the chelsea hotelsma

It’s a bright and sunny Sunday afternoon in Chelsea. The owners of a newly listed apartment on West 24th Street are hosting their very first open house at 1:00 pm.  It’s now 12:45pm and already the lobby is full of people waiting to see this 18th floor two-bed/two-bath with an asking price of $2,500,000. At the end of the two-hour open house, the sellers are faced with the enviable task of creating a bidding war from between multiple all-cash offers they have received.

Over the last six months, as Manhattan quickly transitioned from a buyers market to a sellers market, the above example has become a more and more common occurrence. From SOHO to Gramercy, from the Upper West Side to Tribeca, prices continue to rise, demand continues to rise, and inventory continues its spiral downward. For sellers, conditions haven’t been this good since before the market peak in 2007.

However, sellers must be careful not to be lured into a false sense of value. Despite the prime conditions, pricing your apartment too high will cause it to linger on the market. Choosing the right price is essential to achieving a sale for the highest value in the quickest amount of time.

Elegran has devoted a great deal of time and resources to developing a valuation model from which we derive the current market value of a given apartment unit. The model takes into account critical parameters including floor height, number of bedrooms, renovations, views, etc. and has been tested on dozens of occasions, sharpening its logic and accuracy each time.

Time and again, our valuation model has proven to be extremely accurate. If you are contemplating a sale, or just curious about the value of your property, please contact me regarding a complimentary review and valuation of your property. 


Elegran LLC may or may not be the exclusive listing agent of the properties being displayed on All data displayed on is presented for informational purposes only and should be independently confirmed by all customers. All Information is compiled from both public and private sources including, but not limited to the RLS, MLS and ACRIS; each of which is assumed to be reliable. All information displayed is subject to errors and omissions regarding apartment specifications and final sale prices, and further, any unit listed may have had its listing withdrawn without notice subsequent to such information being compiled. No representation is made as to the accuracy of any description (ie: listing, close sale data, and/or building description) of any building or individual unit. All measurements and square footage are approximate and all information herein should be confirmed by customer and/or their attorney. Elegran LLC, its members, affiliates, and contributors adhere to New Your City, New York State, and United States Fair Housing Laws.