Highlighting the loss on my apartment purchase is surely not how you thought I might open this newsletter, but 1 am not your typical broker.
2017: I put a big deposit on a new apartment that wouldn’t be ready for another two years. As a divorced mom of two daughters, this was a huge decision for me. I was excited but also nervous.
2019: Closing and moving into my dream home, I was filled with a profound sense of accomplishment. My girls and I proudly hosted family and friends and enjoyed our new building, amenities, and neighborhood.
2024: With my nest now empty, I decided it was best for me to sell. Even though I am one of the top brokers in the city, this process took a year. I didn’t listen to the data or the advice I give to my sellers.
DENIAL
I live and breathe NYC real estate, so I knew almost anyone who bought in Manhattan in 2016/2017 would lose money if they sold today. That was the most recent height of our market. Still, I tried to sell for what I paid. I just kept thinking, “It just takes one special buyer.”
WISHFUL THINKING
Not data-based. In any market, pricing is key: you must use the per square foot prices of comparables that have a signed contract or have recently sold.
“Annie Gets It Done” for those who listen… but I had my head in the sand.
SLOW BLEED
The market was telling me, but I had my fingers in both ears saying, “la la la la la la la.” I dropped the price, but as offers came in even lower, I just felt insulted instead of looking at the data.
ACCEPTANCE
I was lucky and did ultimately get a fair price in TODAY’S MARKET, but it was
$100K less than an offer I had six months prior. The nearly seven-figure loss was painful: not only financially, but my ego was bruised as well.
WIN SOME/LOSE SOME
Historically, owning real estate is one of the best ways to build wealth, but it is not guaranteed. You can lose money, but that can happen with any investment. The value of a stock can drop like a stone. I loved my apartment; I was proud of it, lived and entertained in it, and it brought me joy. Additionally, without the gorgeous “ballroom,” I would not have been able to host 80 women each month and grow my community of Wise and Wonderful Women, which has become a lifeline for so many.
PRICELESS GIFT
This chapter brought our family joy and without the building’s amazing amenity space I would have not been able to host 80 women at my Wise and Wonderful Women dinner/speaker series.
UPDATE
After closing this spring, I rented a smaller place in the same wonderful building so ! can still be a member of a fantastic community of