Selling an Apartment as an Executor: Cathy Cashion, Estate Executor
Greenwich Village, New York
Cathy entrusted the sale of her first home to us and purchased her next home with us. In 2022, she became the executor of an estate that included apartment 15G, a stunning one-bedroom at the iconic Brevoort.
What was the most surprising difference between selling your own home and managing a sale for an estate?
One big difference was that I had to get letters from the court authorizing me as the executor before the co-op would allow me to enter the apartment. That took a couple of months, and during that time, all the plants on the terrace died.
I also had to set up an estate bank account to pay the ongoing maintenance charges and get the apartment appraised for its value at the time of the owner’s death. And I needed to develop relationships with the management company and building staff and become familiar with the building’s house rules.
Another difference was that I did not have the familiarity with the apartment’s history that an owner has. I didn’t know what work had been done, and whether it was done to code. The board required an engineer’s report before they would meet with a potential buyer, and that uncovered a couple of surprises for all of us!
For our part, the scope of work was more extensive, but the steps to prepare the unit for the market were essentially the same: create a punch list, engage a contractor, develop a staging strategy, hire a photographer, videographer and floor plan designer, and create marketing materials.
For those new to the executor role, can you list the things you were managing in the meantime?
When you sell your own home, you generally take most of the contents with you to your new location. For an estate sale, everything must be removed from the apartment, but almost nothing has a clear place to go. At the same time, you want to preserve the legacy of the person who died. As we cleared the apartment for staging and then closing, I had to keep in mind what had been designated for beneficiaries, what mementos family and friends wanted to take, what items I could donate or sell, and what important documents I needed to keep. There was shipping and delivery to many different locations. I was keeping a lot of lists.
We listed the property late November of 2022; it was featured in The New York Times and sold to one of the first individuals we showed it to.
Any thoughts as to why this property sold so quickly in a season not typically considered prime for sales?
The property is in a highly desirable building and location, with many wonderful features. The previous owners had great taste and had done quality renovations. As you decluttered and staged the apartment, it became the most beautiful version of itself. So it was not surprising to me that there would be buyer interest. And we were lucky: our buyer was already interested in both
the neighborhood and that building, so she was eager to see it as soon as it was listed.
Any “lessons learned” that might be of interest to future sellers, be they homeowners or executors?
Having the right team was key. Case+Byers as my agent, the estate lawyer, our contractor, the landscaper, the engineering firm, the moving company: everything went smoothly because I trusted these essential professionals. There was a lot of unknown territory for me in this situation, and I needed all the good advice I could get. If I hadn’t felt that strong trust in the team, making all the necessary decisions would have been much tougher.