Hi Joe, I think you've described the situation very well. Just think of a number and see how it feels. In today's uncertain market, the gut feeling is likely to be as accurate as any rationale. Thanks . . . Denise On Feb 20, 2010, at 2:59 PM, Joe DeFazio wrote: >> From: Denise Rachel <pp-ff at verizon.net> >> Date: February 20, 2010 10:09:48 AM EST >> ... >> I'd welcome your opinions of this instrument, but even more valuable would be to know your thought process..... > > Hi Denise, > > It's always difficult to arrive at a fair monetary value for an older piano. The most helpful thing another tech (Peter Stumpf) ever told me about arriving at a fair value was: > > You should be willing to pay at least 2/3 to 3/4 of that amount for the piano. > > I thought he was kidding at the time, but on subsequent piano evaluations I found it to be very helpful, and I think about it every time. I do not frequently "flip" pianos, but imagine that you wanted to do so (buy, spruce up and/or regulate and/or rebuild then resell). For example, let's say that you are considering placing a value of $3000 on a certain piano. If you were to buy it at $2000 or $2250 to flip, would you consider that to be a fairly good deal, and eventually a somewhat profitable venture? > > If not, (if you'd be likely to lose money on the $2000-2250 purchase price plus your parts and labor upon resale), then the $3000 value is too high. > > If it feels borderline, but OK at $2000-2250 (you might make a little money on the deal if you are careful), then the $3000 value is probably about right. > > If it feels like you'd be getting a bargain at $2000-2250 (the seller would be shorted or just plain ripped off on the deal, and you'd be in for a big payday at resale time), then, of course, the $3000 value is too low. > > It might sound a little funny, but try it! I have found it to be very helpful. > > Joe DeFazio > Pittsburgh -------------- next part -------------- An HTML attachment was scrubbed... URL: <http://ptg.org/pipermail/pianotech.php/attachments/20100220/2474d8eb/attachment.htm>
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