Homeowner Iris bought two apartments at a real estate auction in 1992 and spent roughly $500,000 to turn the two units into a contemporary, 2,500-square-foot loft. She thinks her residence is worth $4 million in a "perfect world," but wonders what’s the right price for the current market. Real estate mogul Barbara Corcoran weighs in with her advice. This episode of Open House was filmed at 50 Gramercy Park North in New York City. For more information about 50 Gramercy Park North, please contact Brown Harris Stevens broker William Grant at 212.906.0518.