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November 13, 2008
Closing Bell: Rough Market Makes Strange Bedfellows

House tours are normally the domain of neighborhood groups, but this Sunday, November 16th from noon to 3PM, it's the brokerage firms getting them going. "The continuous price chopping of townhouses and brownstones has not resulted in any contracts signed among the major Brooklyn firms (Elliman, Brown Harris, Corcoran) over the last few months," wrote a rep from Elliman. "In an effort to step up the traffic and hopefully the chatter, a historic district home tour has been coordinated." Eight homes are up for gawking, priced between $1.6-$2.2 million, but no one real estate firm is taking charge; they're joining forces to combat the crummy market. "Just an example of how as the market shifts, so does the cooperation of real estate agents who recognize that sharing information and being inclusive is a strategy to court today's stand-offish buyers." If you go, please send some photos and a round-up. The tour begins at 306 Washington Avenue. It's free.
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Comments
"The continuous price chopping of townhouses and brownstones has not resulted in any contracts signed among the major Brooklyn firms..."
Price sanding. A chop is 25 to 50 percent. The highest qualified bid shall set you free.
Posted by: DOW8000SP800 at November 13, 2008 4:14 PM
I think this is an interesting idea. Do brokers get paid for going into contract or only at the closing?
Posted by: boroughbred at November 13, 2008 4:37 PM
They get a check at closing, so buyers dropping out hit them in the wallet.
Posted by: Caecilia42 at November 13, 2008 5:51 PM
It's not true that houses have not been going into contract through major firms.
Posted by: BrooklynBandana at November 13, 2008 10:38 PM
Any day now, Hobokenrocks.
Posted by: mopar at November 13, 2008 11:11 PM
price sanding - I like that term
Posted by: dittoburg at November 14, 2008 8:14 AM

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