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November 2, 2009

Widget Falls Way Short on South Oxford

60-south-oxford-5A-1109.jpg
60-south-oxford-street-int-1109.jpgAnother reason we wish our programmer would finish the updated version ye olde widget: This one-bedroom at 60 South Oxford Street in Fort Greene was listed for $399,000. 58 readers weighed in on the price via the widget, with an average vote of $306,250. Once again the widget (and the seller) have the last laugh: The co-op just sold for $375,000. We're definitely a little surprised at how high a price this one fetched. You? GMAP




Posted by Brownstoner at 10:29 AM | Comments (23)
Categories: Fort Greene, Sales

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Comments

Most of us put in the price that it's worth to us, and the widget spits out the mean value of those numbers. The seller is looking for the potential buyer whose valuation of the property is at the 99th percentile, and it sure seems he found him.

Posted by: Sparafucile at November 2, 2009 10:35 AM

Continuation of a strong trend of underpricing.

Posted by: daveinbedstuy at November 2, 2009 10:35 AM

I put in what I think it will realistically sell for.

Posted by: daveinbedstuy at November 2, 2009 10:38 AM


So, some sucker paid top dollar. Not surprising... this city if full of folks that have no sense when it comes to money.

Posted by: tybur6 at November 2, 2009 10:38 AM

This person spoke with their cash, good for them. Probably would have gone for 500+ in 2008. Not everyone likes renting.

Posted by: DeLepp at November 2, 2009 10:47 AM

DeLepp... comparing the current inflated/ridiculous sale price to the completely retarded sale prices of 2008 doesn't convince me of much! (It's slightly less stupid?)

Posted by: tybur6 at November 2, 2009 10:56 AM

tyburg6, in real estate there are always wild cards. Takes just one joker....

Posted by: DeLepp at November 2, 2009 10:59 AM

Standard widget markup would have put this at around $350K...

Posted by: brownstoner at November 2, 2009 11:01 AM

How long are folks going to treat each example of widget underpricing as an isolate case of a buyer overpaying? We're easily in the double digits of examples in which the sale price exceeds the widget by at least 15%, with one or two counter examples at best.

Mr. B, in light of the confusion soem have voiced, perhaps you want to clarify the question you want widgeteers to answer. Is it "how much would you pay for this house/aprtment?" or "What do you think it will sell for?" People seem to vary on what they think an "appraisal" means in this context.

Again, the debate on the widget's accuracy is not a referendum on the direction of the market. Those are two analytically distinct points. Yiou can recognize teh widget's bias without conceding whatever position you've taken on the market. Comparisons to comps, not widget, are what's relevant to the market.

Posted by: slopefarm at November 2, 2009 11:12 AM

I put in what I think it will sell for. I have a family so that apartment is worth nothing to me, I would pay zero dollars. But I'm not an idiot. I know it is worth something to someone else. Are people really putting in what THEY would pay for it? That makes no sense to me.

Then again, I am routinely one of the higher guesses.

Posted by: Ringo at November 2, 2009 11:34 AM

Although I would not have paid that much for this particular property, some of you should come to grips with the fact that this is what property costs in prime areas of Brooklyn. 375k is a lot of money, no doubt, but this apartment is certainly not in the realm of a monied individual callously tossing their cash around. This sale is not an outlier at all. You post the same exact comment on every sale that goes over widget price.

Posted by: TD at November 2, 2009 11:35 AM

"We're definitely a little surprised at how high a price this one fetched. You?"

Nope. There's always a few "shoe shine boys" hanging around near the market top. Gotta play to lose.

We're far from capitulation. The "recovery" high has to wear off. We haven't yet heard "RE is a bad investment" like we did in the early to mid 90's.

***Bill Thompson for Mayor (TOMORROW!!!)***

Posted by: Brownstones Half Off at November 2, 2009 11:50 AM

The widget is not designed to predict the selling price.

The widget is designed to underestimate the selling price.

Posted by: Pigeon at November 2, 2009 12:07 PM

actually the widget is designed to spur page-views.

"The "recovery" high has to wear off." It just has to bc you say so. oooookay.

Posted by: antidope at November 2, 2009 12:16 PM

I think we have reached the point where it would be helpful to state the hypothesis for what the widget is supposed to be doing and how it is supposed to be doing it. That way the inputs can be better coordinated and the results more critically understood as systemic flaws or meaningful output.

Posted by: Ledbury at November 2, 2009 12:27 PM

I think the current state of the market is higher than where we think it should be. Buyers maybe be rushing to get a place while the 8K tax refund/rebate thing is still in effect. I think that is pushing up actual sales pricing and is making it way more competitive out there (in my experience and opinion).

Also, I don't think we can really judge the value of a place from afar without seeing it in person.

Still. Whack overprice, i think.

Posted by: noodlemanias at November 2, 2009 12:41 PM

"So, some sucker paid top dollar. Not surprising... this city if full of folks that have no sense when it comes to money."

Well if it is so full of them then we will never really have to burst this bubble. They can just keep paying these so called ridiculous prices and keep the rest of us afloat!

Posted by: AndYouWillKnowUsbyTheTrailofRenters at November 2, 2009 12:50 PM

I don't fully understand how you qualify a price as stupid or inflated. It's not like we live in Kansas where you're essentially buying the cost of the materials. The only way to quantify price in the city is based on how much people will pay for it, demand. I will never understand you people.

Posted by: Shoots and Leaves at November 2, 2009 1:15 PM

endless supply of stupid buyers.
maybe that is what actually defines the city.
when they stop coming then that's when we'll see a real painful price adjustment.

Posted by: antidope at November 2, 2009 1:30 PM

There's nothing wrong with the widget. What's wrong is Team Bear. They don't seem to get it.

"So, some sucker paid top dollar. Not surprising... this city if full of folks that have no sense when it comes to money."

T6, you are getting more and more bitter. Wealthy folks are stupid? While some wealthy folks inherited, most worked for what they have. They got wealthy making good decisions, not bad ones. Generally, poor people tend to make bad decisions, that's how they stay poor.

Posted by: denton at November 2, 2009 1:46 PM

This unit commanded a higher price than I would have guessed. Maybe it is really charming in person, something that is lost in the photos, or maybe someone in the building bought it to create a duplex or even to turn the building back into single family house. One never knows, do one?

Posted by: Minard Lafever at November 2, 2009 2:08 PM

When I've participated with "the widget" (isn't there some other term for it?), I've put in the amount I think the property will sell for, not what I would pay for it. I try to put myself in the shoes of a potential buyer in a sense.

I'm glad we have new, happy-to-be-in-Fort-Greene people! Welcome!!! Don't listen to the finks or let them get you down! You've made a great decision! Great location too!

:-)
:-)
:-)

Posted by: BrooklynGreene at November 2, 2009 3:31 PM

What I want to know is, how did the widget get the last laugh? That statement makes no sense.

Posted by: DitmasSnark at November 2, 2009 4:41 PM

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