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October 20, 2007
corcoran brokers must be stopped!
I just came a cross another travesty in pricing although I still can't quite believe my eyes. A new listing in Crown Heights North- 1230 Dean St. has been put on the market for-hold your hats- $1.65MM! Sure it's a 25 footer but c'mon people. This neighborhood is nowhere near ready to support that price point. Corcoran brokers yet again insist on attempting to vastly inflate prices (perhaps in an effort to get the original listing by blowing smoke up the owner's arse) in a neighborhood that, while on pace for nice change, is years away from drawing the folks with that kind of loot. At the end of the day, it winds up hurting the kind of positive progress needed to one day draw that kind of potential buyer because others will attempt to follow suit and houses will simply sit. Would you drop $1.65MM to live between Nostrand and New York??! Surely you jest! Somebody wake these folks from Corcoran up. It needs to stop now!
Comments
Well, for what its worth, that house has been on the market for a while, and has not moved. You are absolutely correct, it is way overpriced for all of the reasons you stated. I know several people who live on that block, and according to them, you can't completely blame the sky high price solely on the broker, the seller is also seeing big dollar signs.
The good thing about a free market, if the seller is truly interested in selling his building, he will have to come down on price. This is a notable house, for reasons of its later building, the style, etc. The garage on the ground floor is original, and the curb cut has always been there. There are reasons for it to perhaps be more money than some of the others even on this prime CH block, but not at 1.6 and change.
Hopefully, the adjustments to the CHN market will enable slow steady growth to the community. That's what we need, not absurd pricing.
Posted by: Montrose Morris at October 20, 2007 10:56 AM
Hi MM, thanks for alerting me to the prop's status as having been on the market for a while. I was unaware as a site I looked at had it listed as 2 days "old". And I don't mean to entirely disparage brokers- I figured that the homeowners did indeed have a hand in pricing the home well "outside the box." But wouldn't you agree that it behooves the brokers involved in the sale to at, the very least, make an attempt to "talk some sense" into the prospective seller? I view it as nothing more than a waste of time on account of all involved-seller, brokers and perhaps more significantly prospective purchasers when a home is so clearly overpriced. And don't get me wrong- I live in CHN and expect great things...in due time. The last six months here have been quite remarkable in the evolution of the demographic. As I'm sure you're aware, while the neighborhood is still "rough around the edges," I don't know if I have ever been smack dab in the middle of a neighborhood so clearly poised for change- and that's coming from a guy who grew up on 82nd and 2nd in Manhattan 30 years ago when 86th st. was the cutoff and the corridor between 2nd and 3rd ave. was full of hookers and John motels!!! At any rate, my thought is that while these sellers may have indeed been pioneers in the initial purchase of the house (applause, applause) they should understand that simply because they chose to invest in preserving details etc. (as well as the wonderful bonus of private parking, etc.), they ought not attempt to cash out in such a detrimental manner. They'll only wind up delaying the progress they (one would assume) hope to see. Free markets are a wonderful thing-in the hands of rational, logical sane people...
Posted by: saint marks soul at October 20, 2007 11:30 AM
I checked out the listing and am not at all impressed with the "details" mentioned. I think a lot of things are missing and have been restored on the cheap. The price on this house is insane.
Posted by: guest at October 20, 2007 11:35 AM
Nothing anybody can say gets past the fact homeowners can price their homes whatever they want. Even if it's stupid. Vote with your wallet, that's the best way to communicate what you think of their pricing. Plus everyone knows Corcoran overprices everything. It's how they get their listings with clueless homeowners. It's dishonest because the brokers know full well they won't get that price. They just promise it to the homeowner knowing later on they'll tell the homeowner to accept a lower price. So if you're interested in the house, simply put in an offer for what you think it's worth.
Posted by: guest at October 20, 2007 11:47 AM
11:47 is right. this post makes no sense.
a house is "worth" whatever someone is willing to pay for it. it's not a "travesty", it's simply a number. if the house is overpriced, it won't sell, simple as that. that's their choice and really none of your business.
what if they find someone who falls in love with the house and pays close to asking? all it takes is one buyer.
Posted by: guest at October 20, 2007 2:27 PM
I think this is a very cute and endearing, impassioned post. Thanks for making my day!
PS: I've been inside that house and let's just say it looks better in the pics than in reality. Not worth that money, no way.
Posted by: guest at October 20, 2007 2:52 PM
Corcoran sold a $875,000 house on Argyle Road a couple of years ago for $1.254 million. I don't know how they do it, but if I was going to sell I'd use Corcoran. If they buyer overpays it's his problem.
Posted by: guest at October 20, 2007 8:07 PM
if you pay me 1.6 million to move to crown heights, i might consider it.
might.
Posted by: guest at October 20, 2007 9:20 PM
This is Corcoran style, to overprice. I have experienced this as a seller and as a buyer in Brooklyn. They can't inflate prices, but what overpricing does ultimately is hurt the seller and waste buyers' time. What happens is that the property becomes stale, gets a reputation as a "white elephant", seller doesn't sell, gets annoyed and ultimately at some time in the future, seller changes agent or starts the depressing exercise of lowering prices in steps. Serious buyers notice. There are some exceptions but I think that Corcoran has the most sophisticated website which is their strength, but I think that firm is awful and would never ever use them.
Posted by: donatella at October 20, 2007 9:33 PM
This is America you dirty pinko liberal, They can ask whatever they choose to.
Posted by: guest at October 21, 2007 7:12 AM
SMS, I hear you, but others here are correct in that only the market can tell anyone that a price is still too high. If this seller really needs to sell his home, he'll either come down to a price that is reasonable, or else he'll see offers coming in at a range that the market deems worthy, and he will choose from the best of those. If he is just testing the waters, and doesn't really need to sell, the house will sit for a long time. Either way, it is his/her call.
I believe in the community big time, but I don't want to see pockets of millionaires surrounded by poverty. That is counterproductive on all ends, and no one will be happy. Not the millionaires who have gorgeous homes but are afraid to leave them, or poor people who see money next door that is not spent in the community, by people who do not, or cannot, relate to their situation. Slow steady growth is the only winning solution here, and that is predicated on realistic real estate prices that encourage more middle class people of all backgrounds to settle and become involved in the community.
Posted by: Montrose Morris at October 21, 2007 12:30 PM
There is nothing about this house that screams $1.6mm. They're just testing the market - they know full well no one will pay that amount, even if it has parking.
I've searched the pictures high and low for the original details, but only got a wince at a mantel in one picture. Where's the rest of the original details?
Posted by: guest at October 21, 2007 3:45 PM
The sellers who list with these companies are BLINDED by the numbers dangles before their eyes... it's hard to deny that a seller will list with the highest quote.. but what kills me is that most of these agents/companies charge 6% when most of the local agents with EQUAL if not MORE IMPRESSIVE sales histories can charge less, and include the house in MLS, etc.
I lost a listing on Sterling place a few years ago. The seller was quoted $330K more, but sold for less than my estimate. My estimate was honest, and reflected reality. Corcoran had a nicer brouchure (quote/unquote). That was their reasoning. A MLS broker ended up selling, and the fight over commission was ugly
A buyer does NOT care who the listing agent is... he only wants to BUY at a fair price. Sellers, WAKE UP, stop overpaying commissions, INSIST on MLS or co-broking with LOCAL agents. TRUST me, the buyers will come to your open house, THEN you will have MORE offers, and save THOUSANDS. I'd love to get 6% on all my listings, but reality says otherwise.
Howard
Posted by: howrealnyc at October 21, 2007 4:53 PM
Howard: Sometimes a fool comes along and pays the outrageous price. I've seen a few that set neighborhood records that stood for many years. It just takes one sucker.
Posted by: guest at October 21, 2007 9:36 PM
People like you must be stopped. Who the hell do you think you are? Housing prices are determined by what people think its worth. Not what you think it should sell for. May be you could tell the car companies that there car prices are to high. Ass hole get a life.
Posted by: guest at October 22, 2007 1:43 AM
Now there's a cogent argument 1:43. Reeks of a disgruntled Corcoran broker. Painfully transparent. MM et al who suggest that market is the only true barometer are 100% correct and I realize this. It just makes my blood boil when I see listings like this that are so far out of whack with reality and the negative effects it winds up having on the neighborhood in which I live. As you so eloquently put it MM "Slow steady growth is the only winning solution here, and that is predicated on realistic real estate prices that encourage more middle class people of all backgrounds to settle and become involved in the community." This is exactly what I was trying to say.
Posted by: saint marks soul at October 22, 2007 9:23 AM
THE PROBLEM WITH A HIGH LISTING IS THAT IT MAY INVOLVE FRAUD. THE BUYER, SELLER, APPRAISERS, TITLE AND ATTORNEYS ARE IN ON IN TOGETHER. THEY WILL USE COMPS FROM FORT GREENE AND PROSPECT HEIGHTS, USE A STRAW BUYER, SPLIT THE PROFITS AND WALK AWAY FROM THE DEAL. AND THEN THAT ARTIFICIALLY HIGH SALE WILL BE A NEW , HIGH "COMP" IN THE NEIGHBORHOOD, AND THE REAL ESTATE COMMUNITY WILL USE THAT AS A NEW PRICE POINT, STARTING THE SURGE ALL OVER AGAIN
Posted by: guest at October 23, 2007 9:22 AM
A property (or any thing for that matter) is really only worth what someone is willing to pay for it, but in these days of more stringent real estate lending it's also only worth what a bank appraiser assigns as it's value. It's an interesting dynamic if by cache alone Corcoran can raise a property's value merely by listing it...certainly an idea they're not likely to dissuade anyone from holding.
Posted by: guest at October 23, 2007 4:44 PM
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