Less Hyperbole, More Cash Left on the Table
The Times spots two trends in the real estate market this weekend: The first is a much-welcomed (in our view) move away from the over-the-top, and often untrue, adjectives like “luxury,” “prestige,” and “trophy.” Instead, words that imply thriftiness are coming back into vogue. We never used to say ‘reduced’ in a very strong market…
The Times spots two trends in the real estate market this weekend: The first is a much-welcomed (in our view) move away from the over-the-top, and often untrue, adjectives like “luxury,” “prestige,” and “trophy.” Instead, words that imply thriftiness are coming back into vogue. We never used to say ‘reduced’ in a very strong market because we felt people would think of it as tainted goods, said Corcoran SVP Deanna Kory. But now if you don’t, people don’t think the seller is serious, especially if it’s been on the market any length of time. And people today feel cheated if they don’t get a deal. The other thing brokers are seeing more and more of is buyers walking away from their deposits, even ones north of $100,000. This, of course, should be no surprise given that most properties are worth at least 10 percent (the size of the typical deposit) less than they were six months ago. I have never seen numbers like this being left in deposits,” said Penny Toepfer-Guttman of Brown Harris Stevens. “This is new territory. All of the examples in the Times article were high-priced properties in Manhattan. Are readers aware of any examples in Brooklyn?
Adjectives Get Evicted [NY Times]
Apartment Buyers Abandoning 6-Figure Deposits [NY Times]
Should real estate brokers under go pshychiatric evaluation? You call most of them and they are still sick enough to ask outrageous prices. Home prices will not come down to reasonable levels until alot of these so called hippie real estate brokers go out of business.
“Near nothing” cracked me up.
z, thanks for one of the funniest postings on this blog, ever!
“Oh man ‘ASKING PRICE IS SICK FANTASY’ has me laughing”
Yeah, that was good.
***Bid half off peak comps***
“We’re trying to give buyers a reason to buy now and not wait for the inevitable price declines they’re hearing about to come to fruition.” – Jorden Tepper, the executive director of sales at Century 21 NY Metro
Wow. What an admission.
“The Guttermans eventually found what they wanted through a broker, signing a contract last month to buy a two-bedroom, two-bath prewar co-op apartment on Sutton Place for around $1 million. The differentiator? Two wood-burning fireplaces and a dining room that could be turned into a third bedroom.”
Manhattan is temporarily cheaper than Brooklyn. They charge more than this at Grand Army Plaza.
“‘I haven’t noticed that advertising has really changed,’ said Alison Blackman Dunham, 50, a freelance writer and online advice columnist who lives in Brooklyn Heights. She and her husband, John, are shopping for a Manhattan apartment with a view of the Hudson River for under $1 million.”
Degentrification is sucking people from Brooklyn back to Manhattan. Voids are opening up.
” ‘Her point is well taken,’ Ms. Kory said, ‘but our job as brokers is to get people through the door, and our responsibility when advertising is to the seller. What seller would like you to say the apartment is on the first floor, across from a playground, and needs work? We don’t want her frustrated by seeing a playground, but on the other hand, she might fall in love with the apartment and end up buying it because it meets her needs in every other way.’ ”
Bait and switch. The overpriced depreciating asset can’t speak for itself. Deception is a must.
Enough with the time-wasting wordplay, brokers/sellers. Meet the highest bid already before you get even less for it. My bias does not negate conventional wisdom.
***Bid half off peak comps***
Oh man “ASKING PRICE IS SICK FANTASY” has me laughing
i for one look forward to a new era of truth in advertising.
ASSTASTIC SHITHOLE NEEDS TOTAL GUT JOB. NOISY NEIGHBORS. BLIGHTED BLOCK. NEAR NOTHING! OWNERS DESPERATE TO SELL, ASKING PRICE IS SICK FANTASY. OPEN HOUSE SUNDAY 2-4 (BROKER MAY NOT SHOW UP)
6-figures, 7-figures, its only money.
the article seems to be about 7-figure deposits.