Park Slope Prices - 1 and 2 BRs

I have been following the listings for 1 and 2 BRs in Park Slope fairly religiously for about 2 years or so. In the past 6 months or so I have notices an increase in asking prices by about 10%. I am curious about the increase because it does not seem to have been met by or the result of any increased demand, and these units are not moving like they would a year ago when priced at market. A good example is this unit at 55 7th Ave:

http://streeteasy.com/nyc/sale/563531-coop-55-seventh-avenue-park-slope-brooklyn

This unit was on the market for over 7 months in 2009 and did not get sold. The ask started at $675K and then was decreased to $649K, but still no sale. About a year later this unit was put back on the market (with a new broker) at $695K. There it sat again for 7 months (with one reduction to $680K) and still no sale.

Another example would be the standard railroad 2BRs in those limestone apartment buildings that are all over the Slope, like this one listed with Warren Lewis:

http://www.warrenlewis.com/cgi-bin/re/re_show.pl?re_command=show&ID=7566

Less than a year ago this would have listed at $599K and then sold for about 5% less. Now, these go on the market at $650K.

So far, this year seems to have been very weak for sales of 1 and 2BRs, and a lot of inventory is sitting there for long periods of time. What then justifies this increase in asking prices? My only thought is that the market has become very competitive for the brokers, so they are over-promising potential sell-side clients thinking that they can talk them down to market when the unit sits for a while with no offers. Can anyone else shed a little light on this?

CountChocula

in Real Estate - Sales 13 years and 10 months ago

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slopegirl | 13 years and 10 months ago

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Most brokers are insane and in this still down market you will find a lot of brokers propping up seller’s unrealistic expectations of what their apartments are worth. You can tell what the market is doing by looking at the actual sale #s and making decisions accordingly.

We had to accept that there are plenty of good or great properties with crazy brokers/sellers attached, and you need to move past these quickly to find people ready to sell and make a deal. Once I got to know the market I’d walk right into the open house and ask the broker how they set the price. Sometimes you can tell it’s the seller who needs to be managed, and maybe the broker can do that… if everyone is delusional, just walk away.

All I can say is there is no shortage of entitlement in park slope in real estate pricing or many other areas of life.

slopette | 13 years and 10 months ago

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How about this one, for $999?! http://www.corcoran.com/property/listing.aspx?Region=NYC&ListingID=2171919

daveinbedstuy | 13 years and 10 months ago

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It’s also ver very hard to get a mortgage in a small co-op buiilding.  Ask Adam Dahill.

daveinbedstuy | 13 years and 10 months ago

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Well, the first one says “No longer available.” on the link.