Party Like It's 2005: Bidding Wars Galore
Remember the Times article last week about the reinvigorated real estate market in New York? Well, there may have been something to it. We’ve caught wind of a couple of bidding wars currently underway that certainly show that the demand side of the equation is strong. First up: A 1,350-square-foot, top-floor co-op at 235 Lincoln…
Remember the Times article last week about the reinvigorated real estate market in New York? Well, there may have been something to it. We’ve caught wind of a couple of bidding wars currently underway that certainly show that the demand side of the equation is strong. First up: A 1,350-square-foot, top-floor co-op at 235 Lincoln Place. The first showing on Sunday generated eight bids, six of them over the asking price of $795,000. (Of course, another conclusion could be simply that it was just priced too low.) Meanwhile, over at 218 Greene Avenue (which we discussed last week), the price was jacked almost 30 percent over the weekend. After it was listed at $650,000 on Wednesday, we hear that offers of up to $825,000 rolled in, prompting a swift price increase of the asking price to $850,000. How psyched is the owner. Guess the POS at 220 Greene was not much a deterrent after all.
235 Lincoln Place (#5761) [Warren Lewis] GMAP
218 Greene Avenue [Corcoran] GMAP
funny, no mention of the one bedroom at 235 lincoln that sat on the market for a solid 6 months before dropping its asking price 60K….
It’s the school, 7:59 pm. There are too few good public schools in NYC. Buyers will overpay to be in a good school district. They’ll pay more than what it would cost to send the kid to a private school for K-5. But about PS 321, it’s possible the lines are going to move. Did anyone else notice for the big new condos on 4th Avenue, in their descriptions on the website the wording is something like, “located inside the current lines for PS 321 school district”. That word “current” stood out. Why say it if the realty co didn’t have some knowledge the lines would be moving. Also because of the current lawsuit in Manhattan over the broker who sold an apartment as being inside a certain school district when it wasn’t – the realty companies have to be more wary about stating what school district something is in.
3:20 & 4:14,
It was cheap, easy money. Unbrainwash yourself.
I hear you Brooklynite at February 27, 2007 2:36 PM but no one else does.
Brownstone Dreaming writes:
“..the mkt is overdue for a correction…”
nice timing!
here is another data point:
A&H have a listing called “sexy in the city” which closed for bids today. Apparently there were almost 100 couples who saw it, and they got almost 10 bids most over ask and happily report to interested parties that they better bid 10% over ask to have a prayer. Now I know that A&H likes to do this, generate a buzz, but at 800k for a floor-thru co-op in 321, a top floor walk-up, 10% over ask and a bunch of people fighting to squeeze ahead of each other is an overheated market no matter which way you look at it.
“and the blame falls 100% on the Bush administration and Alan Greenspan.”
I Blame the Pentavirate.(The Queen, The Vatican, The Gettys, The Rothschilds, *and* Colonel Sanders)
I agree Donatella, I couldn’t live outside NYC (or the immediate area) ever again. But I don’t think that means we shouldn’t critique the city, and try and make it better. Being in denial about what holds NYC back on quality of life factors, is not any kind of answer. We should be able to openly discuss these things without being told we’re ridiculous. That’s just a very weird response. Seems it’s people worrying their property values will be affected by such a dialogue. Doesn’t sound like that’s love of a city, to me. Why should our city be louder than Paris or London? Why should our schools be worse than in Oslo?
4:35, I’m not a realtor. And I’m not talking about what economists might point to as the reasons for the surge in the real estate market in recent years. I’m talking about what the average people say all over America when you ask them why they bought and sold real estate during that time. It was something that made them feel more confident than investing in stocks. I’ve heard my MIL in VA say it, I’ve heard people in the Midwest where my parents live say it.