Shenanigans at 279 Clermont Avenue?
When the four-story brownstone at 279 Clermont Avenue in Fort Greene hit the Corcoran website in early July at the surprisingly-low price of $1,382,000, it seemed like a classic, and probably quite smart, strategy for bringing out the bidders. (It had failed to sell earlier in the summer at a much higher price with a…
When the four-story brownstone at 279 Clermont Avenue in Fort Greene hit the Corcoran website in early July at the surprisingly-low price of $1,382,000, it seemed like a classic, and probably quite smart, strategy for bringing out the bidders. (It had failed to sell earlier in the summer at a much higher price with a broker called Prospective Properties; we included it as an Open House Pick for $1,748,000 back in June.) In fact, there was enough interest that the seller held a “best and final” closed bidding process two weeks ago. One reader who took place in the process and bid over the asking price was more than a little miffed to find out ten days later that the seller had decided not to accept any of the bids. Instead, the listing re-appeared with a new asking price of $1,610,325. Illegal, immoral or just uncool?
279 Clermont Avenue [Corcoran] GMAP P*Shark
wasder…hard to say. There’d be a lot of psychological damage. But interest rates would probably come down quite a bit as well. By the latter part of next year, there will be no measurable inflation as all these commodity prices continue to correct because of the global slowdown
If people are keeping money in the stock market that they plan to use as a home downpayment in the next 12-18 months they are quite foolish. That goes for anytime, not just the current environment. Its always very risky and volatile in any short term period of a year or so.
Thanks Dave. And if it were to fall that far again in the next year or so what would be the impact on house prices in your opinion?
wasder…Sept 02 and Feb 03…before that you have to go back to Sept 98
Even without the history, I would find the weirdly specific new listing price ($1,610,325???) strange enough to think there was more weirdness to come, and just stay away. I’ve learned the hard way to walk away as soon as my BS detector starts blinking. If it starts out weird, it’s bound to get weirder.
DOW–two more questions. What would be the effect on the housing market if the DOW did in fact return to 8000 sometime in the near future. And when was it last at 8000?
“Are you the What?”
No, but I’m a big fan (for comedy, he missed his calling, and insight, looking beyond the profanity and grammatical imperfections).
“My bet would be that it would not approach the 1990 levels though if it did I think we would all have economic problems far beyond what we can imagine now.”
It sure wasn’t imagined in 1929. As Paterson and Bloomberg would tell you, this is a time of prudence.
Back to the topic of “fishing”. Business is business. Money talks. Pulling out before contract can be beneficial to the buyer and the seller. It’s an equal opportunity strategy. If you got cold feet as a buyer, you’d do the same. Take the good with the bad.
DOW–thanks for the reference chart. I notice that it was published in 2006 so no idea how far down that line has come since then. In general terms the progression is upwards for the last 60 years so that is good. And again, it depends on how low the line sinks in this current trough. My bet would be that it would not approach the 1990 levels though if it did I think we would all have economic problems far beyond what we can imagine now.
I will ask you honestly and non-snarkily now. Are you the What?
Definitely an odd strategy and yes, unethical. (If ethical means at the very least that you don’t go back on your word)
I don’t normally wish ill of people, but I do hope this comes back around in a bad way. I’d complain to Corco’s management if i were the jilted bidder, as well as REBNY. At the very least it will feel good to vent. But I’m certain it’s the seller who’s behind it; no agent is going to start from scratch just to make a few extra dollars, as the earlier poster said.