83 Downing Sheds Another $130,000
The owners of 83 Downing in Clinton Hill have sliced another $130K off their asking price. While the first price cut from $1.55 million to $1.425 took three days, this one took three months. Back then, we said we thought that $1.3 was where people would start taking a serious look; it will be interesting…
The owners of 83 Downing in Clinton Hill have sliced another $130K off their asking price. While the first price cut from $1.55 million to $1.425 took three days, this one took three months. Back then, we said we thought that $1.3 was where people would start taking a serious look; it will be interesting to see whether the foot-dragging has hurt them, i.e. whether the market has moved down on them in the meantime.
83 Downing Street [Corcoran] GMAP P*Shark
Efficient Markets at 83 Downing [Brownstoner]
HOTD: 83 Downing [Brownstoner]
why would anyone even want to live on downing street?
Didn’t anyone read Freakonomics? Real estate agents have incentive to underprice, not overprice. It is in their best interest to sell the house quickly, and the difference in commission of 6% of $1m rather than 6% of $950k, for example, is only $3,000.
Brokers should never list the property if it is overpriced.
Most sellers set the price of their property themselves. Good brokers present the price that they think the property will sell at (backed up by comparables) or if they are desperate for the listing, the price they think the sellers will list the property with them for (not usually Corcoran brokers, we don’t need to overprice properties to get the listing). Sellers usually get more then one opinion and some will go with the broker that gives them the highest price for their property whether or not it is realistic. Some sellers have a fixed number in their heads and want to put their property on the market for and the broker is forced to take the listing at that price or lose the listing to the competition.
I am with Corcoran and the only overpriced listing I took was priced by the seller for about $100K more then I wanted to list the property. I hear brokers around me trying to get their sellers to reduce the price of their properties and sellers do resist dropping the price. Don’t always blame the broker if the property is on the market for more then you think it is worth
typical action from that broker – over price – get them in a long term contract – then bring them down to reality. I think corcoran had better ethics in pricing when Barbara was still in charge… now they are typical.