A Couple More Widget Comps
A couple more properties that have received the widget treatment on Brownstoner have sold and both sales prices, not surprisingly, are well in excess of the widget average. As we know by know the widget average, almost by definition, underprices the ultimate sales price since all it takes is one buyer, not a consensus, to…
A couple more properties that have received the widget treatment on Brownstoner have sold and both sales prices, not surprisingly, are well in excess of the widget average. As we know by know the widget average, almost by definition, underprices the ultimate sales price since all it takes is one buyer, not a consensus, to get a deal done. In the case of Apartment #2 at 56 Garden Place, the widget predicted $645,093 and the two-bedroom ended up selling for $750,000; this difference of 14% is about what we’ve come to expect ye olde widget. Over at Apartment 5E at 125 Eastern Parkway, the widget came in at $314,911, or only 9% less than the actual selling price of $345,000. Surprised by either of these?
Co-op of the Day: 56 Garden Place, #2 [Brownstoner]
56 Garden Place, #2 [Brown Harris Stevens] GMAP P*Shark
Co-op of the Day: 125 Eastern Parkway, #5E [Brownstoner]
125 Eastern Parkway, #5E [Corcoran] GMAP P*Shark
“Yes, nomi, we only deprive newcomers of food and sleep for 2 days, and you can still say (almost) any bulls*&t that comes to mind. So no, not a cult.” (slopefarm)
Um, two days of no sleep and I’d be yours for life. Or, at least until the traumatic rescue intervention.
You can’t have an accurate average when the conditions of the widget are not equal at the high and low end of the spectrum. I have said once before that the widget was made less accurate when the maximum guess was lowered from 40% over ask to 20% over ask, in an effort to “improve” the feature, even though the lowest guess remains 40% below asking price. You’ve got a few jokers who guess the minimum on every property and a few jokers who guess the maximum no matter what. If you would have left the maximum price at 40% above ask, the outliers would essentially cancel themselves out. The widget is going to underprice because you’re giving greater weight to the minimum prices.
Doesn’t take much digging. Mr. B linked the old thread right above.
I’m still laughing that you never admit when you’re wrong about every property being overpriced.
> No gold star for Ditmas Snark either:
>
> Lovely deck. Laughable price.
I’m still laughing. Mostly at 11217’s need to dig up old posts.
Anyhoo, to the new homeowners: Enjoy your new place!
“But a.) it took a rather unseemly coordination of public monies to hand them that victory,”
Yes, I’m sure the 8K tax credit was the straw that broke the camel’s back in convincing the new buyers of Garden Place to offer 750k on that apartment.
Yes, nomi, we only deprive newcomers of food and sleep for 2 days, and you can still say (almost) any bulls*&t that comes to mind. So no, not a cult.
Ditto slopefarm. Ah, if only I could talk about bell curves like that .. .
11217, you have to be kidding, right? In inflation adjusted terms, if you bought gold at its peak thirty years ago, you’re probably right about break even right now. Also –and I love this psychology –you’d have to imagine hanging on during the trough years, when stocks were making new highs every day. I understand a house is categorically different; but you’re not buying a house (in most instances). You’re creating a contract with a lender that makes huge presumptions about interest rates, house values, neighborhood trajectories, and your own ability to service a massive loan.
Look, I think the bulls won the argument in the near term. But a.) it took a rather unseemly coordination of public monies to hand them that victory, and b.) since people are presumably financing these on thirty year terms, we have literally zero info on how these purchases have worked out, and won’t for a few years.
Come, drink the Kool Aid.