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
I know Nomi, but it makes me feel better to highlight the truth. I actually think you are probably one of the most rational posters here so I’ll take a cue from you and leave it. 🙂
I think it is true that some people are inputting what they think the house is “worth” as opposed to what they think it will ultimately “sell for.” Perhaps we need two widgets per property so we can end this mess.
“Ok, Nomi…you get the prize for being correct on the prices :-)” (Snappy)
Wow that was easy! I accept with honor.
I think the widget is very accurate. The problem is that the distribution of the assessments. Know off the bottom 20% and top 20% and you’ll see that they are very accurate.
a classic clownstoners vs frownstoners match is brewing here….
“Nomi,
I just want people to realize that they speak here as if they are never wrong and then NEVER admit when they are.
Just go back and read the comments on these things to see where the whole frownstoner thing comes from. Nearly everyone on that thread got the Garden Place thing wrong. And now here there are saying that the person who bought it is an idiot?
Really? Cause they couldn’t have found something cheaper?
How about maybe they LOVED it? Nope, the crowd on brownstoner are too miserable to say that.” (11217)
Yep. I pretty much agree with all you’ve said here. I just don’t think that “gotcha” quotes are going to help people with this mindset see the light.
Whuh:
Given that gold was $350 in 1985 and $1121 today, I’m not really sure your comparison is a very good one.
According to your analogy, everyone should buy real estate.
I love it when people try to rationalize the lower widget price time and again by calling it an “appraisal” or some such malarky. Laughable, really.
Ok, Nomi…you get the prize for being correct on the prices 🙂