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
the widget is an appraisal. an appraiser’s job is to estimate the market value of the ppty. an appraisal is not what an appraiser would pay for a ppty.
as such, the widget’s performance indicates seriously wishful thinking.
“Of course, the top dollar wins the prize.”
But . .. . ty, who takes the lowest bid when trying to sell something?
This post is very diplomatic. The reason the widget is consistently under is because many people enter what they think the place SHOULD sell for, not what they think it WILL sell for. Of course, there are a few who seem to deliberately over-estimate. The widget does not produce a consensus, just an average of whatever happens to be put in that day, completely dependent on the whims of the “predictors.”
Mr. B, can you (or are you willing?!) to go back and tell us whose widget estimate was the closest on each of these properties? It would be interesting to see which poster, on average, tends to input a correct (or very close to correct) price on the widget.
quote:
widget participants are just angry renters…
:-/ that is SO last decade
*rob*
POLL:
who sounds more like the DESPERATE FOOL, target or author?
Why don’t you publish median and 75th percentile as well –that way a few outliers don’t skew the estimate.
widget participants are just angry renters…or BHO and Miss Muff…
all the way down to half off.
Posted by: Brownstones Half Off at January 15, 2010 11:10 AM
“How long…how long must we sing this song?????
http://www.youtube.com/watch?v=PXnO_FxmHes
GWB version!!!!!!!
Why don’t YOU post it BHO since you are the one trying to make that point.
As usual, you are lazy.