Bearish Brownstoners Miss Mark on 2nd Street Sale
So far we have precious few data points on the predictive powers of the pricing widget. For a while, the only HOTD or COTD to sell was 316 Cumberland Street, which sold for $2,250,000 in June, a shade less than the asking price of $2,295,000 but almost $360,000 more than widget voters predicted. And now…
So far we have precious few data points on the predictive powers of the pricing widget. For a while, the only HOTD or COTD to sell was 316 Cumberland Street, which sold for $2,250,000 in June, a shade less than the asking price of $2,295,000 but almost $360,000 more than widget voters predicted. And now our second data point shows an equally bearish disposition: 93 2nd Street, which generated a predicted selling price of $914,379, just closed for $1,086,312; in our defense, we said at the time that “We could see it getting pretty close to” the asking price of $1,125,000. Interesting, eh?
House of the Day: 93 2nd Street [Brownstoner]
Also, BHO, every sale that does not fit your criteria of half off peak comps further sets up a comp that people will use in future purchases
And he knocks it out to deep left field…
See how it works Dave?
“Can you understand that is what is important, not how much they are off from the prior year. ”
Case closed..
The What
Someday this war is gonna end…
Posted by: Return of The What at July 23, 2009 11:27 AM
AND YET, THE DOW PUSHES THROUGH 9,000.
THAT’S THE DIFFERENCE BETWEEN THE REAL WORLD AND YOUR VIEW OF “HOW IT WORKS.”
It’s really sad that you remain so dense because otherwise you could be making a lot of money here and you could buy that Clinton Hill house that you otherwise will never be able to afford because the Asshats moved in and drove the prices up.
I love the people saying that buyers are stupid for spending large sums of money on homes.
Do you feel the same way about spending $1.50 on a can of Pespi which costs 6 cents to make?? How about that shirt from the Gap which retails for $49 and is made for $3.25?
You do realize that people overpay for EVERYTHING, right? In MUCH higher percentages than in real estate. Get a freakin’ clue.
Divorcing the widget from sale price is the nuttiest piece of logic to float around here in a while. I’m no rabid free marketeer, but a market, whether for houses, stocks, or shoelaces, is about buyers and sellers meeting at a price. It is pointless to try to relate the widget to what failed bidders offered — they didn’t offer the market price because the market price is what the house sold for. And it is pointless to distinguish the word appraisal. An appraisal is an assessment of the house’s worth — i.e., what the market will pay for it. Home sales, not the widget, are the real data points, folks. If you think the sales price of this house is too high, come forward with some comps to prove it. But the widget is no substitute for actual sales as an assessment of the market. It’s just a bunch of guessing from folks with no skin in the game.
Fair enough, but seems obvious that the first datapoints on realized price vs widget price will be the most bullish ones.
“More company’s are beating the estimates than are not, What.”
Set low estimates and “Beat” them Dave?
“If you can’t understand that you really need to just STFU.”
The data from the UPS Dust-up means people are buying less items, which means less things are being shipped, which means people are being laid off, which means the unable to help underwater landdebters with the mortgage, which means the values go down.
See how it works Dave?
“Can you understand that is what is important, not how much they are off from the prior year. ”
Case closed..
The What
Someday this war is gonna end…
More company’s are beating the estimates than are not, What.
Can you understand that is what is important, not how much they are off from the prior year. If you can’t understand that you really need to just STFU.
Oops, seems I didn’t fare so well in my post! Second one should have said “Second place:”