Blogger Coins New Phrase "Pulling a Corcoran"
Fellow Brooklyn real estate blogger BK Squeeze coined a catchy new phrase in a post yesterday about overpricing in his home nabe of Carroll Gardens: “Local agent Barbara Piazza pulls a Corcoran ,” he writes. “A carriage house on Degraw St between Court and Smith St was originally listed for around $1.2 million last summer…
Fellow Brooklyn real estate blogger BK Squeeze coined a catchy new phrase in a post yesterday about overpricing in his home nabe of Carroll Gardens: “Local agent Barbara Piazza pulls a Corcoran ,” he writes. “A carriage house on Degraw St between Court and Smith St was originally listed for around $1.2 million last summer and didn’t sell. So she has now raised the price to $1.9 million???” We rarely say “never” in this real estate market, but we will eat our cornice if this dink place actually fetches $1.9 million. As BK Squeeze points out, even pristine 3-family houses in pristine shape two blocks away go for $1.7 million.
You Even Get Welding Tools [BK Squeeze]
Carroll Gardens Carriage House [Piazza Realty]
if it makes anyone feel better, Brown Harris seems to have all the Brooklyn Heights listings these days –a real shift in the last 6 months.
I’m new to the discussion, but wanted to point out a couple of points. First, on co-broking. I’ve been looking to buy for 18 months and have found that it is better not to attach yourself to a buyer’s broker, but rather deal directly with the listing agent. Many of the brokers try and send listings or put me on openhouse lists, but I politely decline their services. Second, 12 7th avenue just came on the market for 1.995 and was listed back in November for 1.8 million. That’s a nice 11% jump in under 4 months and (of course) both times listed by corcoran.
It is also conventional wisdom in real estate circles that Corcoran brokers are less likely to co-broke. That means that when representing a seller they will go out of their way to strike a deal with a customer not brought by another broker. The result, of course, is that the commission is not split in half with another participant. In there defense, ALL brokers prefer selling to a direct customer, but one must serve the seller first and keep in mind the first priority of getting him the highest price. Often sellers are less than aware of the dynamic of how their broker settled on “the perfect buyer” and it doesn’t help that in the brokerage community it is alleged that in Corcoran’s training direct deals are encouraged.
I agree that they are the brunt of the joke because it is a name we all know and recognize, but clearly it also has something to do with their image. And the “they do it too” argument only seems to further Corcoran’s image as the bully in the sand box. Why not further their image as a leader in the industry and set an example for how realtors should conduct themselves. Why not spend some of that enormous advertising and marketing budget on the neighborhoods (schools perhaps) from which they have gained so handsomely.
its 305 degraw st. according to propshark is 25ft wide. (and 50 deep)
Commercial looking window on 1st floor has some sort of photography studio.
Fair enough… in the interest of full disclosure, I also have no ties to the real estate profession but certainly share in the passion you have for brownstone Brooklyn and (note to Brownstoner) really value the discussions that happen on this blog. To restate my point, I think the term that started this exchange is cute and hope it does stick. But the reason it will stick (and to answer your question, the reason Corcoran is always the brunt of the joke) isn’t because they’re the sole realtor engaging in practices that we might deem to be unethical (or simply ridiculous), it’s because Corcoran (due to their huge advertising and marketing budget) is a name we all know and recognize and can enjoy the laugh about. No one is going to say “Pulling a Betancourt” because unless you’re looking to buy or sell, most people don’t know Betancourt… but that doesn’t mean Betancourt hasn’t or doesn’t or won’t engage in the same “pulling a Corcoran” practices — not that I’m pointing a finger at them… just an example. At some point, maybe we’ll all say, “Pulling a Brown Harris…” That’s all I intended to say.
Hmmm., I’m beginning to think this is a sensitive subject for you. In the name of full disclosure, I am in no way a realestate professional, just someone with “an unhealthy obsession with historic Brooklyn brownstones and the neighborhoods and lifestyles they define.” You know there comes a point where Corcoran has to stop pointing fingers (it is so unattractive) and ask themselves why they are always the brunt of the joke.
I understand that it’s ok to pick on the playground bully and that Corcoran certainly isn’t suffering. And hey, it’s fine if you want to have a poster-child to represent all that we hate about realtors. Sort of like showing Barry Bonds’ face when talk of steroids in baseball comes up. But fact is you’re out of your mind if you think the other realtors aren’t suffering and that they don’t engage in much the same practices. My point being, there’s usually more than one playground bully — or at least there are others encouraging the bully because ultimately it helps them too. Nature of the business…
Oh common! Lets not make excuses for why Cocoran has become an adjective, or a noun as the case may be. Clearly they do things that irk buyers. “Pulling a Corcoran” is a product of the the buyers wrath and was coined because over priced listings reappearing at an even higher prices is a pattern. It is a high wire act working for the seller without pissing off the buyer. But lets not feel sorry for Corcoran beacause everyone is picking on them and point our fingers at other realtors and say, “they do it too”. Corcoran is not suffering, certainly not financially, and a little emotional suffering always does the playground bully some good. Or at least that’s what we would like to believe