Co-op of the Day, 5.5 Months Later
This blast from the past was asking $1,250,000 when we had it as a Co-op of the Day back in early in January. Most of you thought it was slightly overpriced. Most of you were, apparently, correct. Co-op of the Day: 10 8th Avenue [Brownstoner] GMAP
This blast from the past was asking $1,250,000 when we had it as a Co-op of the Day back in early in January. Most of you thought it was slightly overpriced. Most of you were, apparently, correct.
Co-op of the Day: 10 8th Avenue [Brownstoner] GMAP
Yes, low inventory has been the engine propping up the market of late, but that is starting to change, and even prime PS is experiencing price cuts. And people still die, get divorced, need to dowsize (I know houses in PS available now due to all of these reasons) and bit by bit, that will add to the inventory… Apts too are piling up…
to 2:39, 2:32 (1st)here, I was being sarcastic in my use of the word “sad”
I’ve been scouring the real estate listings in Park Slope for a while now and have never seen inventory so low. I’m talking lower than it’s been in 20 years.
Btw, the comparison to the 2 million brownstone to this place is not totally accurate, since any nice brownstoner in the named street of PS close to the park have been getting 3 million or over.
It doesn’t get any more prime in terms of location, if you’re into Park Slope…This is steps to the park and multiple subway lines.
2:32 – why is it “sad”? Are you a broker? Maybe you’re friends with the other 2:32.
What’s sad are brokers/owners who overprice their properties and then have to deal with the stress of not being to sell in a timely fashion, and then finding that they are left with a lot less money than they expected. People make big financial decisions based on the estimated value of their home, and to find that those calculations are wrong – now, *that’s* sad. If anything, I think Brownstoner, by showing a listing like this (and other featured properties, which increasingly are going below ask) provides a service to prospective sellers by injecting some caution in their fantasies and showing that they must be more realistic in their pricing strategies.
I’m guessing the data sample of Brooklyn Townhouses included in the Case Shiller index is pretty darn close to zero.
it is a really sad state when brownstoner has to be harping one apt that sold 6 mths later at 200k below ask.
Well, I know some brokers think that given the market, a better strategy is to underask and hope for a bidding war – after all, inventory is still a bit low (though growing) and that’s probably the only thing propping up the market. But it’s true that that is a risky strategy since buyers more and more seem to take it as a given that asking prices are going to be negotiable and they can lowball…
“I think you need to look at where comparable properties sold over some period of time.”
Like the Case-Shiller Home Price Index. But that bad boy’s going down (yes, NYC too).
It’s all about comps. Especially in this weakening market. Sellers will almost never underask. Fear not asking prices. Low ball with impunity.
1:53 is meaningless