FSBO Gives Up, Hands Keys Over to Broker
As the market weakens are fewer sellers going to go the FSBO route? This question occurred to us as we were perusing the Douglas Elliman website yesterday and came across a listing for 273 Prospect Place. The address rang a bell so we searched the Brownstoner archives and discovered that we had featured it as…
As the market weakens are fewer sellers going to go the FSBO route? This question occurred to us as we were perusing the Douglas Elliman website yesterday and came across a listing for 273 Prospect Place. The address rang a bell so we searched the Brownstoner archives and discovered that we had featured it as an Open House Pick back on August 4th when it was a FSBO. Presumably the seller was unable to move the place on his/her own and decided to let a pro try while keeping the price the same (with the obvious result of a lower net price post-commission). Have you heard of other examples recently of FSBOs throwing in the towel? By the way, there’s an open house at this place scheduled for this weekend.
273 Prospect Place [Douglas Elliman] GMAP P*Shark
Open House Picks 8/4/06 [Brownstoner]
there’s a new FSBO at 314 Carlton Ave.
Open House 9/17 12 to 4.
There’s an ad in the NY Times and craigslist.
It’s interesting that the price was based on an appraisal because I think the serious buyers are only looking at comps. e.g. Corcoran selling a 20ft wide four story a few months ago on St. Marks for 1.6. Appraisals are meaningless to buyers until it’s time for a mortgage. Thanks to sites like this buyers are too educated to be fooled these days.
she is asking too much.
that’s a shame. the owner had a whole conversation on the prospect heights message boards about why she wouldn’t go with a broker and how she knows it’s a fair asking price cause she had it appraised twice. but that was back when she first listed it, probably a month and a half or so ago. she did put up a website an everything, but i guess the market’s not doing well enough?
A guy across the street from me has given his FSBO to Corcoran, although I think the listing price is moving up (at least at first). I think he originally listed it at $2.1 or $2.2, had dropped it to $2.0, and I think Corcoran is going to list it at $2.1 again.
The FSBO wasn’t the most complete effort I’ve seen: he was buying ads in the Times, but didn’t have a website, etc. On the other hand, not everyone lives on the web like I do.
Excellent advice. Someone was discussing 15 Lefferts Place the other day. That guy did it right. Great website. Priced fairly. It was gone in a week. And it would still go in a week in this market.
I think it’s all about price now. I still see correctly priced FSBO (apts mostly) going quickly. But you reach and you get nothing and then you get a broker and insist on similar high price, you still get nothing.
My advice is to get 3 brokers to price your place. Take the mean, reduce by 5%, and really WORK IT. You need to have a website, Times ad print and online, craigslist, flyers, emails to everyone you know. It is a little work but you’ll sell it fast. And no broker is selling for the price they are telling you anyway.
I went to the OH for this house last weekend. It’s very nice but the problem is not that they tried to do it as an FSBO but that they are asking $150,000 too much for it. It is 16.5 feet wide. Lower it to 1.5mm and it will go.
We are selling our place now and the change in the market was definitely one of the reasons we didn’t go the FSBO route.