Open House Picks: Six Months Later
Because of a lack of open houses over Labor Day weekend, there were no Open House Picks six months ago. Hence, we’ve got no Open House Picks: Six Months Later for you this week. Feel free to amuse yourself in the comments section. Open House Picks 9/04/09 [Brownstoner] Previous Six Months Later Posts [Brownstoner]
Because of a lack of open houses over Labor Day weekend, there were no Open House Picks six months ago. Hence, we’ve got no Open House Picks: Six Months Later for you this week. Feel free to amuse yourself in the comments section.
Open House Picks 9/04/09 [Brownstoner]
Previous Six Months Later Posts [Brownstoner]
It makes sense that the widget underrates sales prices because no matter how hard people try, they estimate through their own preferences and prejudices about what makes a house worthwhile. So if 98 people think a house is worth X under their criteria for value, but two people think it’s worth 1.5 times X, it’ll sell for 1.5X, even though if those hundred folks participated in the widget, the estimated sale price would be only 1.01X.
That’s enough self-amuse for now. Think I’ll go wash my hands.
“Why not revisit Open House Picks a year ago?
Posted by: Arkady at March 5, 2010 12:54 PM”
I agree. Here’s the 6 months later post from 6 months ago.
http://bstoner.wpengine.com/brownstoner/archives/2009/09/open_house_pick_298.php
From the Brownstoner post only 1 out of 4 had sold.
One of them in w’burg sold too close to press time.
273 Berry St was listed at $1,129,000
Event Amount Date Show details
Deed Transfer recorded $981,500 9/1/2009
Another one in 303 East 8th in Kensington, didn’t sell for 799k and now is listed for 905,000
Don’t see any transactions on 169 8 St
“Hence, we’ve got no Open House Picks: Six Months Later for you this week.”
A reprieve for Team Bull.
***Bid half off peak comps***
I LOVE reading the comments on the house I bought when it was HOTD about 4 months before I bought it. I did not know about brownstoner back then so never actually saw it until well after I was settled in.
PS. I paid below ask in early 2007.
Slopefarm, you really think the additional attention of a Brownstoner HOTD or Open House Pick didn’t increase the buyer/bidder pool and subsequently pushed up prices??
Posted by: Colonel Steve Austin at March 5, 2010 1:25 PM
I don’t think Brownstoner attention does anything to a buyer/bidder pool on a property. The widget proves that. The widget sale price guesses usually come in 10% or more below the actual sale price. If Brownstoner had an impact on real sales the widget would be much closer to actual prices.
Also, the buyer/bidder pool of NYC is massive. The Brownstoner readership is but a small fraction of it (I started reading Brownstoner after I was told the building I bought was a HOTD – I was unaware of the site and the fact my building was a HOTD had zero bearing on what I offered, why I offered, and what was accepted).
CSA, I was around then. Whatever boost to the size of the buyer pool there was (and there probably was) was likely more than offset by the trashtalking. Realtors must have cringed when their houses appeared due to all the online scoffing. Commenters made various points about every house that might not have been obvious to buyers — flaws in location, construction, bad history with DOB, etc. Read any HOTD or OHP thread back then, lots of reasons to be scared off a bidding war.
CSA- ha ha ha. dont you know ‘stonerland is just a circle …?
also, i think it is a major misconception that open house picks from the bubble period would sell 4/4 within six months. in my experience, sellers were simultaneously reaching for the stars and many many properties sat unsold bc of unreasonable asks. i’d be interested in real data should you have any, though.
Slopefarm, you really think the additional attention of a Brownstoner HOTD or Open House Pick didn’t increase the buyer/bidder pool and subsequently pushed up prices??
Colonel Steve,
Yes there were bidding wars back in the day, but I doubt they were caused by appearance on this site. Properties routinely get talked down here, in good markets or bad. There were bidding ward regardless of whether a house was posted here or not. Brownstoner neither boosted value then nor is kiss of death now. Market is different. The fact that, for so long, houses routinely closed 10-15% above widget belies the existence of any significant effect of this site on sale or price.
(Sorry, Mr. B)