Report: Bidding War in the South Slope
There was no sign of a market slowdown in the South Slope this past weekend. A tipster says he took part in a bidding war for wood-frame house at 322 12th Street that wound up going for more than 25 percent over asking: “They had an open house over the weekend and then did a…
There was no sign of a market slowdown in the South Slope this past weekend. A tipster says he took part in a bidding war for wood-frame house at 322 12th Street that wound up going for more than 25 percent over asking:
“They had an open house over the weekend and then did a ‘best and final’ offer session – essentially asking everyone to submit their best bid. The format was such that the bidders had no idea what anyone else had offered. The brokers, Lisa Taylor and Wassim Fakhereddine, naturally all the while whispering in everyone’s ears that were being outbid, never showing any cards, watching as the offers soared. Talk about causing a frenzy. 7 bids submitted in a day, 10 total.”
The 20-by-30-foot two-family wood frame house was asking $959,000 and the winning bid was $1.25 million, according to our correspondent. Questions remain: Did the 100-by-25 lot make the property seem that much more valuable, or did Corcoran’s whisper campaign play a big part in whipping bidders into a frenzy?
12th Street Listing [Corcoran] GMAP
There was a nicely renovated house on 12th street between 6th and 7th sold by A&H for 1.25 (maybe 1.275). I live on 11th, and the house faces mine across the backyard. The house was 17×30 – the owners GUTTED the new reno and extended the house by 20 feet in the back, all three floors.
Anyone know if this is set up as 1 or 2 family? Listing says 1 family, property shark says “two family converted from one family.”
You think out of 10 offers, none of those will sign a contract.
That is one of the most idiotic statements made on here.
Obviously people wanted this home, thus the bids over ask. You can say how overpriced it is till you’re blue in the face, but it’s not overpriced if someone buys it.
It’s gotten so bad that now the bitterness has moved into full on denial. Even when you hear about properties being overbid and bought, NOW you are saying no one will sign the contract.
Do you have any idea how ridiculous that sounds?
insanity to pay that much for a crappy wood frame.
The madness continues… nice location, not the greatest though, needs “TLC”, oh lord…
1.25 million… be still my heart.
Looks like Corcoran went all out on the description and photos. NOT.
Insane, over $1000 psf. And that’s for a house that even the broker says “needs a little TLC.” It’s only 1200sf (plus basement) so the options are massive extension in the back, or tear down. Can’t build up on a frame house. I don’t see anyone spending the money on those options after paying that price psf. I agree, the contract won’t be signed at this price.
1.25 million is still a rather good deal for this house and location.
it’s a nice 1 bedroom on the upper west side.
See if an contract actually gets signed.
Over a mil for a frame house? All you bidders just got played.