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
This ugly little frame house looks like its from the 1970s. There are cuter and more historical woodframe homes in the area. This is not one of them. Definitely a tear-down.
314 12th st – a true teardown 2 story frame on a 25×100 lot – was listed by Massey Knackal for $1.3M and went into contract in a matter of weeks.
So there’s your comp.
Come on people–anyone can and does post on this blog. Does no one else think it’s strange that the “tipster” included the names (correct spelling for the second dude and all) in the email? I wouldn’t have. Fishy if you ask me.
I don’t believe any of the offers were by developers.
I asked this question myself, and was told no.
1.25 for a home in Park Slope…even a small one is the going rate.
In case no one has noticed, lots of people really want to live in this neighborhood.
I would be interested to see what kind of condo project could be built in such a space, I live close to this house and it may be a deep lot but it’s not very wide.
I saw this place and had a good look around, then left when the agent started talking about “4 bids in already and best and final offers tomorrow”. It will need more than $100K worth of work to make it a liveable 1 family. I would say it is too small for a 2-family (also did not see an entrance to the basement floor from outside, though maybe I just missed that). I’d estimate $200K minimum. None of the people I saw there were developers, all couples/families.
I think the reality is not that this is such a great house – it’s small, ceilings were low, block is ok but not fabulous, school district is PS39 (again ok but not fab). But – there is just not a lot around out there at this price level, that is a real house. Plenty of condos and coops, but no houses. And I think the house thing has a lot of appeal for people. I would have been interested at the original price, but for $1.25, no way. There is no chance the house will be appraised for that amount, with the state it’s in.
I do think the buyer (if they come through) should have paid more attention to the comps. A frame house sold a few months back on 12th St. betw. 6th and 7th (better block, better school district) for $1.175 – it was supposedly renovated inside as well.
A fire trap and a dump.
This is idiotic. Tipster and those claiming to know a friend who put in a bid are definitely tied to the seller or broker. Pump and dump baby.
You can put 100k into what? New windows??? Moron!