When Lowering A Home's Price Doesn't Sell It
The New York Times delved into a seller’s woes this weekend, with the tale of one Yvette Folk. She picked up a Ditmas Park one-bedroom (at, a reader suggests, 1701 Albemarke Road) for, ahem, $16,000 back in 2002, and tried for eight months to get around a quarter of a million dollars for it. Might…
The New York Times delved into a seller’s woes this weekend, with the tale of one Yvette Folk. She picked up a Ditmas Park one-bedroom (at, a reader suggests, 1701 Albemarke Road) for, ahem, $16,000 back in 2002, and tried for eight months to get around a quarter of a million dollars for it. Might be hard to generate sympathy for someone who has, until the roller coaster market, had such real estate luck, but her trials could be instructive to some of you out there thinking of selling. She had to do more than lower the price $5,000 or $10,000, more than throw a coat of antique white on the walls (which she only conceded to doing after the broker pushed for it). There was the staging and re-photographing of the place, and finally taking a lower bid from a more attractive candidate. Anybody else have tales of creative selling techniques?
When It’s Not Enough Just to Cut the Price [NY Times]
We were had during the run-up. But now, more and more, buyers are seeing right through this inexpensive staging scheme. In a down market, price is all a seller’s got.
So she got a little less than she really wanted- she made out very well and good for her! So what if she didn’t want to repaint? Most buyers will do that anyway and if the apartment was as appealing as the actual buyer thought, there’s no real problem. And not that a single one of us wouldn’t do the same if we could.
This just reflects the change to a buyer’s market. Honestly, I think it is a little insulting (and stupid) to try to pawn off a POS and not make any attempt to make it look presentable (and worth more). That said, my house had great bones and lovely details but required someone with vision to make it a great house. The seller could have gotten more if he had gotten his act together. Luckily, he was lazy.
I think part of the concern is whether or not you can buy a place for what you sell it. Doesn’t really matter what you paid if you need to relocated and you can’t get a price that enables you to move on without taking a big loss.
I believe the building is 1701 Albemarle Road, which takes up the north side of Albemarle Road between East 18th Street and the B/Q tracks. It’s the only building on Albemarle that “overlooks the tennis court.”.
This building is huge, with 84 units. That area of Flatbush has many large, multi-unit buildings. Only a realtor – and apparently the Times – would call that “Ditmas Park,” which lies three long blocks away to the south.
Pet hanger (C)? You know … for the office.
Saw a wonderful, really needs imagination to see it house a few weeks ago. It had so much period detail I can’t see how anyone could miss it. My biggest fear with houses like that- and I have seen it happen- is someone buys the house and rips it all out because it “looks too old.” FWIW MM I have saved all my change and will donate to your reno fund 🙂
The apartment in question was on Albermarle Road in the teens, while the photo appears to be Rugby Road between Cortelyou and Dorchester.
montrose, i agree 100%. we wouldn’t have been able to afford our brownstone if it had been cleaned, staged, and marketed properly. i was almost scared off, but my wife’s imagination saved the day!