Corcoran Broker says 30% price cuts is what get sales done

I always think highly of comments by Jonathan Miller.

However, I can't help but think that he must be under enormous pressure not to be too negative as he needs appraisal revenues just like brokers need commissions. And it's important to make nice in business.

Thanks for the posting, jason.

I especially noted the "predatory buyers" comment. So, when average sellers were asking 1.2M for a ground floor, airless, back facing cave, what exactly were they called?

clever.

"So, when average sellers were asking 1.2M for a ground floor, airless, back facing cave, what exactly were they called?"

Deserving

I heart Parpoopoo.

So 20% off peak pricing is now a given, and liebman pretty much admits that her brokers know that to get a deal done in current conditions, 30% off peak is probably necessary. And Jonathan Miller says that even that level is likely not as low as things will eventually get. It's one thing to know" this kind of thing amongst ourselves, quite another to see it in print like that.

Jason, way to find this quote. Amazing that the -20% is still debated. Yes, and I love the predatory stuff.

Ivanka and her family have been innocent doves in the real estate biz. If not for those PREDATORS...

the problem with Corcoran is that they put the listing price at 10% off peak. make it stay on the market for a month, then reduce it by 5%, another month, another 5%, etc.....

the poor sellers are stuck with a broker who lassoed them in with high hopes of high prices and quick sales. now sitting and waiting and becoming more desparate.

Isn't THAT only a problem for sellers . . . (sorry, the bitter renter in me comes out on Saturday nights when I'm stuck at home . . . )

won't someone who hears that and is listed with corcoran kinda be scratching their head?

""My brokers are telling me, 'The way I am making deals right now is if I can prove to the buyer that this apartment [is] actually selling for 30 percent less than it sold at the height of the market,'" she said."

I wonder what they say to the sellers?

Vulture funds exist. Why not predatory buyers? And the sellers of yesterday? Why not "enablers"?

Do you think it ever occurred to Ms Trump that "predatory" offers might be on the decline because the makers of those offers believe that sellers are delusional and the offerors will simply come back and offer less next year?

This is NOT true because LICComment says it isn't: "If a person found a place to live it that they really like, and their life situation is right for purchasing, then of course they should buy. dco would have such a person give up a place that they love because of an unsupported view that prices will drop 30% in a year."

"Things are slower now, but that means the market is reverting back to crazy levels from previous ludicrous levels."

http://www.streeteasy.com/nyc/talk/discussion/3661-answer-this-simple-question

And JuiceMan says it isn't:

Juiceman: "I also feel that prices are out of whack (in some cases) in relation to rents, however I don't believe we are as far out of whack as others. With a 5-10% correction in prices and modest increases in rents, I believe the market will be closer the equilibrium that is often talked about on this board."

http://www.streeteasy.com/nyc/talk/discussion/3552-inventory-over-7000

From approximately a year ago.

Even though it's already happened and is still happening, and they mock anyone who shows real data and real formulas - because they don't include THE TAX BENEFIT!

"Do you think it ever occurred to Ms Trump that "predatory" offers might be on the decline because the makers of those offers believe that sellers are delusional and the offerors will simply come back and offer less next year?"

What's even funnier is that Donald trump is famous for saying something along the lines of "I don't buy a house because I like the house, I buy a house because it's at the wrong price".

donald is now famous for exaggerating his net worth...by a couple billion. in fact, it is more like in the millions.

Steve, Juiceman isn't so far off. If rents had (somehow, miraculously) modestly increased and there were a 10% correction in all of the market segments, we would definitely be "closer" to equilibrium. For the "under $1M" market especially. And of course, there are many situations, as LICComments mentions, where buying now makes sense. If you use your imagination, you could come up with many. Which isn't to say that you're wrong about the general wackiness of prices right now.

In fact, you're proven to be insightful (and/or "lucky") with many of your predictions. Congratulations. I hope you'll stop bragging now.

Is everybody mocking your data and formulas, or are some actually constructively disputing them? Your "enemies" play as valuable a role as you do in the board's discussions, even if they're wrong, and I'm sure if you looked critically you could find (and I think have already acknowledged) some reasons a little modesty and conciliation would benefit everybody involved.

Also, as DCO makes so abundantly clear in the "Answer this simple question" thread you quote from, over-generalization (like conceit) is the province of the small-minded. Steve, you're obviously intelligent, but are you open-minded enough to acknowledge that there are still reasonable purchases to be made in some situations, purchases that have a good chance of being a "smart buy" over the likely time-frame?

"donald is now famous for exaggerating his net worth...by a couple billion. in fact, it is more like in the millions."

He sued the guy who researched him and wrote a book documenting his wealth and noting it at $260 million.

I kid you not, in court, Donald noted that he considered a licensing agreement for his name "ownership", called a 30% stake an "over 50% stake" because he "didn't put money down" and said he values things differently each day depending on how he feels.

apparently he actually said "i exaggerated a little. doesn't everyone."

the other night they showed him on tv at the yankee game with bill o'reilly. ugh. what a dynamic duo. i wish i could have been a fly on the wall when they went to pick up chicks after the game. nasty.