NYT - "Bidding Wars Resume"

No. It is what it is. Bidding wars resume.

http://www.streeteasy.com/nyc/talk/discussion/16176-bidding-wars-resume-

Bidding wars, Open Houses with lots of foot traffic, decrease in number of sales listings, stock market surging, low interest rates, retail sales up--seems like the storm clouds are parting to me

has anyone read the article? it basically says that there is some bidding wars for people who list apts 30% below 2008 prices.

30%

it also says that three quarters of units listed in manhattan are overpriced

I went to several open houses in the last 2 weeks and there were no other prospective buyers. In my listings, very, very few listings went into contract. Go figure.

Listing at 30 to 40% below market will always create bidding wars even during a recession.

Tautology ahart?
How dare anyone bring real data or read the actual article on se, mjh?

I read the article, hung on every word.

As I say in the other SE discussion, I am in the midst of a bidding war right now. Actually as of today it looks to be over, but it's really not until we have an exectory contract.

My listing was priced at market or slightly higher--really, just a bit higher.

BY market, by the way, I mean the current market. At this point, who cares what things cost in 2006 or 2007--unless you're the seller and have some number to beat, of course. It's irrelevant to today's buyer.

The bidding war ensued because there is a shortage of apartments like this, and because the monthly charges are uncommonly low. That's because of excellent building management and some unusual features of the building.

The bidding war caught me by surprise. There are other apartments out there, after all. What I failed to take into account is how exquisitely sensitive buyers are, at least at this price point, in this economy, to monthly charges.

I spoke with another broker today who shared with me that she hates bidding wars. This isn't fun for brokers who like people and who enjoy seeing them happy. It's hard to make everyone happy in a bidding war situation.

I have also noticed dramatic drops in price in hopes of stimulating a bidding war--prices that are know are sincerely below the current market. This could be a smart strategy, but it's a tough one, I think....a Donald Trump move.

{Manhattan real estate agent.}

"I spoke with another broker today who shared with me that she hates bidding wars. This isn't fun for brokers who like people and who enjoy seeing them happy." ( Manhattan real estate agent.}
The caveat - brokers "who like people".....more than they like making higher commissions. It is probably just the two of you.

"Bidding wars, Open Houses with lots of foot traffic, decrease in number of sales listings, stock market surging, low interest rates, retail sales up--seems like the storm clouds are parting to me"

Seems like someone didn't read the article.

;-)

btw, this sort of demonstrates which was more accurate... "unrealistic sellers" vs. "unrealistic buyers".

Seems the market is completely realistic for anyone who gets the 30% down factor.

Love the revisionist commentary - article stated 20-30% below 08 peaks, not 40. And this references listing prices, not where deals are closing. In any case, I think the point of the article was that a floor is beginning to become established. I don't really have an opinion one way or the other, just curious what others were seeing/experiencing. And what does this mean for activity 3, 6, 12 months down the line.

floor? 1 yr after greatest RE bubble in NYC, and you think we just plunked down a FLOOR? 1% of sellers are getting the Fuck out and 1% of buyers are jumping in. A FLOOR would be indicated by >50% trades happening within 2-3 months within 10% of listing prices.....IMHO. There are lots a matzo balls floating around the soup past the "expiration" date of a true stable mkt.

w67: it may be a plateau before the next leg down although i think we've seen the bulk of the decline. we are in a sweet spot for those willing to bullish and have a longer term perspective. look at the stock market. we've had a historic rally off the lows but nobody trusts this run. if you're long stocks nothing could be sweeter as lots people have yet to jump back in the market. when they do-sell. same is happening in pockets of NYC RE where sellers have embraced reality and are moving inventory with low prices. i think the next leg down will occur when the other 80% recognize the new price point and lower their listing price.

W67 - forget the meds? I never claimed that a floor has been reached - simply trying to interpret the article. Your opinion is as valid as anyone's but what's with the never-ending histrionics??

Hello OTNYC. doggie's histrionics come from his constant need to prove himself based on being born into a lower Caste family in India and then coming to the U.S. and needing to borrow Goodwill clothing. He has a constant need to overachieve, AND tell you about it. He has a constant need to get attention and will do whatever he needs, including spelling all words with a 'z' and cheating in business dealings or being inappropriate in other settings. His enabler is aboutready.

"In any case, I think the point of the article was that a floor is beginning to become established."

I love how a bull can turn stats that show major price drops into evidence of a floor.

That is nonsensical.

All this means is, the desperate unrealistic sellers are going to have to lower their prices more... and when they do, there will be even more apartments priced lower, and then its a race to the bottom.

The unrealistic are at least keeping volumes low... but imagine what happens when they realize they can't sell, its not getting better, and they have to drop prices again....

Every time we get new data showing more drops, some broker or bull says "its a bottom". They've been on crack every time.