Finally some inventory?

....sorry SE but people need to use UrbanDigs for data trends. He's the best.

don't know what sub-market you're tracking but downtown we're seeing a slow trickle in of listings, with very intense bidding wars on the ones that look cheap.

ali r.
DG Neary Realty

when brokers see bidding wars........

This can't be good, can it 'bottoms? Do you not have a clause?

it is INTENSE out there...no, VERY INTENSE

Flmaoz. Stfu and go buy some more bf the mkt gets away from you Ali. I mean you are on the front lines.... Go buy buy buy. It's called front running, or did you not learn that at your wall street job? Or how about as a writer? How about as a borker?

O fk who am I kidding? -long live housesitters!' may you get financial wealth that a good education and success at a 'job' never could! Long live the bubble.

Not you too bubba! Surely YOU have a clause.. being the forward thinker that you are.

Santa clause? Or an out clause?

Either way, good planning necessities neither.

Cause? Like no land mines for children? Like job => wealth? Like 'don't hang out with lottery winners?, like Lindsay fkhand who?, 'if you can't run 5 miles you are outta shape ? Real men go down on the ladies?

What cause do you spk of? Oh, you are in the 'long live Lawrence yun camp'.

And when good planning meets an act of God (like a revitalized market) that leaves you looking for a lap to sit on? Am I right?

Actually my good planning of working hard and being successful was met by nyc re bubble that rewarded irish carpenters, stay at home writers and overleveraged fat fucking pulled too tight re borkers........ You may look at the bursting of the bubble as an adverse 'act of god' or a MAC (in banking parlance), but I see it as a keel doing it's job after a knockdown.

Mac = material adverse clause.

Bubba, I've long since understood that the root of your frustration is in having missed the boat, but I don't quite understand the working hard part. Are you suggesting that coming up with those little advertising jingles isn't hard work?

material adverse change

here come w67 with his concentration camp jokes

w67 why do you say shit like that? wtf is wrong with you?

and BOSSMAN, it is really fucking unfair that you delete that comment. he should have to stand by that.

Don't know which bidding war on a sub-$1.5 million property you guys don't believe -- 8 bidders on West 17th Street, or 18 bidders in Tribeca? Or did you conspiracy theorists think I hired 26 people as a publicity stunt?

We're not out of the woods by a long shot, but there is more buyer interest than properties in certain niches, at least in the Downtown neighborhoods where I work.

And w67, I don't even get the "front-run" insult ... did I buy an apartment that you wanted?

ali r.
DG Neary Realty

front_porch, he is a disgusting crazy thing whom no respectable person should condescend to addressing.

Oh damn, I missed it. Did Bubba have another meltdown?

If I may, the one on W17th street I don't believe. If it's the one I found (its the only DG Neary sale on W17th I could see),has only 3 saved users. For a month on the market, to have that kind of interest (8 bidders!), sorry love.
And 3 is excruciating low to begin with.

Now I don't doubt maybe "some" buyer interest but exaggerated stories of interest will start to make me doubt one's.....sincerity.

spinnaker1, he doesn't have meltdowns, it's who he is and how he thinks. from time to time he lets it slip, but the hall monitor swiftly deletes it, so there is no record of his complete and utter degeneracy. he just kind of looks like a smartass.

once you get to the granular level of a particular neighborhood then the effects of the greater market really won't provide as much of an explanation of what is happening in that market.

The West Village is a particular case. High demand and between building codes, zoning and land marking there really is almost no new supply that can be added to satisfy it. But that only makes it the exception, not the rule.

P.S. All the current rage is talking about how urban living and high-rise apartments are so much greener, so why are we making it so hard to actually add more of that kind of inventory? Or is all the clamor over the issue more about patting ourselves on the back?

well, it's the only one on 17th street under $1.5m period. but there are only two one-bedroom condos for $800k or less below W23rd Street. i'd be surprised if it had that level of interest, it presents horribly, but who knows?

as AvUWS points out, certain pockets of inventory get a boost from relative scarcity. kind of like that tribeca property did.

truthskr, you made an assumption that I was talking about my own firm .. but sadly, the 17th street bidding war was not over our listing..

ali r.
DG Neary Realty

I did, fair enough.
Just don't believe everything you only hear and don't see for yourself.
I have a couple broker friends who have heard and passed on bidding war news on the occasional unit only to find still no sale, followed by a price decrease or just off the market.
Some were lied to by their partners.

And you'll forgive me for being skeptical of all bidding wars until I see at least some units sell for more than their asking price.
Given what's transpired over the last 2 years, fool me once, shame on you.....fool me twice, shame on me....fool me thrice, no dice.

In family-size apartments on UES and UWS that we're looking at, what we're seeing is hard to summarize in any meaninful way.

Some stuff sits and sits, and drops price, then sits some more, then drops price, etc. Some of these have "hair" on them, but certainly not all.

Some stuff moves very, very quickly, and I know of cases where multiple offers and quasi-bidding wars are a reality (won't know at what prices until closings in a few months, but I suspect they'll be strong on those). Some of these are "prime" properties in "prime" locations, but again, not all.

Really hard to make sense of why some listings fall into the first group and others into the second.

And as for inventory, it's definitely trickling in for our search, but not seeing a flood. And the trickle is generally offset by apartments getting sold or going off the market.

Just my impressions.

http://streeteasy.com/nyc/sale/582418-condo-450-west-17th-street-west-chelsea-new-york

i hate it when i'm sloppy. but this didn't register as a possibility. first, it doesn't seem like it's well-priced. and it has an open-house scheduled. i understand the value of the back-up bid, but with eight bidders already?

I hope not, the Caledonia is one of the most propped up buildings in the city and offers no state of affairs of the NYC market.
It is tightly controlled by Related and outside agencies who get the occasional listing benefit from the propped up market Related concocts.
Actually buying here does offer an owner a bit more insulation from a distressed market. But it offers near nothing of a market guage.

133 West 17th Street #5A

01/26/2011 Listed by Halstead Property at $1,200,000.
02/15/2011 Listing entered contract.

http://streeteasy.com/nyc/sale/579638-coop-133-west-17th-street-chelsea-new-york

thanks apt_boy, SE is working on the issue but i can't include properties that are in contract in my searches, it automatically excludes all in-contract properties and i'd overlooked that.

Considering it was priced 250k less than 3A sold for in oct 2010, i would not use this as a barameter for bidding wars...it was priced below mkt, with the goal of a "Bidding War"...even if you count the $ needed for a reno to make it look like 3A

looks like a good candidate AptBoy. On the market less than 1 month and saved by 55 people!
I think whoever bought PHB got a decent deal.
Safe to say PHC will not have a bidding war.

AR
In my search page it defaults to exclude in contracts but I can change it in the tab of the option.
You can't?

no i can't. it happened a couple of weeks ago. i've contacted SE and sent them the url and they say it's a programming glitch, but so far i can't get rid of exclude listings in contract.

i haven't heard of anyone else having this issue.

Was that the one, FP? Can you "cofirm", "deny", or "neither confirm nor deny"?

alison, if i pay you 6% of my next purchase will you pass on more hearsay hype to me??

My search is in Brooklyn, not downtown. The submarket I track has been pretty hot, with beautiful, fully-renovated properties going at top prices (new peaks or near peaks), the odd situation where a blah house goes at a pretty strong price (within 10% of peak), frequent chop-chop-chop, delist, and the lame ducks (one year and counting at the same ask.) The houses that need extensive renovations are in free-fall (for real estate), new listings at 30-40% from peak and trading below. I don't think I'd ever had a 68 updated listings in one day before, at least not in the last year.
We'll see what tomorrow and next week bring, maybe that was a fluke.

>alison, if i pay you 6% of my next purchase will you pass on more hearsay hype to me??

WTushy!

Also considering advertising on Brick Underground for additional "unrelated, free" PR on streeteasy's message boards.

My sector seems to be losing its collective mind all over again. This viewless combo is in contract after two weeks, at a stunning all-in price:
http://streeteasy.com/nyc/sale/581081-condo-500-west-end-avenue-upper-west-side-new-york

The renovation is nice, pre-war condos are scarce, the brokers are the best, etc... But seriously: a mash-up of rear-facing sponsor units on West End for $1500/SF?

Good sleuthing, AptBoy. What an odd place, though--that bizarre 'sleeping area' configuration, with bed prominently placed in living space is ridiculous. If I wanted to see my bed while throwing a dinner party I'd buy a studio...

West, any idea what the contract price is? Did they meet the ask? If so, that is rather stunning, especially considering the lack of view.

This is a climate vs. weather argument.
So of you are commenting on the weather...bidding war over a particular property.
Others are talking the climate wrt long term change.
everything going up in price...not so much for home prices in relationship to the change.
This is bonus season. I can tell you that that money has hit the streets and is in motion. We haven't seen this since 2007. What's moving fast now is some of that money buying up needs.
It will cool off...it always does. This will be a good year for biz...could be a good year for residential re.
Everything's relative. How happy were you that it was 64 degrees yesterday?
What's 64 degrees in July? f'in freezing!

Another interesting way my life as an agent is different from that of someone just being in the market for a few months to do a real estate transaction is that often the brokers on the other side of the deal -- those from whom that "hearsay" factor comes - are people the firm has worked with for years, sometimes decades.

I know you guys live in a land where authority is black-and-white (either it comes from a data provider, so it must necessarily be true, or it comes from a broker, so it must necessarily be false) but I don't.

Ali r.
DG Neary Realty

Regarding 500 West End:

This was one of the examples I was referring to about going into contract quickly, possibly after bidding wars. We tried to see this apartment, couldn't get schedules to match, and before we knew it, the broker told us they were going to "best and final" the next day. Um, no thank you.

So I am guessing it sold at/around or even above ask.

That apartment certainly didn't seem to be worth $2.7MM to me. On the other hand, comps in the building seem to suggest pretty astronomical prices, so maybe there's something about the building or neighborhood that I am not appreciating.

West81st, how do you know the "stunning" all-in price? Or just assuming based on how quickly it went into contrace?

Maly,
I work in Brooklyn and I wonder if you had a big influx/refresh of Fillmore listings. I noted an uptick on my saved searches - though nothing like 68! - and traced a number of them to Fillmore listings that had been been on the market as Fillmore house listings and refreshed with specific Fillmore agents.
Tina Fallon
Realty Collective, LLC

There is nothing wrong with the inventory. Just move your price range up by 20% to 30%, keeping all other search criteria the same.

newbuyer99: Sorry - can't discuss sources here. You can e-mail me for more info if interested. Just put my screen name in front of @gmail.com.