I was looking at 10-63 Jackson, Apt 6G in Long Island City and noticed something which seemed irregular. - Dec 2007, Prudential Douglas Elliman listed the apt in StreetEasy at $660k as "already in contract," however the deal didn't close. Obviously, there are many possible reasons for this. - Jul 2009 sale recorded for $365k. Did market prices really get cut in half? - May 2011, apt listed for... [more]
I was looking at 10-63 Jackson, Apt 6G in Long Island City and noticed something which seemed irregular.
- Dec 2007, Prudential Douglas Elliman listed the apt in StreetEasy at $660k as "already in contract," however the deal didn't close. Obviously, there are many possible reasons for this.
- Jul 2009 sale recorded for $365k. Did market prices really get cut in half?
- May 2011, apt listed for $545k, later listed by Prudential as being "in contract," again at $660k. Did the market really double since Jul 2009? Is the market so hot now that a bidding war pushed the price up from $545k to $660k in a matter of two weeks?
Or is this a ploy by Prudential to show a number of listings "in contract" at artificially high prices, only to have these faux transactions get canceled later down the line after they sell other units showing higher market / building comps?
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Response by bramstar
about 15 years ago
Posts: 1909
Member since: May 2008
The contract price is not publicly known until after the sale closes. All because a listing shows as 'in contract' at a certain price does NOT mean that is the deal price. The number you are seeing is only the last known list price.
The contract price is not publicly known until after the sale closes. All because a listing shows as 'in contract' at a certain price does NOT mean that is the deal price. The number you are seeing is only the last known list price.