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
over 14 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.
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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.