Summer Sales Reduex

Any anecdotal stories of contracts being pulled, sale prices slashed, etc.?

it feels like the sales market is slowing again, but that's the typical seasonal pattern so too early to tell.

"Usually" we real estate agents would take advantage of the August lull to hit the beach, but rentals are currently so busy no one can leave -- so it might also be a perception problem that we're more overly focused on the typical August sales drought b/c we're witnessing it from anear b/c we're stuck in town.

Very curious to see what digs' data says. Getting a subscription is on my to-do list as soon as I finish this blankety-blank board package.

ali r.
DG Neary Realty

The WSJ reports today that "the average discount.... between listing and contract price is 11%....that compares to an average of 3.5% in the previous three months". Does that seem accurate?

It was really summer of 2011 that would set the tone for the year.
If this was to be the case, except a slow fall with properties collecting lots of dust.

sjtmd: Is that quote from the WSJ for the whole US market, the NY state market, the NY metro market, or Manhattan specific?

http://online.wsj.com/article/SB10001424053111904006104576500513538754304.html?KEYWORDS=kusisto

Wall Street Chills Real Estate
"....Prudential Douglas Elliman statistic that shows the average discount on MANHATTAN apartments between the listing and contract price was 11%"

So a $800,000 ask becomes a $712,000 contract which means a reasonable starting bid would be $624,000.
Let the shopping begin!

I wonder if that also includes all the price cuts from a high initial ask, or does this represent only the difference between the last advertised price after any/all cuts and the final closing price...

does not say in the article - says "listing" but I would guess it is the last available - it further states that the discount had been 3.5% up until the present time.

I think every agent has a different experience. The seasonal slow down is certainly upon us, we'll see if this carries into the fall, I think we go back to a steady pace of sales. That said,summer remains busy for me, including just participating in another best and final for a two bedroom Village home (we got it). I have a three other accepted offers with contracts out, we'll see what sticks, but I think they are all reasonable deals, sensible buyers who plan to hold for the long term.

Not all, but most of my clients have been rattled by the stock market, even though I know most are in cash. I guess I'll just go back to dollar cost averaging ETF's every month, what a casino! Faber said US treasuries may be the short of the century? Who knows? Seems everyone is selling their own book, bear or bull; wait long enough eventually everyone is right. But when the markets go hay wire like this it's tempting to swing for the fences on something, maybe BAC :)

Keith Burkhardt
The Burkhardt Group
http://theburkhardtgroup.com/agents_details.php?agent_ID=7619

I keep an eye on select, mostly second-tier neighborhoods in Brooklyn, like Ditmas Park, Clinton Hill, Windsor Terrace etc (as well as prime Park Slope).

And I can tell you that according to the Recent Sales section of Streeteasy the concession from contract to closing in those neighborhoods has indeed been around 10% over the past 60 days.

Also, the price per square foot is coming down considerably, including in prime Park Slope.

GG--i look occasionally at quality PS townhouse stock, and find that it has held up nicely over the last 3 years--meaning down only 10-20% from absolute peak