Ruh roh Scooby- this isn't good. dueling open houses
Started by jake
over 18 years ago
Posts: 277
Member since: Jan 2007
Discussion about
This is a beautiful newer building in a great area. Why are all the arrows pointing down? Sales listings for this building SAVE Active Listings (5) $5,300,000 181 East 90th Street 3 beds $2,850,000 181 East 90th Street 2 beds Open House: Sun, Apr 13 (2:00 - 3:00) $2,795,000 181 East 90th Street 2 beds 1,650 ft² $2,495,000 181 East 90th Street 2 beds 1,658 ft² $2,295,000 181 East 90th Street 2... [more]
This is a beautiful newer building in a great area. Why are all the arrows pointing down?
Sales listings for this building
SAVE Active Listings (5)
↓ $5,300,000 181 East 90th Street 3 beds
↓ $2,850,000 181 East 90th Street 2 beds
Open House: Sun, Apr 13 (2:00 - 3:00)
↓ $2,795,000 181 East 90th Street 2 beds 1,650 ft²
$2,495,000 181 East 90th Street 2 beds 1,658 ft²
↓ $2,295,000 181 East 90th Street 2 beds 1,658 ft²
Open House: Sun, Apr 13 (3:00 - 4:30)
SAVE Listings in Contract (1)
$1,599,000 181 East 90th Street 2 beds 1,474 ft²
Rentals listings for this building
SAVE Active Listings (0)
None
SAVE Listings in Contract (0)
None
The 2br listed at $2.495mm looks like it was previously listed with another broker last September. After 187 days on the market and price drops from $3.5mm to $2.59mm and an ad stating "SELLER RELOCATING. SELLER SAYS SELL" it was taken off the market for 2 days. Re-listed now at $2.495mm. Since it was off the market (even for 2 days) Streeteasy seems to have lost the history. But that apt. too should have the little arrow pointing down.
After no closings in this building since August the last apartment on the list is in contract after only 30 days on the market. This seller seems to have had more realistic expectations about the price and consequently has a transaction. The clearing level for this building looks more like $1,084 per s.f. not the $1,500++ per s.f. the others are looking for.
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Response by inquirer
over 18 years ago
Posts: 335
Member since: Aug 2007
Something's up with that building.
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Response by West81st
over 18 years ago
Posts: 5564
Member since: Jan 2008
Mostly, the downward-pointing arrows tell you that all of those apartments were originally overpriced. Maybe they still are; time will tell. A slow market and a glut of listings in the building are accelerating the correction. The "dueling open houses" are quite different units, so it's not exactly a duel; but it's fun to see Sotheby's and Corcoran duke it out. even if they're aiming for slightly different buyers.
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Response by inquirer
over 18 years ago
Posts: 335
Member since: Aug 2007
Also, watch 80 Central Park West. Silly almost identical layouts, prefab feel, high maintenance - a number of agencies put the apartments up with the same initial price.
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Response by kylewest
over 18 years ago
Posts: 4455
Member since: Aug 2007
Very interesting "mystery." All properties currently for sale have Sotheby's and Corcoran as agents. The agents seem to have all thought more or less the same about pricing, but obviously their thinking isn't working with buyers. Curious if anyone knows if any answers lie in building financials, views about to change (new construction nextdoor), mold problems in building, etc. Of past sales, majority lingered on market during last 2 years for extraordinarily long periods of time. Only a handful sold in less than 5 or 6 months. Someone who knows the building chime in!
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Response by inquirer
over 18 years ago
Posts: 335
Member since: Aug 2007
Someone just told me that's some sort of an issue with the tax/valuation/assessment.
Something's up with that building.
Mostly, the downward-pointing arrows tell you that all of those apartments were originally overpriced. Maybe they still are; time will tell. A slow market and a glut of listings in the building are accelerating the correction. The "dueling open houses" are quite different units, so it's not exactly a duel; but it's fun to see Sotheby's and Corcoran duke it out. even if they're aiming for slightly different buyers.
Also, watch 80 Central Park West. Silly almost identical layouts, prefab feel, high maintenance - a number of agencies put the apartments up with the same initial price.
Very interesting "mystery." All properties currently for sale have Sotheby's and Corcoran as agents. The agents seem to have all thought more or less the same about pricing, but obviously their thinking isn't working with buyers. Curious if anyone knows if any answers lie in building financials, views about to change (new construction nextdoor), mold problems in building, etc. Of past sales, majority lingered on market during last 2 years for extraordinarily long periods of time. Only a handful sold in less than 5 or 6 months. Someone who knows the building chime in!
Someone just told me that's some sort of an issue with the tax/valuation/assessment.
btw, it should have been "ruh roh, Shaggy..."