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Price changes

Started by dco
over 17 years ago
Posts: 1319
Member since: Mar 2008
Discussion about
Keep your eyes on the sectionof this site labeled as Popular Searches. Look at the section for RECENT PRICE CHANGES IN MANHATTAN AND BROOKLYN. I have been watching it for about 2 weeks or so. I have started to see much larger numbers of units with price decreases. This tracks price adjustments made in less than 2 day period. It's very interesting to see how it moves. It tends to give you a good feeling of how owners feel about there listed priceses.
Response by West81st
over 17 years ago
Posts: 5564
Member since: Jan 2008

Interesting, yes, but always to be taken with a grain of salt. Asking prices are basically a marketing tool. Apartments may sell above or below those prices. A price cut may only indicate a shift in a broker's strategy for a unit, or in his/her ability to set the seller's expectations more realistically.

Asking prices that are substantially below year-ago comps might indicate a real market downturn. Asking prices that are simply reduced from some previous, apirational level are open to various interpretations.

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Response by buster2056
over 17 years ago
Posts: 866
Member since: Sep 2007

Also, one broker on elliman is notorious for moving prices both up and down ~2-5% every other week to generate notice. I'll let you figure which broker.

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Response by kylewest
over 17 years ago
Posts: 4455
Member since: Aug 2007

If the manipulation is being done to game the streeteasy listing system, I believe streeteasy would contact the broker to address the issue if you sent the site a message buster2056. On the two or three occasions I've come across someone gumming up the works of this site and told streeteasy, they unfailingly responded to me by email that they would look into the issue and then followed up with the outcome of their investigation. This site can only remain the invaluable resource it is becoming if the integrity of the information it provides is protected. The administrators seem to realize this. Let them know.

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Response by verain
over 17 years ago
Posts: 133
Member since: Apr 2008

Yes, that broker is Darren Sukenik. $+/- 5000. There is nothing wrong with aggressive marketing. What he is doing is no different than the guy working for the parking lot company who stands in the street and waives his flag to get drivers' attention vs. just having a static sign.

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Response by kylewest
over 17 years ago
Posts: 4455
Member since: Aug 2007

Verain, who are you to excuse this practice by self-defining it at mere "aggressive marketing?" Who made you the arbiter of acceptable RE business practices? Over and over you reveal yourself to be an apologist for all that saps the professionalism of the NYC RE market. Good business isn't fooling people or gaming systems. You're contempt for consumers is obnoxious.

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Response by buster2056
over 17 years ago
Posts: 866
Member since: Sep 2007

I don't really disagree with you, verain, and if I were selling through him, I might even appreciate the tactic. My point was not to tattle or complain, but to caveat the data. Streeteasy has a pretty easy control, though - just search for price changes above a percentage threshold.

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Response by verain
over 17 years ago
Posts: 133
Member since: Apr 2008

Kyle, why is this a practice that needs excusing? Why are you entitled to anything as the non-owner of the information?

No one is fooled. The price of the apartment is the price at which it is advertised. Real estate and real property are tangible items that can be diligenced relatively easy by any purchaser, both in the physical sense and then through title searches and property records.

Buster - you are entitled to caveat the data absolutely.

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Response by nohoho
over 17 years ago
Posts: 14
Member since: Mar 2008

sukenik = sux

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Response by tenemental
over 17 years ago
Posts: 1282
Member since: Sep 2007

I remember when Darren Sukenik used to post "Darren Sukenik=SOLD" all over Curbed. It was so cheesy, I thought someone really had it in for the guy. Then I realized, Oh My God, he's doing it himself.

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