Viewing Closing Price

It's because SE gets the data comes from two different places.

The brokers reported 15B and 15J to SE as having sold. Brokers don't supply prices, though. SE will pick up the amounts from the city, once the transactions have been recorded. That can take a while, as filing with the city entails paying taxes, so buyers are in no rush.

The lenders have filed UCC1s for 15B's and 15J's share loans -- there's never any delay with those -- so you can see who bought but not for how much, yet.

And sometimes SE doesn't match the closing with the correct building. E.g., SE is showing a $367K closing as 175 W 93rd #5D, but the city says it's for 180 W 93rd.

It's too early for the filings to have been done by the sellers' attornies. I think they have by statue 15 business days but no enforcement if it is later. I've seen it filed as much as over 2 months after closing.

According to the rules of REBNY (the trade association to which many NYC brokers, including these listing brokers, belong) a sale has to be marked as "closed" with a closing price right after it is closed. (Technically within 24 hours I think, although I think 48 hours is more typical.)

I haven't spoken to these listing brokers, but from what I see in the REBNY listing system, the sales closed at $650K for 15-B and $750K for 15-J.

Maybe SE didn't match them up since that looks like last list?

ali r.
{downtown broker}

I've noticed that sometimes (rarely) the sale never does show up in ACRIS. What causes that? I assume that it must have been filed. Could it be entered incorrectly into the wrong block/lot?

Front Porch, I thought that might be it too, I'll go with it for now. I do note however that in previous years there were several closings in the same building where the list and closing price were the same and the closing price was displayed.

rc, another thought occurred to me: You can always call the listing agents (in deference to the holiday, maybe wait till Tuesday) and ask them.

This isn't about the listing agents. The attorney files the price with the city in ACRIS, not the broker.

Does the new SE show price histories of units as the old SE did (I'm not finding it)?

Cr22, I understand that ACRIS is made by an attorney as a city filing -- but sometimes a person might just want to know the price that an apartment closed at without necessarily having to have that number documented. If you're just looking for the number, one of the easiest ways to find it is to ask any of the people who were at the closing table -- which includes both brokers. Prior to closing, brokers have an obligation of confidentiality to not reveal that number, but post-closing, that obligation is gone.

People (usually appraisers, sometimes brokers, but sometimes just members of the general public) will call me all the time and say, "I saw you just sold 2R, what was the closing price, and what did the second bathroom look like?"

Cr22, I understand that ACRIS is made by an attorney as a city filing -- but sometimes a person might just want to know the price that an apartment closed at without necessarily having to have that number documented. If you're just looking for the number, one of the easiest ways to find it is to ask any of the people who were at the closing table -- which includes both brokers. Prior to closing, brokers have an obligation of confidentiality to not reveal that number, but post-closing, that obligation is gone.

People (usually appraisers, sometimes brokers, but sometimes just members of the general public) will call me all the time and say, "I saw you just sold 2R, what was the closing price, and what did the second bathroom look like?"

>Prior to closing, brokers have an obligation of confidentiality to not reveal that number, but post-closing, that obligation is gone.

and that reflects that brokers get even more value than 6% of a deal.

Yes, seller attorney is responsible for filing closing/tax documents with the city. I believe there is a time limit on when this should be done after the closing as crescent points out, but im unsure what that is offhand

Yes, Im sure some sneaky attys figure out a way to delay these filings which tell the city what taxes may be owed on the transaction, among other important things.

Yes, there is a lag between when a transaction closes/atty files it & when its publicly filed with the city giving all of us price discovery -- on average I would say 50% of closings today will be publicly filed within about 21 days. After 60 days you prob have 75% coverage of closings. After 90 days, your prob close to 90%-95% of closings. This is one reason why SE index is at a 2-mth lag. Occasionally, Ive seen closings be filed years later.

Yes, the broker 'should' always update the status of their listing via RLS, especially after a status change. But I find from the data, most brokers dont. I guess they get the check and move on and its not a top priority at the time; rather something they will do later on. Some brokers will input the closing price per rebny rules, but that doesnt mean it always happens. As Ali points out, it seems the system has the broker generated closing prices of both units -- but we must wait for the filing from ACRIS for public sites to document the sale. Why u ask? The reason stems from a lack of trust in broker generated data feed (think inventory side data, ie: apt size info, #beds, #baths, ask price, status, etc) to be used as an all important 'verify point' for documenting sales on a website like Streeteasy, or UrbanDigs. These sites will always wait for the acris filing to doc the sale. That is why its not listed yet.