What to use for comps in today's market?
Started by pscurious
over 17 years ago
Posts: 3
Member since: Feb 2008
Discussion about
Hoping more experienced folks can help out- but looking to buy in Park Slope in the next 12 months and we've been checking out listings and going to open houses- but what's the best way to check on comps? Not much is actually selling these days- and people keep telling me anything actually closing in the last couple of months was sold 6 months ago- and the market is already different. I do "feel" the difference but not sure what other criteria to use. Is $600psf the new $700psf for Park Slope? Thanks.
pscurious, I don't think you have to attach a particular ppsf here. It's only a rough range, and not that useful when you're looking at individual apartments. The best thing to do is determine where you think prices are realistically going. Comps are great for tracking history and can help you with this, but don't just use the latest comp and bid there (it's only a rough starting point) - study the environment, open houses, etc., and bid what you think the property is worth when you're legitimately interested. Good luck!
pscurious- this is where a buyer's broker comes in handy. I would suggest getting in touch w/ a local RE broker in Park Slope and asking them to check into listings with contracts that were signed within the last 2 months. They will most likely have relationships with the listing brokers and be able to contact them & find out what the contract signed prices are. Then you'll be able to figure out what the going $/SF is. I don't do Bklyn but I can recommend someone from my firm who does.
sophia.anzaroot@elliman.com