Notable Price Reductions
A: I just checked my internal brokerage systems to see how many price changes the market has experienced in the past 7 days (since September 12th), and the result was maxed out at 300. So, I was unable to even determine accurately how many price changes (most are reductions but there are some increases) there actually were. Hopefully this kind of information will be easier to gather in the near future so we can monitor trends. Anyway, here are some notable price reductions on the more aggressive side that may indicate the level of desire of that seller to move the property.
First Came on Market: 9/5/2007
Original Asking Price: $1,400,000
Asking Price NOW: $1,200,000 (reduced $200,000 on 9/18/2007)
Maintenance: $333
RE Taxes: $114
Size: 1,254 SFT
PPSF: $957
Marketed By: Susan Wires of Stribling
First Came on Market: 7/11/2007
Original Asking Price: $750,000
Asking Price NOW: $650,000 (reduced $49K on 9/17/2007)
Maintenance: $1,396
Size: 1,000 SFT
PPSF: $650
Marketed By: Mickey Roth of Douglas Elliman
First Came on Market: 9/9/2007
Original Asking Price: $525,000
Asking Price NOW: $475,000 (reduced $50,000 on 9/18/2007)
Maintenance: $785
Size: 500 SFT
PPSF: $950
Marketed By: Elaine Claymen of BrownHarrisStevens
First Came on Market: 8/7/2007
Original Asking Price: $675,000
Asking Price NOW: $659,000 (reduced $26,000 on 9/12/2007)
Maintenance: $944
Size: 650 SFT
PPSF: $1,014 (still high but great location, high floor, and xxx mint renovation)
Marketed By: Amy Elfman of CBHK
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Comments (5)
Many of these prices were already OVERPRICED and now they are back to a Normal OVERPRICED......
Posted by Michael | September 19, 2007 2:37 PM
well, best way to fix an overpriced listing is to reduce price. Some of these look OK now like the E 73rd one and the E 57th one. Havent seen any though so going on purely numbers here. Ive seen worse out there
Posted by Noah | September 19, 2007 5:03 PM
Ok, so properties in lousy areas or 5th floor walkups are getting price cuts.
Posted by Buyer | September 19, 2007 10:02 PM
I agree with Michael. One of these units is in my building. It's a great place but waaay overpriced, originally listed at 40% higher than other 1 brs in that line sold for last year.
Still, comp units in the buildling have recently sold for higher than they did in 06, indicating the markets is still strong....
Posted by newbie | September 20, 2007 3:09 PM
Yes, prices are definately starting to head downwards in more prime areas of Manhattan. Seeing a lot of price cuts in my part of the UWS. Very surprising..
I bought just over 15 years ago, so I'm okay with a LITTLE correction, but feel for those who have taken the plunge more recently.. Just hold tight, if you can!! We'll all get through this eventually!!
Posted by Julia | September 21, 2007 9:27 AM