Notable Price Reductions
A: Haven't touched this topic in a while and was asked to put a new post up on some price cuts. Meanwhile, I'm working on making a new portal for you here so you can monitor trends in price cuts over time, a dataset that may be interesting to follow in order to get a better handle on the CURRENT state of our New York City real estate marketplace. For now, here are some notable price reductions from today; I see 28 total price reductions from yesterday (10/15/2007) to 9:30AM today .
515 E 89th
PRICE: $429,000 (reduced $21,000 on 10/15/2007)
SIZE: Alc Studio - size not listed
ON MARKET SINCE: 9/21/2007
51 Saint Marks Place - Apt 11
PRICE: $719,000 (reduced $30,000 on 10/15/2007)
SIZE: 825 sft
ON MARKET SINCE: 8/09/2007
125 Central Park North - 7B
PRICE: $1,199,000 (reduced $96,000 on 10/15/2007)
SIZE:1,177 sft
ON MARKET SINCE: 10/03/2007
817 West End Ave
PRICE: $1,999,990 (price reduced $300,000 on 10/15/2007)
SIZE: 2,179 sft
ON MARKET SINCE: 8/17/2007
105 West 13th Street - 16B
PRICE: $398,000 (price reduction $17,000 on 10/15/2007)
SIZE: 480 sft
ON MARKET SINCE: 2/04/2007
I'll leave it up to you to decide if the current price is now worthwhile and more in-line with current demand and market valuations! As always, I will never work with buyers seeking to view these properties. If you are interested in seeing anything listed above, please contact the seller broker directly for an appointment.
Posted by Guest
Tue Oct 16th, 2007 12:56 PM
Noah,
That would be quit an interesting analysis. Not to make more work for you, but if could look at it by neighborhood, size, price range, etc., that would be pretty insightful.
Posted by Noah
Tue Oct 16th, 2007 01:00 PM
Guest - well its not going to be that complex when the new site launches. To start, we'll just have total price cuts and charting capabilities for time periods; say 1 month, 3 month, 6 month, 12 month, etc. So you can see whether the trend is UP or DOWN for total price reductions and whether more or less sellers are reducing prices.
Down the road I will work on making these datasets more specific and complex, as you have a GREAT idea and I would love to know those trends as well! Just easier said than done.
Posted by Richard
Wed Oct 17th, 2007 06:15 AM
Why would you not work with a buyer to show these properties?
Posted by Noah
Wed Oct 17th, 2007 08:19 AM
your not allowed to advertise other brokers exclusives! I dont think this is advertising them because Im not trying to get clients, Im only trying to show readers which properties had reductions, so to be safe, I dont bring buyers to any listings I promote on this site!
Posted by anonymous
Fri Jan 4th, 2008 03:07 PM
Noah, great idea. You should keep this up.
We're all expecting prices to steady and maybe drop, right? This would be a great opportunity to evaluate whether prices are coming down.