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 .
PRICE: $429,000 (reduced $21,000 on 10/15/2007)
SIZE: Alc Studio - size not listed
ON MARKET SINCE: 9/21/2007
PRICE: $719,000 (reduced $30,000 on 10/15/2007)
SIZE: 825 sft
ON MARKET SINCE: 8/09/2007
PRICE: $1,199,000 (reduced $96,000 on 10/15/2007)
SIZE:1,177 sft
ON MARKET SINCE: 10/03/2007
PRICE: $1,999,990 (price reduced $300,000 on 10/15/2007)
SIZE: 2,179 sft
ON MARKET SINCE: 8/17/2007
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.
Comments (5)
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 Guest | October 16, 2007 12:56 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 Noah | October 16, 2007 1:00 PM
Why would you not work with a buyer to show these properties?
Posted by Richard | October 17, 2007 6:15 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 Noah | October 17, 2007 8:19 AM
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.
Posted by Anonymous | January 4, 2008 3:07 PM