Data Widget / Slow Blogging
A: Hey guys, sorry for the slow blogging lately as I got a bit busy with some new listings coming in and buyer clients. Also, the UrbanDigs Real Time Manhattan Data Widget should be fixed by tonight, and updated by tomorrow morning. Sorry for the inconvenience on that front.
Also, you will notice in about a week or so, that my own personal exclusive listings will be featured in the 300 x 150 ad spot right ABOVE the data widget on all UrbanDigs web pages. This space will ONLY be for my seller clients; and not a pay-for-spot ad service for other properties.
I was hesitant to put my listings on this blog for years, because I felt that it might negatively impact the essence of this site - that is why the only ads I have are that one spot (Floorworks NY has taken this spot for the past 10 months or so and is the ONLY flooring company that I recommend to clients) and Google ads whose revenue goes to site maintenance and data tools. Lucky for me, I am more of a buy side broker so I really didn't have many sales listings anyway. But times are a changing and I am getting plenty of calls from frustrated sellers that feel they need more of a macro-level consulting strategy to stay ahead and move property in this illiquid market. I also got way too many requests from sellers asking for a spot on UrbanDigs.com, and I feel the time is right to enable that feature in a non-obtrusive capacity.
It will not make the site appear any busier than the current layout, and it certainly won't lower the quality of content published on UrbanDigs.com. The goal will always remain the same, to provide forward looking commentary on the state of the macro economy and how that may ultimately affect Manhattan real estate! I try to tell it like it is, always have and I always will! Transparency is good and I am actively working to provide an even greater product for buyers/sellers of Manhattan real estate. 2009 should be exciting!!
Posted by OT
Thu Jan 22nd, 2009 01:39 PM
You mention that you got busy with buyers and sellers. The latter not so surprising, the former more so. Care to elaborate? Are these buyers bottom-feeding or are they out there making reasonable offers?
Posted by AvUWS
Thu Jan 22nd, 2009 01:48 PM
Surprising or no, I think the fact that sell-side is going to you for listings is still one of those indicators that things are changing.
Posted by Noah
Thu Jan 22nd, 2009 01:50 PM
I am busier on the sell side right now. I would say 15% of my buyers are actively looking right now. The rest are on hold.
Depends on what you mean by reasonable? What a seller thinks is reasonable and what a buyer thinks, is often very different right now. So who is right? I have always been of the belief that buyers make the market, and where bids come in, at the time, is the best offer for the seller to sell.
Sometimes this bid comes in way too low in the mind of seller, and to a degree I agree. If asking is 1M, and last comp was say 1.1M, then bids of 850K - 900K dont seem so unreasonable given the situation facing us. Then I know sellers who received a bid say 3-4 months ago, that in hindsight, would have been accepted in a second today! I know some sellers whose current asking price is noticeably LOWER than a bid received 3-4+ months ago.
IN a very illiquid market where bids are rare and cautious, defining 'reasonable' varies based on whats at stake. Right now buyers clearly see the market declining and the motivation to bid without a negative time value built in, is very low.
Posted by pf3-buyer
Thu Jan 22nd, 2009 01:57 PM
Noah, I just saw the new $5.495m listing you grabbed. Nicely done, prob over priced by about 500K, but sick location so you never know. It will be interesting to see where that one ends up going. What floor? Condition?
Posted by Noah
Thu Jan 22nd, 2009 02:09 PM
pf3 - Well, you do what you can do! yea, Location is amazing!! It is a full floor loft on 2nd floor. The place mainly needs a reconfiguration. It needs work too but main bathroom and kitchen are in good shape. The pad has great potential and perfect location, and I too, am curious to see where bids come in at.
Posted by lars
Thu Jan 22nd, 2009 02:23 PM
Noah,
I am pleased for you, and not surprised, that sellers see the value of a steely-eyed professional who gives advice based on the "facts" and not a reality backed by rose colored glasses.
Keep telling it like you see it and other sellers (and more buyers) will come!
Posted by BrokerMan
Thu Jan 22nd, 2009 02:27 PM
Noah, have you personally used floor works services? Are they reliable and reasonable? I need someone for a refinishing job.
Posted by Noah
Thu Jan 22nd, 2009 04:16 PM
BrokerMan - YES! I have and I blogged about it. They did my floors, a few of my clients floors and my mothers house on LI.
http://www.urbandigs.com/2006/07/before_after_fl.html
http://www.urbandigs.com/2006/12/part_3_ready_fo.html
Posted by OT
Thu Jan 22nd, 2009 11:06 PM
I am too lazy to search for it - can you provide a link to said listing?
Posted by Noah
Fri Jan 23rd, 2009 07:29 AM
OT - me? You mean the new listing I got?
http://www.halstead.com/detail.aspx?id=1687975
Posted by BrokerMan
Fri Jan 23rd, 2009 01:14 PM
Noah, thanks for the tip on the wood floor company. They responded to my inquiry within a few minutes. Why would you suggest the high gloss poly? Does that give the floor a look like it is permanently wet?
Posted by Noah
Fri Jan 23rd, 2009 01:56 PM
semi gloss is what I used.
Posted by Trooper
Fri Jan 23rd, 2009 03:18 PM
Noah,
Why all the gloom and doom. This broker assures us that NOW is the time to buy!!!
http://brachablog.com/
Posted by Noah
Fri Jan 23rd, 2009 08:01 PM
Well, I guess he didnt meet his quarterly quota