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Did You Know? The Best Month To List in Manhattan is….. Posted by Noah Rosenblatt in Buying A Condo, Current Events, Seller Tips

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MAY! That is assuming we define the best month for a seller to list as the month that seasonally experiences the highest contract volume. Sellers take notice, we can certainly use the inventory!

If we add up Manhattan Contract Volume for each month over the past 5 years, the ranking list is as follows:

#1 – MAY – with 5,560 total contracts written

#2 – MARCH – with 5,552 total contracts written

#3 – APRIL – with 5,537 total contracts written

#4 – JUNE – with 5,265 total contracts written

#5 – FEB – with 4,718 total contracts written

#6 …

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Active Season in Full Force – Days on Market Plunges Posted by Noah Rosenblatt in Current Events, Seller Tips

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Days on market is one of my favorite metrics in this crazy business we call Manhattan real estate analytics. It is derived by taking the current pool of pending sales (all 4,400+ of “in-contract” apartments pending their closing), and then looking at the median days on market for that subset of data; scrubbing out all of the bad stuff of course. It is perhaps the best relative measure of the pace of contract activity that is happening in real-time. 

Manhattan Days on Market has plunged to 49 today, that is down 4% from this time last year and a decline …

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Don’t Mess Up In Here…! Posted by Noah Rosenblatt in Seller Tips

Originally Published October 23, 2006 — was requested to put this back up, so try to put yourself back into time & place — The principles still apply in today’s marketplace — A: If you are a new seller who has been on the market 4 weeks or less, then this post is for you. Fact is, if you take a step back and in hindsight look at the traffic patterns of any given exclusive, a pattern becomes clear. That pattern is sometimes the difference of tens of thousands of dollars in the end; IT WAS FOR ME!
Unless the …

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Try This Pricing Strategy Posted by Noah Rosenblatt in Seller Tips

A: I have been asked by more than a few UrbanDigs readers in the past 2 weeks why their properties are not selling, even though the price seems right! And these are the sellers themselves or friends of the seller, but in each case IT WAS ANOTHER BROKER TRYING TO SELL THE PROPERTY! Here is a piece I did for sellers last April but the strategy still applies today. For all you soon-to-be sellers out there who are curious to know HOW your property should be priced, try this pricing method. Originally Published April, 9th 2007!
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Make 2 data ranges …

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Can a property be priced too low? Posted by Noah Rosenblatt in Seller Tips

I am constantly reminded of the general inefficiency in the market when it comes to pricing properties. (As you might expect, the pricing part (“the ask”) has a much greater tendency towards inefficiency than the closing price, which has the benefit of incorporating the demand side of the transaction equation.) Nowhere does this stand out more than when looking to the land of FSBOs, and looking at wildly aberrant swings of pricing too high or pricing too low.
About a month ago, I posted the following on TAP (The Apple, Peeled):

The theory goes that FSBOs (for sale by

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A Kiss is Just a Kiss … An Ask is Just an Ask Posted by Noah Rosenblatt in Buyer Tips & Tricks, Seller Tips

We talk about trends and we generalize in the process of empowering ourselves and our readers with information that’s relevant and real. At end of day, though, a sale occurs when one individual seller and one individual buyer have a meeting of the minds. This means, as is always the case when humans are involved, that markets are not efficient and they are subject to the whims and oscillations of human behavior. As behavior is not always rational or efficient (yes, this point can be argued by die-hard theorists), neither are the real estate markets.
Why this quasi-pedestrian intro? …

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Seller Pricing Strategies Should Ignore Stock Rally Posted by Noah Rosenblatt in Seller Tips

A: The less-worse bull market continues and we still have inventory restocking and uber stimulus in the pipeline that will contribute to much better economic data as time goes on. Stocks are in the process of pricing this in and gold is surging which is generating a reflation trade mentality out there. This does trickle down to our markets here in Manhattan in the form of higher buy side confidence and lower sell side motivation for those without a financial pressure to raise $$$ – both psychological. Media headlines are even starting to reflect the impact on sell side pricing

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Working With Sellers In A Changing Market Posted by Noah Rosenblatt in Seller Tips

(Christine Toes here)
Many buyers think that when an apartment is not priced correctly, it’s always the broker’s fault. Check out this example of a situation where the price has nothing to do with the broker:
Apt is on Madison in the 30s – originally priced at $459K on 2/23/09:
On 5/1 – price reduced to $399K, resulting in multiple offers, but after five open houses my buyers “won” at approx $400K. Within about 10 days, the buyer’s attorney received the offering plan, financials, read the board minutes & negotiated the contract. The buyers signed the contracts …

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Chasing A Moving Target Posted by Noah Rosenblatt in Seller Tips

A: A post for the sellers out there after getting some calls recently about this topic. If I had one piece of advice to Manhattan sellers, especially those who own properties that have few special resale features to offer (amazing park or river views, large outdoor space, fireplace, roof rights, amazing location, etc..), it would be to fight denial, resist the urge to anchor to peak prices, and to price your property aggressively at the outset. The hope is to be ahead-of-the-curve and to sell the property before you are forced to chase a moving target. The target of course

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Adjustment Phase Will Reveal Skinny Dippers Posted by Noah Rosenblatt in Seller Tips

A: As the first stage of the adjustment is underway in Manhattan, we get our first glimpse of who was swimming naked. Lets face it, Manhattan is not rampant with speculative flippers or shady subprime borrowers, but that doesn’t mean distressed sellers won’t rise to the surface here. With the market highly illiquid right now as buyers back off, sellers that were overexposed, over-leveraged, lost their job, bought on the currency trade with expectations to flip at a profit, or just scared about the future, aggressive price reductions are the only way to move property. As I said before, I

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