"Right now, if someone puts a property on the market and it doesn't sell within a week or two and they have a number of showings, 8 or 10 a week, and it doesn't even get an offer, that property is without question overpriced," Corcoran's Deanna Kory told the NYT yesterday. Sounds smart. Yet Curbed continue to gather evidence that indicates the passing of time sends another signal to sellers?time to raise the price! Two tales from correspondents:
1) "On 2/10/05 this apartment on East 84th Street was listed at a selling price of $199,000 - my notations lead me to believe this listing was up a while. On 3/13/05 - one month later - this same apartment - still not sold - remained listed, however now the selling price was $230,000. Does that mean in NYC each month a unit remains unsold its value increases by $30,000?"
2) "I saw this lovely West Village two-bedroom in October when it had an accepted offer at a listing price of $1.8 million. Now, it's back on the market five months later for $150,000 more. The place is nice, quiet, with tree top views from the second-floor and a view of the empire state building in the living room, but some of the custom renovations are a bit too much, like the 1,000 plus wine bottle storage unit is a small walk-in-closet with a custom wood ladder."
Any other examples of rapidly-rising prices? Hit us at email@example.com.
· Listing: 238 East 84th Street [Bellmarc]
· Listing: 111 Barrow Street [Citi Habitats]
· The Fine Art of Pricing in an Up Market [NYTimes]