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Broker BlogWrap: It's the Pricing, Stupid

1) Property on the market since September 2005? Here's one strategy to avoid: PriceChop your place at 1158 Fifth Ave. in Carnegie Hill (right) to $3.2 million in August, then reprice at $3.4 million in September. "If you really don't need to sell and are just testing the market to see if someone will pay $1,500 a square foot for your apartment, I offer you my best of luck and hope that the broker you hired is not counting on this commission to pay bills anytime soon." [UrbanDigs]

2) Meantime, the ultra-luxury ($15m+) sales market? Says Elliman's Douglas Heddings: "There just aren’t enough ultra wealthy buyers to absorb all of this ultra high-end property. I expect to see more inventory spending a longer period of time on the market and only the absolutely spectacular residences will continue to fetch spectacular prices." [TrueGotham]

3) Yet more advice on proper pricing, this time at the $1.2-$1.4m level: "You have to use the comps - this is regular Real Estate - not the fantasy of 04-05." [UpperCrustNYC]