Today I’d like to showcase a few properties that were listed as resale properties and sold in under 30 days this past July. The reason properties like these are important to track is that when properties go on the market and sell in such a short period of time, they also often sell at or very close to the seller’s asking price.
So with that, here are our quick-selling properties from July! You can see the stunning photos of each listing at the listed time in the video above:
00:32— 490 West End Avenue, 4B:
Newly famous national news media sensation Anne Cutbill Lenane found time to sell her 4-bedroom listing for $2,195,000. It was only on the market for 14 days!
01:21— 305 E 85th St, 3B:
This condo was last transacted for $1,175,000 only a year ago. It came back on the market, even in these market conditions, with an appreciation of 10%. Listed by Douglas Elliman, this 1,402 square-foot listing sold in under 12 days!
"When properties go on the market and sell in such a short period of time, they also often sell at or very close to the seller’s asking price."
02:09— 563 Carroll St, apt. 3:
This 2-bed, 2-bath, 1,109 square-foot listing is such a gem that I’m not surprised that it sold in under 15 days! Listed by Ari Harkov of the Harkov Lewis Team, this place sold for $1,499,000. All combined, the unabated taxes on this property only amount to around $1,450 per month, which is a stable payment for a 2-bedroom home.
The property was sold last year but only appreciated by 7% in that time. However, the last 12 months have been deemed a buyer’s market, which makes that appreciation more impressive. The seller likely didn’t make a profit, but they might’ve just broken even with this aggressive pricing strategy. If they got multiple bids and sold for over the asking price, their closing costs would be about 9%. With a 7% appreciation, maybe the bids were $30,000 to $50,000 higher, pulling them out of the black.
Interestingly enough, when we look at what came on the market and then sold in July, 90% of what’s listed on the Real Estate Board of New York’s online listing exchange were new developments that were actually marketed (but not publicly) for many months, if not years, in advance.
Now more than ever, if you ever want to find a great deal that someone else is likely to bid on, there’s probably information about it somewhere before it gets to a public internet site.
If you have any questions about what’s selling in today’s market or want to find a similar deal for yourself, reach out to me. I’d love to talk to you more.