Do you know how many homes were listed and sold between August 1 and September 15 in Manhattan and Brooklyn?
Just three—the lowest number I’ve seen since I started this video blog. Remember, the reason we focus on what’s selling quickly is that homes that sell quickly usually do pretty close to asking price. Without further ado, let’s take a look at what sold:
1. 125 E 12th Street, Penthouse C: This 3-bedroom/2-bathroom property is 2,100 square feet and was listed at $1,814 per square foot. It ended up selling for $3.8 million, which is a 26.6% increase compared to when it sold for $3 million a decade ago.
2. 145 Prospect Park West, Apartment 2F: Prospect Park is a great community known for its wonderful school districts and restaurants, and this 2-bedroom/1-bathroom condo-style apartment sold in just 21 days for $840,000.
"We’re in uncharted territory, and the market will adjust to the new supply."
3. 317 E 3rd Street, Apartment B: I’m proud to say that this 1-bedroom/1-bathroom property was sold by me and my partner Jsun Laliberte for $700,000. Originally, we tried convincing the tenant who was living there to buy the place, but they didn’t want to pull the trigger, so we listed it and sold it to another buyer for close to asking price The low maintenance cost of this property really drove the value up.
So what else is happening in our market? Offers are coming in way under asking price. Sellers are never thrilled with lowball offers, but it’s not the brokers or customers setting the market. Think of it like the weather: If you don’t like the forecast, you can’t just change it by changing the channel.
In other words, we have to deal with the facts of the market. The Real Deal just published a study that found that out of all the condos that have sold since 2013, a quarter of them are on the market to be flipped or rented. We’re in uncharted territory, and the market will adjust to the new supply.
If you want to know what this means for your home’s value or you have any other real estate needs, don’t hesitate to reach out to me. I’d love to help you.