Cheapest apartments see more action
May 11, 2009 11:00AM
Lavish and expensive apartments always get a lot of attention -- even in a downturn. But on this week's Webcast, The Real Deal's Jen Benepe talks to brokers at two of the cheapest listings in the city. She talks to Willie Kathryn Suggs, who is representing a $147,500 apartment in Harlem. Suggs said after the apartment was featured on The Real Deal's Web site as the cheapest apartment of the week earlier this month, the cell phone of the agent who posted the unit crashed. "We're not stupid," Suggs said. "We want listings for things that we know will sell quickly." Meanwhile, broker Robert Kleinbardt of New Heights Realty, who had the second cheapest listing, a $159,000 apartment in Inwood, says the listing price on that property could go even lower. To watch the full Webcast click on the video at right.
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Comments
Anonymous
As the cheap apartments continue to sell and the expensive apartments don't, there will be a statistical shift that will bring the median price down. Because over the last 2 years so many new construction units were selling at the high end the median price skewed up, now the opposite will happen. So even if price per foot doesn't change the median price is going to tank just because of the unit mix of units that are actually closing.
Comment #1 Posted By: Anonymous 05/11/09
Anonymous
Imagine that- pricing in accordance with market demand. What a concept. Perhaps the other starving brokers will probably have an epiphany and start pricing properties to sell, thereby making commissions. Nah... scratch that. Brokers are too stupid to grasp such a simple concept.
Comment #2 Posted By: Anonymous 05/11/09
Anonymous
#2 - it's not just brokers who are idiots. In brokers' defense (like, in the defense of the comatose), sellers are just as clueless. Hence record inventory.
Comment #3 Posted By: Anonymous 05/11/09