Winning the housing bidding war before it starts

Some New Yorkers buy homes before touring to get the jump on competing buyers, brokers say

TRD NEW YORK /
Mar.March 19, 2014 06:20 PM

To avoid being outbid in New York City’s tight residential market, some New Yorkers are cutting the line by making offers on apartments they’ve never set foot in.

Foregoing a walk-through is more typical of investors, who don’t typically live in the space they buy, or foreign buyers, who rely on pictures and virtual tours. But in red-hot neighborhoods, those who wait to see a space run the risk of losing out in the bidding war, DNAinfo reported.

One such buyer, Pimmie Hoontrakul, made an offer for a Long Island City apartment 30 minutes after it listed on StreetEasy while she was out of town on business.

“In the Long Island City market, Williamsburg, Greenpoint, or other hot areas in the boroughs, anything in that $600,000 price point — whether it’s a one-bedroom or two-bedroom, condo or co-op — just falls off the shelves,” David Kazemi, a BOND New York broker who represented Hoontrakul, told DNAinfo.

Douglas Elliman’s Vickey Barron told the news site that she has seen four clients in the past few months bid on spaces they hadn’t toured.

“There are people who spend more time buying shoes,” Barron said to DNAinfo. [DNAinfo] Angela Hunt


Related Articles

arrow_forward_ios
From left: 55 East 74th Street, 9 East 82nd Street, 1 Central Park South, 78 Irving Place with Adam Neumann and 111 West 57th Street (Credit: StreetEasy, Wikipedia, Getty Images)

Adam Neumann’s triplex, Russians’ Plaza pad were priciest homes listed last week

3 East 69th Street and 252 East 57th Street 

With asking prices in freefall, luxury market sees strong week

Keller Williams CEO Gary Keller

Keller Williams will cut off agents who leave

Wall Street bonus season is the stuff home sellers’ dreams, as they picture eager buyers armed with hefty bonus checks and willing to pay top price. But in a buyer’s market that vision may be more like a mirage (Credit: iStock)

Here’s what Wall Street bonus season means for real estate this year

Adam Neumann and 78 Irving Place (Credit: Getty Images and StreetEasy)

Adam Neumann is asking $37M for Gramercy Park triplex

(Credit: iStock)

Residential rents continue upward march in Manhattan, Brooklyn and Queens

Redfin's Glenn Kelman (Credit: iStock)

“It’s on like Donkey Kong”: Redfin scrambling to keep up with iBuyer demand

Don Lemon and Tim Malone with their apartment at 2280 Frederick Douglass Boulevard 

CNN’s Don Lemon lists Harlem condo with fiancé broker Tim Malone

arrow_forward_ios
Loading...