The Real Deal New York

Residential comps are becoming a waste of time

With NYC sales activity in flux, pricing new listings is like throwing darts
By E.B. Solomont | February 04, 2016 10:00AM

Mark Jovanovic, Noah Rosenblatt and Eydie Saleh

Compass’ Mark Jovanovic, UrbanDigs’ Noah Rosenblatt and Mirador Real Estate’s Eydie Saleh

From the February issue: Pricing residential real estate has always been part art and part science. But amid uncertainty over the state of the market, agents say coming up with accurate comps is increasingly difficult — and in some cases, futile.

For properties priced at $3 million and under, tight inventory has boosted the pace of sales. But in the upper end of the market, the pent-up demand from the financial crisis that resulted in a buying frenzy in 2013 and 2014 largely faded late last year. While those two sectors of the market are behaving differently from each other, the new dynamics have created pricing challenges in both. [more]