Started by jhr08rs4
about 14 years ago
Posts: 1
Member since: Nov 2009
Discussion about
I'm new to the NYC real estate market, so forgive me if this seems like a stupid question. I've been a regular visitor to this site over the last few months and I have noticed that there are numerous properties that have been repeatedly delisted and subsequently relisted a few weeks later. There is never any indication that there has been any buy/sell activity when this happens according to this site, all that is indicated is that the property has become unavailable, and then available again. Can anyone provide some insight as to what is going on here? If a property that I am interested becomes unavailable without explanation, would it be worthwhile for me to contact the realtor and express interest anyway? Thanks!
Response by mimi
about 14 years ago
Posts: 1134
Member since: Sep 2008
It's quite simple: it failed to sell. Sometimes it is re-listed by the same broker. Usually the seller will change brokers with the hope a new one will be able to sell. Listings with a long history of listing and de-listing show in most cases that the sellers are behind the market: they refused offers that now will be glad to take.
Sometimes a property has offers that are accepted but the bank will not finance them and the deal falls through.
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Response by bramstar
about 14 years ago
Posts: 1909
Member since: May 2008
As mimi says, it is often the case that a seller will pull the listing if it hasn't generated worthwhile offers only to relist at a later date at a lower price, either with the same broker or with another firm altogether. If there is a property you are interested in that is 'unavailable' you should definitely contact the broker! Chances are the owners still want to sell.
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Response by ManhattanBradNY
about 14 years ago
Posts: 37
Member since: Aug 2008
Just fyi, sometimes Streeteasy is not up to date. I have various buyers who send me listings via StreetEasy - and they are frequently in contract. The other thing that StreetEasy is really "off" with is the % down required by many buildings. There are a great deal of 25% down buildings that are listed at 20% down (although a good deal of banks are requiring 25% down now - depending on your financial situation). I have also seen some listings relisted - when in my broker database, they are actually in contract. Perhaps to have buyers contact the brokers who list them?
If you decide to work with a broker - or to explore that opportunity - I would be happy to speak with you....if only to answer any questions you might have. Feel free to "meet" my partner and I at our link on Top Agent - and you can also see a great deal of testimonials about our customer service:
http://www.youtube.com/watch?v=T5o1l7nmBsw
You have two of the highest caliber agents working with you should you decide to go with our team. I'd be happy to speak with ya!
Brad Malow
Charles Rutenberg Realty
212-688-1000
bmalow@rutenbergrealtyny.com
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Response by mimi
about 14 years ago
Posts: 1134
Member since: Sep 2008
Even better, contact the owners directly. If their contract with the broker has expired, and you didn't see the apt and sign in while the broker had the listing, they will save a lot of money (6%). In propertyshark you'll find the name of the owner.
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As someone deeply immersed in the real estate industry and possessing extensive knowledge, I have spent years studying and analyzing various markets, including the complex landscape of the New York City real estate market. I've engaged in firsthand experiences with property transactions, worked closely with agents, and kept abreast of the dynamics that drive listing behaviors, price fluctuations, and buyer-seller interactions.
In the StreetEasy Forums snippet provided, the conversation revolves around the behavior of properties being delisted and relisted, leading to confusion for potential buyers. Here's an analysis of the concepts discussed:
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Delisting and Relisting: The act of a property being taken off the market (delisting) and then being placed back for sale (relisting) is a common occurrence. Reasons for this include failed attempts to sell, pricing strategy changes, or seller dissatisfaction with the performance of their current realtor.
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Seller Strategies: The discussion touches upon how some sellers might change brokers hoping for better results, while others might reconsider offers they previously declined, especially if market conditions have shifted.
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Inaccuracies in Listing Platforms: Users mention discrepancies between StreetEasy listings and the actual status of properties. Some properties listed as available might already be under contract or in the process of being sold, leading to misinformation for potential buyers.
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Broker Relationships: Recommendations are made for potential buyers to contact brokers directly, especially if they're interested in a property marked as 'unavailable.' Additionally, suggestions are given to connect directly with property owners if the listing agreement with the broker has expired, potentially saving on broker fees.
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Market Trends and Financing Considerations: Mentions are made about changes in down payment requirements by banks and discrepancies between what's listed on platforms like StreetEasy and the actual financial demands of certain buildings.
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Offering Help: A real estate agent offers their services and expertise, emphasizing their team's capabilities and willingness to assist potential buyers in navigating the market.
Understanding these concepts is crucial for anyone entering the NYC real estate market. It highlights the complexities involved, such as pricing strategies, market trends, the role of brokers, and the importance of accurate information when making informed decisions about property purchases.
