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Bidding Wars Resume

real-estate-nyt

Sunday NYT Real Estate article about apartment sales in New York City: Bidding Wars Resume.

So are bidding wars back in vogue? Will Boston be next?

Read the full story.

File Under: This one’s for Boston condo sellers/owners.

Read other posts about: real estate and the economy

Posted by John Ford on 11/16/09 |
| Read 2 Comments »

2 Responses to “Bidding Wars Resume” »»

  1. Mike
    Comment by Mike | 11/16/09 at 6:19 am

    Here’s the crux of the article:

    “Brokers say that bidding wars are almost always set up by listings that are “priced well,” and by that they mean 20 to 30 percent below the high-water marks of early 2008.”

    So, to stimulate sales, sellers are LOWERING PRICES, and guess what? It is working. Shocker.

    Here’s another great quote:

    ““So,” Mr. Miller said, “you have this weird situation right now where you have above-average inventory, but people are fighting over the ones that are priced correctly.””

    Yup. Smart sellers are lowering prices and selling properties. Stubborn/uninformed/Bradley sellers are not and as a result not selling properties.

    Nothing new here. Price your property right and it will sell. Unfortunately, too many sellers are acting like they haven’t read the news lately and are locked in 2007.

    Mike

  2. condobuyer
    Comment by condobuyer | 11/16/09 at 8:02 am

    Bradley,

    Check out the bidding wars at Bryant (hmm…remember your quote?), 45P, etc…. Wow they are rockin’!

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