Jul. 9, 2007 - where have all the loft FSBOs gone? nary a two on NYTimes.com
Manhattan loft FSBOs are very rare
One of the topics on my personal gotta-blog-about-that list is based on that NY Times article a month ago about how for-sale-by-owners (FSBOs) in Madison, Wisconsin achieved sales prices comparable to homes sold by real estate agents over the seven years of the study (One City’s Home Sellers Do Better on Their Own).
We just don’t have the data systems to do any kind of a similar study in Manhattan, but I was curious about how many FSBOs there are here, trying to sell their lofts without an agent to represent them. So I searched the closest thing we have to a public ‘Multiple Listing Service’, the NY Times web site, yesterday.
the loneliest number, as Nilsson knows
I got about 700 results for lofts anywhere in Manhattan for sale between $4mm and $900k, of which exactly one was a FSBO! (Now I am sure that many of the 700 or so listings presented by agents are phantom listings rather than exclusive listings of actual lofts actually for sale right now, but that is another story. And many of the lofts actually offered for sale are new developments.)
You would think that 700 is a high enough number to provide valid and useful data, but I can’t help but think that the number of Manhattan loft FSBOs is usually much higher than one.
one is not 13%
According to the June 8 NY Times article (the link is above) the statistics provided by the National Association of Realtors show that 13% of homes available for sale in the US in 2005 were offered by owners without agents. In the seven years of the Madison study, the FSBO website accounted for 14% of the sales in Madison (and about 20% of the listings).
5th floor SoHo walk-up for $1.6mm
That solitary FSBO from NYTimes.com, by the way, is shy about the address. It has a bunch of pictures, but no floor plan for its “1,400 sq ft” and no address. But it is up four flights of stairs and in a beautiful SoHo location. Check it out at http://realestate.nytimes.com/sales/detail/25-NY51E18D . Heck, tell them I sent you.
Maybe I will blog about Manhattan FSBOs some time (including my opinion about the characteristics of the most likely to succeed FSBOs), but I did not want to sit on my little survey result.
why lofts?
I will ponder whether there is anything about the loft market in Manhattan that may entice fewer people than in the Manhattan apartment market to go FSBO, but I don’t have any brainstorms on that issue (yet).
Just a weird data point, for now.
© Sandy Mattingly 2007
|
Comments (6) :: Post A Comment! :: Permanent Link
View more entries tagged with: Fsbo, Madison Wisconsin, Ny Times
|
Jul. 11, 2007 - re: where have all the loft FSBOs gone? nary a two on NYTimes.com |
| Posted by jess |
| When we sold our apt. earlier this year, we gave ourselves a month to do it as a FSBO. We put an ad in the NY Times online. I can tell you it was an excrutiating month as every day that ad was on NY Times RE section, I got flooded with emails from brokers (and some very aggressive ones at that - they actually added my email to their mailing lists!). I even got an email from a broker who helpfully attached an article "FSBO Tips" - she actually copied it WORD FOR WORD from urbandigs.com - WITHOUT attributing it to the site. Of course, I emailed her thanking her for the tips, and also cc'd the original author. Can you imagine?
Anyway, we did not get a lot of leads from NY Times. I do keep an eye on FSBOs, and they are very few - and what I have also seen is a broker listing the exact same apt with a higher price - once even on NY Times the same week! (Or on craigslist... but that's a WHOLE other story). So, I would understand why FSBOs are not exactly popular. BTW - another just popped up: http://realestate.nytimes.com/detail/253-NS7071120
What do you think about a reverse FSBO? I am looking for a loft and I keep waiting for one that we like to come on the market. However, we are very specific in terms of which streets and which loft buildings on those streets we want to live in. I've been playing with the idea of doing a targeted mailing to the owners of apts in those buildings. Maybe not now as I think th market is a little risky, but probably at some point in the next 6 months. Hey, if the loft can't come to Jess, let Jess go to the loft.
|
| Permanent Link |
Jul. 11, 2007 - re: where have all the loft FSBOs gone? nary a two on NYTimes.com |
| Posted by Sandy Mattingly |
Just my luck, Jess. I say there is exactly one FSBO loft seller and another one pops up today.
The ‘reverse FSBO’ you describe happens every day. For reasons that can take a long time to list, lots of Manhattan buyers feel they neither need nor want the ‘assistance’ of an agent. I am sure it can be done, but I am not sure why anyone who really understands the options would want to.
The principal argument for using an agent as a buyer is usually stated as “it doesn’t cost you anything” (which is not a reason “why” so much as a plea to try) because in Manhattan you will almost certainly be interested in a property that is listed by a REBNY firm that is required to “co-broker” with other REBNY firms. (Except for a very few mom-and-pop brokers and FSBOs who won’t pay, the buyer’s agent will get paid without the buyer paying [directly].)
Forgive me as a prejudiced observer, but I think that having an agent greatly helps a buyer understand the values and negotiate the best deal. That’s a long story, worthy of its own blog post. And I am sticking with it. Problem is that many buyers have been burned by agents who wasted their time, didn’t know the market, didn’t listen to them, disappeared, etc, etc.
BTW, I love the idea of you targeting specific buildings on specific blocks. Unless you can do it yourself, of course, an agent should be able to target the specific lines in the specific buildings on the specific blocks, and help you understand the values. The th4e agent writes to the right unit owners. Or you do, after paying the agent for her time and expertise.
I have heard of that working, but I am not sure I believe the stories. My fear is that someone who has been solicited to sell will drive a much harder bargain than someone who puts a loft on the market because they want to (better yet, have to) sell. I have seen agents send letters like that that seemed to me intended more to solicit listings than to find lofts for specific buyers. But The Literature suggests that it can be done.
Actually, I would love to do an interview with you as a loft FSBO-for-a-month, by phone or email. Set up a free anonymous account at yahoo.com if you like. You know how to reach me (off-web, please). |
| Permanent Link |
Dec. 18, 2007 - RE: where have all the loft FSBOs gone? nary a two on NYTimes.com |
| Posted by Sandy Mattingly |
We show 39 Bond #2SE as having been taken off the market (temporarily?) by the owner on December 3, and it did not come up in my search on NYTimes that I did Dec 12 or 11. Maybe that is just a taking-the-holidays-off thing, Anon.
BTW, I bet you meant to post this comment on the December 13 post (no loft FSBOs for the Holidays) instead of this old one from July (which I cited on December 13). Whatever … THX for stopping by, and for commenting.
|
| Permanent Link |
Nov. 14, 2009 - RE: where have all the loft FSBOs gone? nary a two on NYTimes.com |
| Posted by Brian |
<p> It seems that I got the right things! these chestnut <a href="http://www.buddyugg.com/"><strong>ugg boots</strong></a> comfortable,beautiful,and the price is competitive.<br>
How long before I receive my <strong><a href="http://www.buddyugg.com/">Uggs Boots On sale</a></strong>?<br>
How do I track <strong><a href="http://www.buddyugg.com/">Cheap Ugg Boots</a></strong>?</p>
<p><br>
|
| Permanent Link |
Nov. 25, 2009 - Lebron James Shoes |
| Posted by Lebron James Shoes |
<a href="http://shop.brandsuper.com/nike-basketball-shoes-lebron-james-shoes-c-238_246.html">Lebron James Shoes</a><br>
<a href="http://shop.brandsuper.com/nike-basketball-shoes-kevin-durant-shoes-c-238_244.html">kevin durant shoes</a> <br>
<a href="http://shop.brandsuper.com/new-balance-shoes-mens-new-balance-1500-c-230_236.html">new balance 1500</a> <br>
<a href="http://shop.brandsuper.com/nike-dunk-sb-shoes-c-87.html">nike sb shoes</a> <br>
<a href="http://shop.brandsuper.com/nike-basketball-shoes-lebron-james-shoes-c-238_246.html">lebron shoes</a> <br>
<a href="http://www.b2corder.com/">timberland work boot</a><br>
<a href="http://www.b2corder.com/">timberland sale</a> <br>
<a href="http://www.b2corder.com/">cheap timberland</a><br>
<a href="http://www.b2corder.com/">work boots</a><br>
<a href="http://www.b2corder.com/">timberland boots sale</a>
<a href="http://www.gbpugg.co.uk/ugg-nightfall-c-392.html">UGG Nightfall</a><br>
<a href="http://www.gbpugg.co.uk/">cheap ugg boots</a> <br>
<a href="http://www.gbpugg.co.uk/ugg-baby-c-389.html">baby uggs</a> <br>
<a href="http://www.gbpugg.co.uk/">ugg boots sale</a> <br>
<a href="http://www.gbpugg.co.uk/nike-dunk-sb-c-317.html">nike sb shoes</a>
|
| Permanent Link |
Nov. 25, 2009 - bailey button uggs |
| Posted by ugg boots |
<a href="http://www.uggood.com/ugg-classic-tall-boots-c-8.html">ugg classic tall</a><br>
<a href="http://www.uggood.com/">Discount Uggs</a><br>
<a href="http://www.uggood.com/">ugg boots uk</a><br>
<a href="http://www.uggood.com/">cheap uggs online</a> <br>
<a href="http://www.uggood.com/womens-ugg-bailey-button-5803-leopard-print-boots-p-1297.html">leopard print uggs</a>
<a href="http://www.myshopbay.info/">mbt on sale</a><br>
<a href="http://www.myshopbay.info/mbt-mwalk-shoes-c-2.html">mbt m walk</a><br>
<a href="http://www.myshopbay.info/">mbt shoe sale</a><br>
<a href="http://www.myshopbay.info/">mbt for sale</a><br>
<a href="http://www.myshopbay.info/">buy mbt shoes</a>
<a href="http://www.huxhbuy.com/">jack wills outfitters</a><br>
<a href="http://www.huxhbuy.com/">jack wills clothing</a><br>
<a href="http://www.huxhbuy.com/">jack wills</a><br>
<a href="http://www.huxhbuy.com/">jack wills sale</a> <br>
<a href="http://www.huxhbuy.com/">cheap jack wills</a>
|
| Permanent Link |
|
on matters of interest to Manhattan coop or condo loft apartment dwellers, buyers, sellers, and others, especially about New York City real estate
Links
• Home
• View my profile
• Archives
• Email Me
• Blog Manager
|
RSS Blog Feed