Today free access and information has been unleashed upon the computer screens, tablets, and mobile devices of the world. Multiple Listing Services across the country have allowed both Realtors and third parties to aggregate each other's data creating a gridlock of websites that regurgitate exactly the same aggregated information. We've gone from creating value by offering access to data and information to blasting that once guarded commodity all over the web thus eliminating any advantage any one Realtor may have had by possessing that information.
There are some who believe free access to listing information needs to be restricted in order to restore the value of those who possess it. I firmly believe that any attempt to suppress the free flow of information is both foolish and futile. Instead, Realtors should look for ways to increase the quality of their own information. For example, when photographing a listing, one agent may run through the motions by taking photos because that’s what they've been told to do. We've all seen the kitchen shots, sinks full of dirty dishes, and the living room shots with the agent's flash and reflection in the mirror. Another agent who understands the importance of detail and quality might be more diligent in taking photos that will impress and attract the right attention. There are also many agents who still write property descriptions as if they're writing classified ads. Other agents who care about detail and quality write comprehensive property descriptions that contain information not just about the property but also the surrounding community. The description contains material that is not just pulled from data pools but is custom made for that specific property by the agent. Creating custom content makes a huge difference. Huge! And the more we disseminate our products all over the web the easier it becomes for the consumer to see the difference between quality....and crap! Value is no longer one who possesses information. Value is one who creates and distributes the best information.
For more information about how to set yourself apart through creative innovation, contact Ron Cohen @ Ron.Cohen@GothamWest.com
|
Address |
Original Price |
Sold Price |
On the market |
% Difference |
|
71-11 Yellowstone Blvd. #2S |
$155,000 |
$150,000 |
237 |
3.2% |
|
76-36 113 St. #2U |
$169,000 |
$169,000 |
125 |
0% |
|
67-38 108 St. # C12 |
$170,000 |
$165,000 |
56 |
2.9% |
|
66-01 Burns St. 3K |
$172,500 |
$170,000 |
72 |
1.5% |
|
102-17 64 Rd. #3H |
$179,000 |
$173,000 |
33 |
3.4% |
|
65-45 Yellowstone Blvd. #6G |
$185,000 |
$182,000 |
25 |
1.6% |
|
102-10 66 Rd. #3K |
$188,000 |
$180,000 |
159 |
4.3% |
|
102-35 67 Rd.# 6M |
$188,888 |
$180,000 |
55 |
4.7% |
|
67-50 Thornton Pl. # 1S |
$189,000 |
$180,000 |
72 |
4.8% |
|
105-20 66 Ave. #4F |
$189,900 |
$180,000 |
20 |
5.2% |
|
72-61 113 St. #5K |
$195,000 |
$195,000 |
45 |
0% |
|
99-21 67 Rd. #8A |
$199,000 |
$177,000 |
80 |
11.1% |
|
105-38 64 Rd. #2N |
$199,000 |
$190,000 |
34 |
4.5% |
|
66-10 Yellowstone Blvd. #6C |
$199,000 |
$177,000 |
34 |
11.1% |
|
68-37 108 St. #2J |
$199,000 |
$199,000 |
79 |
0% |
|
77-14 113 St. #5P |
$199,900 |
$199,000 |
110 |
.5% |
|
67-71 Yellowstone Blvd. #6O |
$209,000 |
$206,000 |
121 |
1.4% |
|
77-15 113 St. #2K |
$217,000 |
$210,000 |
57 |
3.2% |
|
104-20 68 Dr. #B24 |
$225,000 |
$220,000 |
46 |
2.2% |
|
102-30 66 Rd. #3A |
$228,000 |
$215,000 |
83 |
5.7% |
|
99-45 67 Rd. #208 |
$229,900 |
$215,000 |
123 |
6.5% |
|
105-10 72 Rd. #301 |
$239,000 |
$227,500 |
60 |
4.8% |
|
110-20 71 Ave. #403 |
$244,000 |
$235,500 |
57 |
3.5% |
|
102-10 66 Rd. #7K |
$249,000 |
$215,000 |
48 |
13.7% |
|
6 Burns St. #215 |
$249,000 |
$234,000 |
63 |
6% |
|
73-20 Austin St.#4O |
$279,000 |
$265,000 |
52 |
5% |
|
111-15 75 Ave. #5O |
$285,000 |
$270,000 |
66 |
5.3% |
|
4 Dartmouth #211 |
$289,000 |
$280,000 |
112 |
3.1% |
|
|
|
|
|
|
Number of Sales: 28
Average asking price: $211,431
Average selling price: $196,750
Average days on the market: 76
Please remember that these numbers are averages. The value of your Forest Hills co-op depends on its own individual characteristics. A detailed analysis of your apartment would be necessary to determine its value.
Ron Cohen
Licensed Real Estate Broker
Gotham West Realty, LLC
It’s become apparent that some co-op boards in NYC may be rejecting sales due to purchase prices that the boards deem to be too low. This practice is not only potentially illegal but can also be very damaging to an already battered real estate market. Co-op boards who engage in such practice may be damaging the very shareholders they are trying to protect by further eroding the shareholder’s diminishing equity.
Consider the following scenario: a Co-op owner lists an apartment for sale for $200,000. The apartment is fully exposed to the open market through extensive advertising and the use of a Multiple Listing Service. After 6 months of being on the market, being extensively shown to prospective buyers, and after rejecting several low bids, the highest offer received is $160,000. The seller accepts the offer. The co-op board reviews the application and determines that the price is too low and rejects the sale. The board’s rationale is that such a sale would reduce the value of the rest of the co-op. The seller must now put the apartment back on the market and start from scratch. The problem is, however, that the apartment is now worth less than it was before. Procuring another offer higher than $160,000 is now unlikely.
Both co-op boards and sellers alike must avoid making the costly mistake of attempting to dictate to the market. Emphasis in a free market must be placed on advertising, marketing, competition, and good old fashioned sales. This allows for the the highest offer to be procured by the laws of the free market as opposed to price fixing and manipulation. Intervention by co-op boards to attempt to raise or maintain the value of their shares by fixing prices is futile and will only cause everyone to take additional losses.
To NYC co-op boards: Stop attempting to fix prices and let the market take it’s course!
ron.cohen@gothamwest.com
http://www.gothamwest.com
Who they are: The Forest Hills Volunteer Ambulance Corps, an all Volunteer non-profit EMS agency, is licensed by the NYS Department of Health to provide emergency medical services to the communities of Forest Hills & Rego Park, Queens.
Why we support them: Gotham West Realty proudly supports the FHVAC and it's members who act selflessly and put themselves in harm's way to help those in their greatest times of need. Their acts of courage and bravery set a shining example of true public service and social responsibility.
What you can do: Please join Gotham West Realty in supporting this public service by volunteering your time, service, or financial contribution. Also please join the FHVAC and the community in remembering those who lost their lives on September 11th including FHVAC member of service, Richard Allen Perlman, who was last seen carrying an injured person from the burning tower right before it collapsed. The Corps. will commemorate the 10th anniversary of that fateful day on September 11th @ 5pm in front of their headquarters located at 92-29 Metropolitan Avenue in Forest Hills, NY.
For more information about how you may contribute, please visit:
www.FHVAC.org
or email:
Ron.Cohen@gothamwest.com
As co-owner and broker of Gotham West Realty, I work to improve my practice by advocating innovation and cooperation to maintain consumer satisfaction.
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