By Coach A:
NOTICE to all 175 Bluxome St owners:
You should have an HOA meeting to discuss how a bizarre range of pricing in your building hurts the value of all units. You can’t expect to build value in a building when 7 units are on the market at the same time – ¾ of which aren’t visible in the MLS and the price per square foot discrepancy makes no sense at all.
For Sale at 175 Bluxome Street:
7 “Active Units” on the market
2 of the units are in the MLS
5 of the units are “pocket” listings, listed by the same realty group.
5 of the pocket listings do not display square footage on their website.
Unit # 107:
Count: 2 bed / 1.5 bath
Size: 1066 sqft
Price: $639,000 or $599 per square foot
Unit # 224 :
Count: 2 bed / 1 bath
Size: 966sqft
Price: $659,000 or $682 per square foot
Unit #114
Count: 2 bed / 1.5 bath
Size: 925sqft
Price: $699,000 or $755 per square foot
Unit # 133
Count: 1 bed / 1.5 bath,
Size: 800 sqft
Price: for $615,000 or $768 per square foot
Unit # 204
Count: 2 bed / 2 bath
Size:1072 sqft
Price: $699,000 or $652 per square foot
Unit # 215
Count:2 bed / 2 bath
Size: 1105 sqft
Price: for $749,000 or $677 per square foot
Unit #231
Count: 2 bed / 1 bath
Size: 876 sqft
Price: $689,000 or $786 per square foot
Days on Market:
Unit # 107 (in MLS) 61 days on market
Unit # 224 (in MLS) 27 days on market
Pocket listings (not in MLS): range in the length of time they have been on market
Don’t get me started on the pocket listings – if the units being marketed to the entire buying community via the MLS won’t sell, I have no idea how the units that are being marketed via Craigslist and the realty group website are gonna sell.
3 comments
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December 9, 2007 at 7:48 pm
resident
Part of what you aren’t seeing reflected in your details is that some of the units listed have assigned, deeded parking spaces in the underground garage, others have deck areas and others are in more desirable locations (ie courtyard vs street view). Additionally, some units have upgraded features, while others do not all of which is going to result in a range of prices per sq. ft.
December 9, 2007 at 9:44 pm
Coach A
“Resident” - Thanks for the comment. I am familiar with the building and I certainly understand no two units are alike. I recognize many owners have upgrades - additional parking, superior views and location in the building. That said, I stand by my comments - 7 active units doesn’t send a very reassuring message to any potential buyer.
There is no sense of urgency for a buyer to purchase any of the available units - why not wait another month and see if the price drops on any of the 7. Individual owners should be acting collectively to set price points for future sellers to build on. Limiting available inventory is legal and allows sellers to create a sense of urgency. The fact that 5 of the available units are only visible on Craigslist and a real estate group web site further complicates matters as it’s impossible for a typical seller to know exactly how many units are available and determine how best to price their units.
I would suggest you hold an “owners forum” and discuss some “best practices” for selling units at 175 Bluxome St. It benefits everyone to adhere to some basic minimum standards and as owners you should be demanding some minimum standards from the real estate agents listing units in your building.
Last thing to think about - if one agent represents 5 active units - how do any of those 5 owners get the best service? The fidicuary duty to the individual owner is clearly compromised - in my humble opinion of course.
August 20, 2008 at 3:32 pm
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