Hawthorne Court 3bed 2Bath Closed at $940,000

[agentarmen]

Hi everyone,

A quick follow up to what may have been an intently watched listing. After failing to sell for 6 months with another firm, our listing at 35-33 76th Street was listed with us and entered contract in 5 weeks since we took it over. It closed at a record $940,000, highest sale as far as any closed sales that we could find. Only $8,500 below our list price. Second highest sold comp at Hawthorne Court standing at 920k.

http://www.jacksonheightslistings.com/listings/35-33-76th-street-unit-52/

Another similar example, our recent Hawthorne Court listing at 35-56 77th Street, Unit 32, also failed to sell for 6 months and was relisted with us at same price as previously listed. We had an accepted offer in two weeks and were in contract in two weeks after that:

http://www.jacksonheightslistings.com/listings/35-56-77th-street-32/

Our 1 bed at Greystones asked $378,500 and received an accepted offer barely one week on market and has entered contract.

All healthy market indicators, but we would like to take some credit given some of the past history of the two larger listings

Any questions, please don't hesitate to reach out!

Warmly,
Armen

[JDinJH]

Do you think that the fact that it took so long to sell suggests that the apartment was overpriced?Why do you think that you are more successful than other brokers in finding able and willing buyers?

[jh_coop_buyer]

The realtor is reluctant to reveal his trade secrets， LOL. My guess is to a better way to stage the apartment (wide angle photos and rearrange the furniture) to make the room feel bigger and brighter and also to get manhattan and Brooklyn people to visit the apartment

[NYC Peromyscus]

Usually places sit on the market because they are overpriced. They may also have lousy photos and marketing plans that fail to bring in buyers.

In JH, I think some people also make the mistake of using neighborhood agencies that don't do anything to reach the buyers in Brooklyn or Manhattan. Sellers may also sign bad deals where those local agencies have exclusive listings and don't allow co-broking. 

[am315]

If I recall the Hawthorne listing it was priced over $1M originally. So the new broker lowered the price and it sold. Magic!

This says more about the seller than the broker. Was the seller realistic in the first place about what the true value was? Did they fail to look closely at the original broker's valuation and take into account that if it sounds too good to be true it is?

That's why it's so important to have at least three brokers in to give you an appraisal as to what they would sell the place for. You are bound to find the outlier broker in this crowd and, if you're smart, you won't sign with them.

I was involved in a transaction where a broker said they could sell the place for $2.7M. Two others came in around $2M. Ultimately the place sold for $1.97M.

[agentarmen]

Hi everyone

I am out of town at the moment, didn't realise there were replies and questions to this post.

I for one am convinced that in today's electronic age few trade tools are a secret and choose to associate with a firm that and Real Estate board that believes in transparency, cooperation and sharing information.

As far as quality of a marketing package, good copy and a floor plan is requisite baseline requirement for any property.

In the case of Hawthorne 3Bed 2Bath listing, we listed at $948,500 (2.7% less less than previous list of $975,000) believing based on active and local comps to be a number we could hit or get close to. I am sure it was a contributing factor as well. Another that a fellow broker was working with a buyer who was the ultimate buyer with highest offer helped as well

Second listing - 2bed, 2bath, we kept price virtually the same ... adjusted down by $500.

Third we just pushed to do a bit better than last sale in the same building , one floor up, which was quite healthy...

Basic tools of trade of all brokers are marketing tools, personal network, knowledge gained through schooling and trial and error. More experience = less errors I'd personally love it to be magic too but I side with science on this one

If market trend continues I am sure we will see higher sales get recorded , which will help quell appraisal concerns as well. Comps that appraiser used for Hawthorne listing were from the outside and adjusted as needed:


35-20 77 street unit #42 Sold $$900K closed 09/15/2016
Maintenance: $995
$900,000
Sold (asking: $925,000.00 -2.7%)
3 beds•2 baths• appox 1,250 ft²


3327 80 street unit #31 sold $1,100K closed 01/10/2017
Maintenance : $1,389
4 beds 2 baths - these layouts are often listed as 3 bed + office
SF approx- 1500


3339 80 street unit #22 sold $1,085K closed 09/01/2016
4 bed 3 bath on second floor
Approx sf - 1500
Maintain:  $1,588

3340 81 street unit #52 sold $955K closed 11/30/2016
4 beds 3 baths - same as #3
Maintain :  $1,389

3340 81 street unit #61 sold $965K closed 07/12/2016
Approx 1,386 ft²
3 beds 2 baths
Maintenance: $1,384

There are some properties under contract now in the area that may add to the comp pool, and some active listings too.

Hope this is helpful

Warmly,
Armen

[agentarmen]

Quick follow up to my original post. The two listings which were in contract both have closed.

Hawthorne listing at 35-55 77th St #32 closed today at $735,000. Unit requires a lot of TLC, but commanded a healthy closing price.
http://www.jacksonheightslistings.com/listings/35-56-77th-street-32/



Greystones listing at 35-27 80th Street, #33 Closed at $370,000
http://www.jacksonheightslistings.com/listings/5369/

[JDinJH]

Does anybody actually know if this Hawthorne Court apartment sold for over $1,000,000?

http://www.mpcproperties.com/queenscooplistings.php?cid=196&m=1&i=390

[Jhx]

In contract for over 1mil

[JDinJH]

I received promotional materials indicating that the unit is in contract for the full selling price, i.e., $1,100,000. That is a lot of money.  Does anybody think that this is a bubble?  Where does the local JH market plateau?  I can't see Hawthorne Court apartment selling for much more than 1.1 million.  On the other hand, I did not see the neighborhood appreciating as much as it has in the last 2-3 years - I am pretty much surprised.

[eddie]

I received promotional materials indicating that the unit is in contract for the full selling price, i.e., $1,100,000. That is a lot of money.  Does anybody think that this is a bubble?  Where does the local JH market plateau?  I can't see Hawthorne Court apartment selling for much more than 1.1 million.  On the other hand, I did not see the neighborhood appreciating as much as it has in the last 2-3 years - I am pretty much surprised.

nothing goes up forever in a straight line, part of me is glad my investments have gone up, but it's also been a bit much for this area IMO. Not only that, a lot of co-ops are seeing big maintenance increases/assesements and that will only get worse as RE taxes go up. People that pay $1m for an apartment are going to have different wants/needs than the old shareholders that paid much less 20-30 years ago. I'm not sure it's sustainable. Might keep going up a bit more, but I certainly would not want to be buying at these prices.

[itsit]

nothing goes up forever in a straight line, part of me is glad my investments have gone up, but it's also been a bit much for this area IMO. Not only that, a lot of co-ops are seeing big maintenance increases/assesements and that will only get worse as RE taxes go up. People that pay $1m for an apartment are going to have different wants/needs than the old shareholders that paid much less 20-30 years ago. I'm not sure it's sustainable. Might keep going up a bit more, but I certainly would not want to be buying at these prices.

  We are in the long time resident category and our reserve money keeps dwindling as cosmetic type improvements abound. Others in the building like us are concerned the well will be dry when we have the big repair that is urgent and the funds are gone. But we have a marginally prettier building in the meantime which the new shareholders can feel cheerful about until they realize our maintenance is way out of whack for the area as other building were not forever changing styles. For example, three changes of hallway fixtures in less than 20 years. Current ones look remarkably close to the original ones when we moved in...go figure.
[/quote]

[eddie]

nothing goes up forever in a straight line, part of me is glad my investments have gone up, but it's also been a bit much for this area IMO. Not only that, a lot of co-ops are seeing big maintenance increases/assesements and that will only get worse as RE taxes go up. People that pay $1m for an apartment are going to have different wants/needs than the old shareholders that paid much less 20-30 years ago. I'm not sure it's sustainable. Might keep going up a bit more, but I certainly would not want to be buying at these prices.

  We are in the long time resident category and our reserve money keeps dwindling as cosmetic type improvements abound. Others in the building like us are concerned the well will be dry when we have the big repair that is urgent and the funds are gone. But we have a marginally prettier building in the meantime which the new shareholders can feel cheerful about until they realize our maintenance is way out of whack for the area as other building were not forever changing styles. For example, three changes of hallway fixtures in less than 20 years. Current ones look remarkably close to the original ones when we moved in...go figure.

[/quote]

yes i have seen this in many coops around here lately. it's tough to keep everyone happy when you have buyers that paid $1m or so and others that are older and on a more strict income.

Personally I wouldn't want to pay a high maintenance on an apt. i rather have a non frills unit like mine with a cheap maintenance.

[abcdefghijk]

A fancy 3 bedroom 2 bath in a pre-war with elevator that opens into the apartment...plus a garden is what?

4-5 miles away.

Up to 4 million in Manhattan?
Up to 3 million in Brownstone Brooklyn? 

If you can find one as well built.

By comparison, we still look mighty cheap to the folks who are considering the Brooklyn/Manhattan prices.

Here, they can afford to buy a nice apartment PLUS a country cottage for way under what it would cost for one apartment in Brooklyn/Manhattan.

Having read the book about Jackson Heights, I believe that originally the district was developed for wealthier folks.  That's why the Historic District apartments are well designed and solidly constructed by their architects. 

It looks as though times may be reverting to the "good" or "bad" old days...depending on where a person sits on the fence... 

[eddie]

A fancy 3 bedroom 2 bath in a pre-war with elevator that opens into the apartment...plus a garden is what?

4-5 miles away.

Up to 4 million in Manhattan?
Up to 3 million in Brownstone Brooklyn? 

If you can find one as well built.

By comparison, we still look mighty cheap to the folks who are considering the Brooklyn/Manhattan prices.

Here, they can afford to buy a nice apartment PLUS a country cottage for way under what it would cost for one apartment in Brooklyn/Manhattan.

Having read the book about Jackson Heights, I believe that originally the district was developed for wealthier folks.  That's why the Historic District apartments are well designed and solidly constructed by their architects. 

It looks as though times may be reverting to the "good" or "bad" old days...depending on where a person sits on the fence...

a similar apt in Manhattan would not be $4m. and a brownstone is an entire building, of course it will cost more.