It’s time to share my Three Cents Worth on Curbed, at the intersection of neighborhood and real estate.
Three Cents Worth:
Examining Manhattan’s Snake-like Listing Discounts
This week I presented the two types of listing discounts we track each quarter for co-ops and condos in Manhattan to get a sense of whether sellers are being realistic. Listing discount is the measure of the difference between the asking price and the contract price, measured as a percentage.
When I began to measure listing discounts a decade ago I felt its usefulness was limited, because at that time it was becoming conventional wisdom to price a listing closer to its market value. Before that the tendency was to list higher, because sellers were wary about leaving money on the table in case they got lucky. Any comparison with those periods would show a decline in the listing discount because of the new marketing viewpoint, rather than as a market trend in supply and demand…
Check out previous Three Cents Worth posts.