I didn’t know BusinessWeek Online had a real estate blog until I came across it just a few minutes ago, much to my surprise actually. I’ve always believed it to be proper web etiquette to link back to someone who linked to you. So with that, I’d like to thank Sam Coy for providing the link to my blog and provide a link back to the BusinessWeek Hot Properties Blog in return.
BusinessWeek Online Hot Properties
Lowballing is the profitable game of submitting a ludicrously low bid on a house just to see if the seller goes for it. The game didn’t get played much over the past few years, when houses were sold within hours for above the asking price. But for obvious reasons it seems to be enjoying a resurgence of popularity.
I just found this new blog about the northern New Jersey housing market. The blogger, named James Bednar, aka “Grim,” posted an item Saturday about houses that sold recently for way below their asking price, including one in Madison, N.J., that was listed for $2.89 million and sold for $2.3 million.
It seems just about everyone gets a kick out of Lowball! I get quite a bit of email from readers asking me to post Lowball! sales from specific towns and areas, and I usually try to accomodate them. In case you are wondering why I pick some of the towns I do pick, it’s usually because someone had asked.
If anyone would like me to keep an eye out for specific towns and price ranges, just respond to this thread and let me know!
Caveat Emptor!
Grim
Can you post sales in Elizabeth (union County) Thanks
Sure, I’ll be doing the next Price Reduced! in a few days, so I’ll include any price reductions from those towns..
grim
Anyone,
What do I tell people when they say to me that real estate in the North Jersey area will not go down because of it’s proximity to New York City?
I keep trying to tell neighbors, friends, etc. that 450K for a cape is just f***ing insane but they have become so desensitized that they’ve become Stepford robots.
How do I convince them?
thanks,
Gary
Gary –
Pointing them to this site is not a bad start. with all of the article and real life testimonials on here, it would def give someone something to think about before they make the general statement that it can never happen
Hi, I have been reading your blog for two months now. I really found it very educational. I convinced my husband to wait before we buy eventhough he wanted very much to have a house for our son and grandson to come and visit especially during the weekends. Would you please post Westchester county also i.e. Tarrytown, Ossining etc. Thanks.
Westchester county? Screw that. I thought this was a NNJ Real Estate Blog.
Low ball ? Question and maybe a future post by a ‘professional insider as they say’ Do they legally/ethically have to say what the real original asking price is or is like the scene from Casablanca were a friend of Rick gets a special price for the fine Arabian Linen ??
Can you post sales for Morristown / Basking Ridge especially condos
Lowballing is the profitable game of submitting a ludicrously low bid on a house just to see if the seller goes for it. The game didn’t get played much over the past few years, when houses were sold within hours for above the asking price. But for obvious reasons it seems to be enjoying a resurgence of popularity.
Highballing is the profitable game of placing a house on the market at a ludicrously high price just to see if some buyer goes for it. The game has been played very successfully over the past few years, to the point where many people have built their entire business/wealth creation model around it. But the game now seems to be suffering severe sales constipation as the RE market encounters a reality check.
I have no access to New York State MLS data, I’m sorry. If there are any agents out there (and I know there are) that would like to contribute using me as an intermediary, please email me that data and I’ll keep it anonymous..
I can’t promise more than a thread or two about NY counties, and it’s only because I believe that the this bubble encompases the entire NYC metro area.
grim
The listing and sales prices are part of the MLS database. While the listing agent can change the data, that change is recorded as part of the MLS system. Those changes are pretty easy to track on most MLS systems.
In fact, it’s so easy to track, that I’ve seen the same homes relisted many times with lower prices, and to reset the DOM. Using this ‘strategy’, it becomes much more difficult to track past changes.
That is kind of an odd question really, the listing price is probably the most important piece of info there. I suppose it’s possible that a listing agent could do a price change at the same time as updating the sales information, but it would still be pretty obvious.
grim
You can’t convince morons.
I spke until blue in the face in 1999-2000 to explain why tech stocks were priced insanely especially Lucent.
All I got out of it was aggravation.
Thoase same people I tried to save never ever confirmed that i was right after Lucent tanked into oblivion. Many many many lost their behinds.
Same will happen in this stupid real estate market.
Things were totally dead in early 1990’s real estate market.
A friend bought a condo in 1988 for $120k then was Lucky to sell it in 1991 for $85K. YES A LOSS!
I blame this entire thing on the baby boomers. talk about the most selfish, irresponsible generation of all time. when I tell people in their 50’s that housing has to go down or else the economy will grind to a halt, they always get upset, like I’ve said something really offensive.
It’s the same thing with Social Security– oh sure, not a problem at all. Aren’t you selfish that you don’t want to pay $1.5 million for a POS raised ranch and pay 70% income taxes on top of it. Don’t you understand that me and my husband have NEGATIVE SAVINGS, granite countertops, and two brands new $40,000 SUVs? it’s our right as Americans to buy everything and stick someone else with the bill.
marks my words, there will be a massive backlash against the boomers when people my age come to power and are faced with cleaning up their mess.
I’m tired of hearing the “baby boomer” market advertised as well.
It’s all a marketing thing; I sincerely doubt it plays into anything except another one of those advertising buzz words that people are dumb enough to beleive.
What happens when there’s a baby boom bust?
uhh..
-Richie
Could you please post the sales for Wayne, NJ. Thanks.
Dear Grim,
Can you please post sales figures for Iselin, NJ ?
Many thnaks in advance.
Hi:
Need News from North Edison.
There were price drops in some of the townhouses I have an eye on, to the tune of 20 K.
KBR
Thank you for your blog for Colorado owners into helping owners of Colorado
check out more info at http://www.briansproperties.com
Could you please post the sales in Dumont, Bergen county? Thanks a lot.