Recent Transactions and Trends

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New York Squared recently represented the purchaser of a three-family building in Astoria for $975,000. The property includes eight bedrooms, three bathrooms and is approximately 2,400 square feet.

Most home or property sellers, if asked whether they would prefer to overprice or underprice their property, would likely list their property for a higher value in hopes of either getting lucky, or negotiating down to a price that yields a high selling price.  And, in fact, overpricing property may draw higher initial offers.  But, there is also a school of thought that overpricing only works when inventory is low because there is less competition.  Depending on a number of factors, therefore, there may be a good reason to underprice the property.  This is because buyers are always looking for a bargain and if the seller starts low, the seller can essentially create a bidding war between a number of purchasers.  Of course, this approach always runs the risk that there will be more than one potential buyer ready, willing, and able to purchase the property.

 

The Wall Street Journal, in an article entitled Should Home Sellers Overprice or Underprice Real-Estate Listings, discussed the economic behavioral trait called anchoring.  Anchoring is when a consumer relies too heavily on the first piece of information offered when making decisions, namely the initial asking price.  Any subsequent decisions or judgments are made by merely adjusting away from the anchor and there is typically a bias toward interpreting other information around the anchor price.  In the real estate context, the initial price offered for property sets the standard for the rest of the negotiations, so that prices lower than the initial price seem more reasonable even if they are still higher than what the property is actually worth.  Therefore, the concept of anchoring indicates that sellers should overprice property.  On the other hand, underlisting can speed up the sale process, which saves agents and sellers time and money.

 

In a world where time is money, underpricing may seem to be the intuitive approach to selling property.  On the other hand, each piece of property is unique, and no one approach should be used consistently.  Doing what is best for the seller and analyzing the market conditions as well as various other factors is usually the best approach.

 

Do you have any thoughts on whether property should be overlisted or underlisted, and why?

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New York Squared is exclusively showing a beautiful, spacious one bedroom apartment with high floors and open views near Union Square.  The monthly rent is $4,700.  This apartment, located at the luxurious highrise 1 Irving Place, includes the following renovations:

 

  • Viking range oven and hood
  • Sub zero refrigerator
  • Dishwasher
  • Miele stove
  • Ipe wood floors
  • Stain steel appliances
  • Carrera marble counter-tops
  • Custom walk-in closet in bedroom
  • Large extra closet in hallway

 

The building also includes the following amenities:

  • 24-hour doorman
  • Concierge
  • Valet
  • Gym
  • Swimming pool
  • Roof deck

There is a Starbucks immediately downstairs and a Trader Joe’s and Whole Foods one block away.  Nearby subway lines include L, 4, 5, 6, N, Q, and R.

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Two bedroom 750 square foot unit available near 41st Street in Astoria.  This apartment boasts a large living room space in a clean and very well-maintained six-family building.  Heat and water are included.  And the rent is very affordable at $2,000 per month.  Also, one block from M & R trains, and a ten minute walk to N & Q train.  Very close to the subway.

 

Contact Constantine at constantine@ny2reg.com for more information or if you want to check this beautiful space out.

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NY2 has a gorgeous 2BR apartment available in Astoria for $2,950 per month. The building is located on 30th Drive in Astoria, approximately three minutes away from the subway. The apartment has central air conditioning/heating system, video intercom, and a balcony with views of Manhattan. The building also provides indoor parking, a fitness center and a laundry facility. The apartment is a new construction and the appliances are all brand new.

Let us know if you are interested.

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NY2 has a Chelsea one-bedroom apartment available for October move-in, located on 14th Street and Fifth Avenue.  The Courtney House is a full-service building, with 24 hour concierge, a laundry room, parking garage, and located at the intersection of Union Square, Chelsea and West Village.  This penthouse apartment is only renting for $4,025; this is truly a deal.

Let us know if you are interested.

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Astoria real estate, along the East River, has been slated for a revitalizing change.   Lincoln Equities Group has, in the past, proposed to build 2,300 residential units, a park, and a supermarket in Hallets Point.  Although Lincoln has not received approval, last week the New York State Legislature transferred ownership of the land from the State Park Department to the New York City Housing Authority, making it easier to rezone the land.  Lincoln’s proposal also includes seven residential towers with 2,200 market-rate units, with 440 of those units reserved for affordable housing, as well as a new water taxi stop.  The residential buildings will vary in heights, ranging from 20 to 40 stories.  The only remaining step is for the City Council to approve the project.

 

If you are unsure where Hallets Point is, here is where it is located on the map:

Here are some pictures of the proposal:

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New York Squared has a large one-bedroom available in a quiet section of Astoria, near Astoria Park.  The unit is approximately 750 square feet, and is located in an 8-year-old, elevator building.  Parking is also available and the building offers laundry machines.  Heat and hot water are included in the $1,650 rent.  Check out NY2’s craigslist posting here.  Also, check us out at Yelp here

Call or email Constantine if you are interested.

Want to know what is going on in your neighborhood? Like us on Facebook (New York Squared Real Estate Group) or follow us on Twitter (@ny2reg) to receive updates on trends in New York real estate, for notable real estate transactions, or for available apartments. Also, follow us on instagram (@newyorksquared) for all things new york and all things real estate.

 

Have a wonderful day!

 

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Contact New York Squared if you are looking for a three-bedroom apartment in Astoria.  This newly renovated apartment on Ditmars Boulevard boasts massive three bedrooms, central air and heat, a washer and dryer, granite counter-tops, French doors, a huge living room, spacious closets, and windowed kitchens.  The unit is only a few blocks from the N/Q train. 

 

Click our link on Streeteasy for more information, or email us if you want more information or want to set up an appointment.

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