2011 Mar 7th

Hoboken Condo Sales – the February Results

February 2011 Hoboken Condo Sales Results

What does it mean?  There isn’t much to say except that the market is clearly down from a year ago.  Almost every measure shows a decline.  Except for median price per square foot and inventory.  That there are fewer units for sale is a good thing.

The surprising thing to me is that just last week I had multiple offers on my own listing, was involved in a multiple offer situation with one of my buyers (who did not get the property) and had another buyer who wanted to see a property this weekend but in just a week it is already under contract.  For the more desirable units, it seems that prices have come low enough to make them attractive – to multiple parties.

Posted by Lori Turoff | Currently 26 Comments »

2009 Aug 28th

What Do You Think? Is This Seller Being Served?

Hoboken Condo Sale Hypothetical

An owner wants to sell a Hoboken condo property.  Owner lists the condo for sale with a listing agent.  Although this agent is commonly called the “listing agent”, he or she is an agent of the seller and owes the seller a fidiciary duty. Let’s call this agent Mr. List. The property in question is listed on the MLS by Mr. List on Monday. On Tuesday, an agent from another company, let’s call her Ms. Look, brings a buyer to see the condo.  Mr. List knows of the showing as it is made through Mr. List’s office on a system that tracks showings and automatically emails a notice of the showing to Mr. List. The same system solicits feedback on the showing from Ms. Look and emails that to Mr. List.

On Wednesday, Mr. List enters the property as “under contract” or “Dabo’d” on the MLS. Mr. List never called or contacted Ms. Look to see if her buyer was interested in the property, to inform her that he was expecting or had received an offer, or to see if Ms. Look’s buyer might want to make an offer. Mr. List sold the property to his own buyer and will receive both sides of the commission.

Did Mr. List do the seller a disservice? Might Mr. List have gotten a higher price for the seller had there been another buyer making an offer? Did the fact that Mr. List will sell the unit to his own buyer possibly influence his failure to notify Ms. Look of the offer or to inquire as to Ms. Look’s buyers interest?  I know what I think but I’d be interested to know – what do you think?

Posted by Lori Turoff | Currently 12 Comments »

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