Times: Bidding Wars are Back
A bit hard to believe considering all of the stalled sights around town, especially in Brooklyn, but according to the Times, bidding wars are “breaking out” in some of the tonier NYC nabes like the Upper West Side and Brooklyn Heights. Even Williamsburg which has gone from sleepy industrial outpost to Miami to capital of stalled construction projects, is starting to heat up again.
In more and more cases bidding wars are causing prices to come in above asking. Case in point, an Upper West Side 2-bedroom went on the market at $1.595 and sold just two weeks later for a cool $1.8. Here’s the rub, five of the nine offers according to the broker, were all cash.
The Rialto, in Williamsburg, is also noted for creating a few bidding wars of its own. One strategy the pros mentioned stuck out – uderprice the market, which may give you more traffic than usual since everyone is bargain hunting, and that group of potential buyers may end up in a bidding war, raising your original asking to above market.
photo: Rialto, in Williamsburg Brooklyn courtesy Curbed.com
