The lead article in today’s New York Times brings us some startling news: Some desperate buyers are having trouble selling their homes.
One case in point, Adam Rogers and his wife Gillian, whose place in Brooklyn remains on the market. They bought the Clinton Hill unit in January of 2006 for $599,000. Reports the newspaper:
“At first the the Rogerses asked $679,000, the price at which their neighbor had sold his apartment.
“They since cut the price several times and switched agents. . . The apartment is listed at $599,000; they will lose about $60,000 in transaction costs if it sells at that price.”
Next case: Elizabeth Demaray and her husband Hugo Bastidas, who paid $620,000 for their condo in East Harlem in February of 2007. This very spring, they put the apartment on the market for $715,000 “about what comparable units in the building. . . had sold for.”
Then there are Jon Vernon-Browne and Adriana Herrera, who purchased a condo in
Manhattan’s Financial District for $1 million in February 2007. They listed it in May for $1.1 million and rejected a low-ball offer.
Another unhappy seller that the Times interviewed is Danielle Dugan, who bought her fifth-floor walk-up in2006 and has been trying to sell the Brooklyn Heights co-op for $357,000 since then. Having received one offer, which was unacceptable, she dropped the price of the apartment to $340,000.
Well, duh! (more…)