Mark your calendar for 1056 Fifth Avenue auction

Unless the estate auction of Apartment 11E at 1056 Fifth Avenue is withdrawn at the last minute, as it was last month, you’ll have the opportunity to bid on the unit Thursday.

But don’t expect a bargain.  If visits to this blog are any indication, there will be a throng of hopefuls.  And the reserve price has been raised from $710,000 to $900,000.

Worse, the board of that building is notoriously difficult, and the purchase will require its approval.

To bid you’ll need a certified check of $90,000 and your purchase must not be subject to financing.

Still interested?  Go ye, then, to 31 Chambers Street, Room 503, at 11:30 on Nov. 19.

Good luck, you’ll need much more than that to win. Since a bargain is far from likely, I believe you’d be wiser to opt for a conventional purchase before those bidding wars that the Times chronicled yesterday escalate both in number and price.  See why in my previous post.

Meantime, Caveat emptor!

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Malcolm Carter
Licensed Associate Real Estate Broker
Senior Vice President
Charles Rutenberg Realty
127 E. 56th Street
New York, NY 10022

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Where’s that bottom everyone is talking about?

Buyers seem not only to be looking again, but they are starting to make offers.  And the offers are less likely to be insulting than they were just a couple of months ago.  Much of the activity appears to be centered on properties listed below $1 million, though buyers at higher levels clearly are less gun-shy than they were in the recent past.

If you doubt the foregoing information, have a look at Sunday’s New York Times, which leads the Real Estate section with a long piece that has the following headline:

Bidding Wars Resume

Regular readers of this blog and my e-newsletter won’t be surprised by the news: I have been warning that such wars would reappear once there occurred a perception that the bottom was here or approaching.  (However, my timing was a bit off; I didn’t expect that change until sometime next year. In any case, I doubt the trend is widespread yet.)

Ask buyers about their renewed interest, and the answers are almost the same: Continue reading