I think buyers are being more selective now than 6 months ago. They are taking the time to look at everything on the market and weighing their options before placing an offer.

So, in response to your question, yes, there are real buyers out there.

Are real prospects showing up for properties like this in PH? i.e., 900k?

Back in the say I paid $280 per foot, and I thought I was getting ripped. Then again, my neighborhood isn't as tony as Paulus Hook, but it's located close to Ibby's, so that's a plus.

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I agree. And for location, at $570/sqft it is fairly reasonably priced in this insane market. Liberty Terrace is pushing $1,000/sqft (albeit with unobstructed views).

Again, as Justiceiro said - nothing malicious was intended by me. Market is what the market is and information is freely available.

Wayback Machine is a great tool and I thought I will share its usefulness using the example of www.187warren.com which reflects the ups and downs (so far mostly ups) of JC RE market.

Edit - BTW, if I check enough websites like yours I can get an excellent feel for the market. When the property I like comes on the market I can make a proper offer (ie lowball them like hell if the property has been on the market long and has been reduced a few times or make an offer closer to the asking price if the circumstances warrant). It's all business.

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You're wrong. I bought a 1625 sq ft condo in JC with killer views in Dec 2003 for $535K and recently a similar property was appraised at $850K (in line with this insane market).

Similar accusations of being a piss-poor "renter" are leveled by flippers every time at everyone who predicts cooling/decline of RE market.

Look - I hope you guys make your money on both your properties which pop up on Google every time you put Paulus Hook into it.

But you live in the public spotlight, you die in it. Can't have it both ways. No apologies from me will be forthcoming. You can expect more scrutiny though (as long as public data is available in a few keystrokes).

On a different note, that's a nice place. I wish I had the scratch for it.

Leelou, I think you might want to cool off and reconsider your post. I found the information interesting as one who tracks prices in this area (being an owner), and it looks to me like that's all that injcsince81 was doing.

Tracking pricing when considering any market is a perfectly reasonable thing to do. I certainly did it before I bought, I am sure that you guys did as well.


It isn't really a question of wether its fair to publicize the history of a property without the reasoning of the seller, its a simple fact that the reasoning of the seller doesn't matter. At least, not to the buyer. I didn't ask, comment, speculate, or even think about the social or emotional life of the people that I bought my place from. I'm sure no such thoughts were devoted to your situation either. It's a price, in a market. That's all.

I think injcsince81 is a renter with no money to buy and is pretty pissed off he/she was priced out of the market long, long ago...just my honest "public" opinion.

I do not "have to" sell. I would like to sell. I have a very personal reason for asking Steve to put our home on the market. I even typed it out here but Steve asked that I edit and not post it as it is very personal to us. I will PM you with it though and I guarantee that you will feel like an absolute jack-arse for this post when you read it.

As for the previous price and website: Steve enjoys creating them, especially over a glass of wine after dinner. He created it last year without the intention of selling. I did not agree with it because frankly, I just moved in and I love this place. I had no wish to move. If you must know, we had an offer for 950k last April from a buyer who found the site on the web. I turned it down because as I stated above, I did not want to move. I?m pretty sure I still have the written offer in my files somewhere. As for the current price, it is in no way a reduction. We decided on a price that will allow us a faster sale. This does not mean the market has gone down - as you wish. This just simply means that I want to attract a quick sale.

In the future, I suggest that you exercise some restraint before you decide to create a post about someones personal property without having full knowledge of the owners situation.

I hope I answered any questions you may have had.

If you would like to apologize, feel free to PM me.

Jennifer

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Sooner or later some people will HAVE to sell.

Then it'll get interesting.

Buyers will have no mercy, just like sellers had no mercy in the past several years.

Gotta love the market.

"level off" is a nice way of putting it. Increased taxes and higher interest rates are a few of the reasons why the real estate market in is soft. The time to sell was in the spring of 2005. Sellers are too stubborn to lower prices, so the properties languish with for sale signs, month after month. The city's poor financial health doesn't help the situation. If a property is priced right, it will sell. Sellers waiting for the market to suddenly rebound, may be in for a long wait indeed.


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This is when I got in - first week of public avail

http://web.archive.org/web/2003120815 ... gi?about+morgan_pricelist

The Ledger offers historic pricing info here --

http://www.nj.com/news/housingboom/

It's a useful compilation of public sales info.

Ladies and Gents:

I have no issue with anyone discussing the purchase price and/or For Sale price of my condo. It is public domain. Be that as it may, (Mr./Ms.) InJCSince81 should really take into account I'm not a typical seller or buyer (and I'm not a flipper) hence looking at when and how I priced my condo as a benchmark doesn't correctly reflect the Paulus Hook market.

Pr?cis, I love my condo, it's currently priced at about 570 per sqft, which is neither cheap nor expensive ? I believe Goldilocks would say "Just right!". It's a great unit and Liberty Point was excellently built.

As Annod wisely stated, it all about "comparables", when selling/buying property I always actively encourage anyone to go and look at ALL options available. I'm selling my home ? someone's potentially buying a home ? that's a significant decision for someone.

So - prices might go up and prices might go down and prices might stay the same. The only thing I know for sure is that my life's a whole lot more complicated than the Paulus Hook real-estate market.

Regards,

Steve

I admit it probably was not nice to show the prices, but the information is public. Finding out the sale price is not hard either. City Hall can tell you. Real estate agents can tell you. JCList mentioned some websites that can help you indirectly figure out the sale price.

Prices in Paulus Hook has level off. There are a few units in my building that have been on the market for several months. Maybe with the big Wall Street bonuses, we may be seeing some buyers soon.

I don't think the price history would affect me as a buyer. I would be interested in comparables. What do other condos in the area with the same features and square footage sell for.

The seller wanted to save some $50,000 in realtor's commission by doing a For Sale By Owner deal with his own website. Perfectly understandable. His websites pop up on Google (premium banners) if you put keywords such as "Paulus Hook" or "Port Liberte" into Google. Fine.

But that puts his websites and real estate dealings under public scrutiny, of which this thread is an example. These days info is available in a few keystrokes. Scary indeed, but nothing malicious was intended by me starting this thread. Just a consequence of doing business in the public domain.

BTW - I think Steve scored a hell of a deal by buying his unit at Liberty Point for the then asking price (before the upgrades, I presume).

And it is really not fair to publicize the history of a property w/o the reasoning of the seller. Did the prop. go under contract? Did buyers back out? Did the seller have second thoughts?, etc. I'd be furious if this were my property.
Also, take the percentage of price change in comparison to asking price...is that really a 'bubble bursting'?
Not nice to say the least.

I know it's in the public domain, but that's not a nice thing to do.

Here is the original price:

Original Price

There is a very cool tool on the Internet which archives billions of websites. I thought it would be interesting to track the pricing of condo # 407 at Liberty Point in Paulus Hook, which has been advertised for sale since Feb 2004.

From the Wayback Machine:

Jun 15, 2004 - $859K
Sep 24, 2004 - $958.8K
Jan 23, 2005 - $958.8K
Feb 09, 2005 - $958.8K
Mar 16, 2005 - off the market
Jan 11, 2006 - $910K

Nice curve. If Steve's pricing follows the market, then it looks like the bubble started bursting sometime last year...

Check out the Wayback Machine at www.archive.org. Enter www.187warren.com or any other URL of your choice for a trip back in time and some cool info.