Good morning
Halstead Open House Index followers and contributors!
Here is the analysis of the weekend
of December 14-15:
We received
only 237 surveys (still, much better than the 200 we received last
year on December 16, 2018 weekend), and the average for all of NYC
dipped to 2.46 attendees per open houses. It was 2.65 the weekend
prior and 2.39 a year ago.
56 open
houses reported zero attendance, so at 23.6% of all open houses
agents were having uninterrupted chit-chat with building personnel
and residents. Slow open houses are a good opportunity to meet other
owners and secure another exclusive!
The most
visited open house mention goes this week to Elba Diaz, from
Buchbinder Warren. She reported 15 visitors at her open house for
105 East 19th Street, a 2BR for $1,100,00 in the
Gramercy Park area of Manhattan. Here, in her own words: “Hi Fritz, I’m shocked. I
guess given the time of year 15 in attendance is not bad! Yes 15 is
confirmed. I think location, location and price per sq foot. The unit
needs renovation. But it’s a unique, large apartment. This was the
2nd open house after a price drop from $1200K to
$1100K. Honestly, it was not difficult to handle (the crowd).
The duplex has an intercom on both floors so I was able to ring
people in and run upstairs to greet them and allow them to roam as I
spoke to others. I did receive an offer, however it’s with a
contingency and we are still trying to work out all the
details. This is not my first offer however, I had two others
previously but we were not able to agree on terms. I believe
hosting open houses consistently is still the best way to show a
property. Some in attendance may have been curious spectators BUT I
received an offer from a real buyer so you never know.”
There were
5589 open houses held last weekend in NYC and, according to my
estimate, there were approximately 3638 prospective buyers hopping
from one to another. Here is the dataset. Let’s check the
details for each borough:
Manhattan – the average attendance dropped to
2.27, from 2.34 the weekend prior. Manhattan recorded 2.42 last year
on the weekend of December 16, 2018. Busy in the Gramercy Park Area
(4.57) and East Village (3.50). Upper East Side (2.78) and Upper West
Side (2.61) were above the average. Slow pretty much everywhere else:
Harlem (0.88), Midtown East (1.33), Other Downtown Areas (1.22). We
received 179 replies from Manhattan.
Brooklyn – the average dropped to 3.92, from
4.51 the weekend before. This was still so much better than a year
ago, when on December 16, 2018 Brooklyn reported 2.13. Fort
Greene/Clinton Hill (6.40), Park Slope (6.20) and Brooklyn Heights (6.00)
were above the average. Slow everywhere else, see the details below.
We received 37 responses from Brooklyn.
Bronx – the average dropped to 0.92, from
2.05 the weekend prior. We received just 13 replies from the Bronx
open houses.
Queens – the average dipped to 2.38, from
3.92 the weekend earlier. Just eight replies submitted from the
Queens open houses.
Staten
Island – winter
hibernation in progress.
Size – 2BRs recorded best attendance
among apartments (2.62). 4BRs and 5BRs were the loneliest. See
details below. Three multi-unit buildings reported the average of
5.67.
Price – almost identical attendance in
$1M-$2M and in $500K-$1M ranges (2.68 and 2.67). The slowest was in
$3M+ range (1.07).
First Open
House – just 88%
premium in traffic last weekend for 1st open house.
Interestingly, top three open house by attendance were NOT first open
house!
By
Appointment Only – 209% more traffic at normal open houses vs. those
labeled “by appointment only”.
This is all
for today folks. I received interesting comment from Gerard
Splendore from Warburg. “Fritz, this is often easier than
done, but if the building permits and the other agent will
cooperate, coordinating open houses in the same building at the
same time or overlapping times can easily double or quadruple
attendance. When both apartments are on the same floor, it is
virtually inevitable that buyers will view both apartments,
especially if they are close in price and size. I have had multiple
open houses and price drops for a convertible 2BR for Apt 6E at
155 Henry Street, now asking $729K and the managing agent has
been trying to sell a one bedroom sponsor unit for almost 4 months,
asking $679K. Now listed with Compass, I called the agent
and asked if we coordinate times. She agreed and we both had a
large attendance. My approach to “the competition” after more
than 20 years in real estate is “we are all in this together, isn’t
it better to cooperate?” Sometimes it works.” Let me know if
you agree to this approach or if you are doing it already (with or
without the knowledge of your colleague competitor, wink, wink).
For those of
you patient enough to read to the end of my report, I included some
stats for all of you marketing 1BR and 2BR units in co-ops may find
interesting.
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