Frequent Star in the Gallery of Cuts

Posted by Dave Fratello on Wednesday, November 10th, 2010 at 6:15pm.

Want to be famous?

Get mentioned. Get people talking. About you.

This PR philosophy can apply, too, to a home for sale that's in need of a little extra attention.

Cut, then cut. Then cut again.

And after that, cut.

Buyers who are watching the daily turns of the market on, for instance, Redfin, will just keep seeing mentions of your property. It's the real estate equivalent of hitting the "scroll" on one of the cable networks. Your "news" of a cut will go out in hundreds of daily emails as well.

Yep, make the cut, and the PR takes care of itself.

The recent master of this frequent-mention tactic is a Manhattan Village listing, 24 East Malaga Place. (Yes, those are the first times "Manhattan Village" and "East Malaga Place" have appeared on MBC.)

This East MB listing draws special mention here because of its latest cut of $1,000, tied for the smallest in a series of 11 fussy little cuts made in the current version of the listing, dating back to early September. (Yikes, there's simply no good pic, so we chose this one as an exemplar.)

On Nov. 4, i.e., last Thursday, the home was re-listed for $1,009,000 after a failed, late-October escrow.

A few days later, just Tuesday, it was cut to $1,008,000. A whole thousand dollars lighter.

Same deal back in mid-October. The price then went from $1.039m to $1.038m.

You can see the history of the most recent listing in the margins here. But we can summarize it, too. After a start at $1.095m in September, you saw cuts of:
  • $5k
  • $12k
  • $10k
  • $10k
  • $1k
  • $13k
  • $7500
  • $8500 and
  • $1k
At this moment, the price is down just $87k (-8%) despite all the tinkering and associated hoopla.

On Redfin, you can see that this property was listed earlier this year, starting in May, with a short break in August and another break before the current version of the listing (we'll call it a bogus re-list) kicked off on Sept. 7. For some reason we can't find the details on the prior listings.

Now, as if the weekly chops aren't interesting enough, the listing also tells you: "Seller may carry and/or assist with creative financing." Nice sweetener.

And remember yesterday's story on 3601 Laurel, which offers an extra bounty to buyers' agents at 3.0%? That's more than the typical 2.5% commission. Malaga Place goes one better, offering up an extra-generous 3.5% – or roughly $10k extra – to the agent who brings a buyer.

But do they need those come-ons? Isn't it enough to be famous?
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