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FSBOs: Kudos and WTFs

FSBOs: Kudos and WTFs published on 3 Comments on FSBOs: Kudos and WTFs

We haven’t talked real estate in awhile. I got bored with it since the bubble burst. But I was just reading in the NY Times that FSBO’s are on the rise since sellers need that extra cash in their pockets.

So I thought we’d take a look at some For Sale By Owner listings. Some good. Some bad.

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2 BR condo in Jersey City for $679K. This is how it should be done, kids. They have their own website. Check. Which I found from their FEATURED listing on ForSaleByOwner. Check. Good photos. Check. They’re doing open houses. Check. All the info is right there clear as day. Taxes, maintenance. They’ve done a better job than most realtors. Good for them!

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The seller has the right idea here, but since she doesn’t have her own website, I’m taking some points off. This is $589K for a Park Slope 1 BR condo or coop. Not specified. But here’s what I like. She lists incentives. Owner will pay for closing plus $5000. She also says she’s negotiable. It’s clear she wants to sell, not just stick her toe in the water. Some more points off for the nice, but too small photos. So maybe a B, B-?

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This single family in the W. 70’s is listed at $16M, but only because that’s the limit on the For Sale By Owner website. The actual price, if you read further, is $25M.

But that’s not what bothers me. Can you guess my peeve is? Well, there are a couple.

1. No realtors allowed to call. Why not? Would it kill them to share a commission if a broker brought in the sale? As my mother would say “You’re cutting off your nose to spite your face.”

2. The photography! This is a $25M home and you have the nerve to upload inferior snapshots? There’s not even an exterior shot! Hel-lo?

It’s obvious this is a lovely home, but I’m not sure if buyers in this price range are exploring ForSaleByOwner. Why can’t this seller put some more effort into the listing? There’s no excuse. Even if they are nearing foreclosure. Hell, ESPECIALLY if they’re nearing foreclosure. Then this thing needs to sell ASAP. And this is just a shoddy posting.

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Ok, at least they took an exterior shot. I don’t get this one. $2M in Jersey City? I’m not too familiar with JC real estate, but I know that prime Park Slope brownstones have dropped to around $2M, so why is Path train New Jersey more expensive? And let’s say JC is indeed this pricey. This is a cheesy renovation (if it’s renovated at all). From the high gloss floors to the Home Depot fixtures….no. Just….no.

3 Comments

When I was looking to buy my brownstone, I checked out Jersey City since I worked there for a stretch, have a couple of friends nearby and used to eat out there a lot. They have a lovely historic district and some pretty brownstones. That’s the good news, the bad news is that it is Hudson County, once of the worst run municipalities on the planet. Several former Jersey City majors are making liscense plates in various penal facilities and taxes over there are outrageous! The taxes on an equivalent brownstone to mine – (mine 2400 dollar) were 10,000 dollars! Ok, we pay NYC income taxes, but compared to Brooklyn for services, ambiance, overall housing stock, transportation, yadda yadda yadda, Jersey City is not a choice location. So, I think that Jersey City listing is way off. I think having your own website is really important. Regarding doing this on your own, I really think you have to have time and a partner (husband, friend, etc.) so that you are not doing this solo. I am not a wimp, but I just shudder at the thought of having “strangers” in and out of the house with me and me only.
I always thought that would be a good horror movie — in fact I think one was made — of a FSBO crime story.. Brrr……

I don’t think it’s something everyone can do on their own. You do need the time, as you’ve said. Also, you should possess some marketing, creative and technical skills. Then there’s the whole people person thing if showing it yourself, plus let’s not forget the negotiating! The problem with many realtors is that they don’t have these skills. Yet they become realtors anyway.

Hello. I am the owner of the Jersey City condo that you mentioned in this thread (www.311WashingtonStreet.com). I appreciate your positive feedback and your link to my site. In addition to the site and FSBO, we’re on Craigslist, Kannekt, every local discussion thread I could find, and we’ve set up signs with brochure dispensers in key spots in our neighborhood. We try to give buyers every ounce of information before they decide to take a look in person. This way, we’re not wasting their time and visa versa. Agents in the area are making very interesting offers to refer clients to us at a minimal rate. Why not? We’re doing all the work, but there is a definite value on finding us a buyer (just not 6%) As far as showing the house ourselves, I wouldn’t have it any other way. We’re able to answer all questions in person and talk about the features of the place much better than an agent could (good agents excluded). Someone mentioned Jersey City not being a choice location. I disagree and it’s one of the things I’ll miss most after I leave the area. Jersey City is prime location (especially our condo). 4 path stations, several lightrail stations, 2 ferries, Liberty State Park, easy access to the NJ Turnpike, parking!, great neighborhoods, etc. Honestly, it wasn’t until I moved here did I realize how good teh location actually is. Selling our place is bittersweet beacu I know it won’t be lnog before it’s worth much much more. Thanks again for the link and the kind words. Greg.

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