After the summer, more sellers usually decide to list their apartment. This year is no exception.
Multiple apartments in the same building are hitting the market in rapid succession, as sellers look to replicate the high sales prices obtained by their neighbors.
The trend is particularly noticeable in gentrifying neighborhoods, especially in Brooklyn. And in many cases, it’s being led by opportunistic sellers looking to make a quick profit.
People start to follow each other when the market is right and when they hear how much their property can be worth.
Depending on the building, when a certain price per-square-foot point is reached, there is a domino effect that brings several apartment on the market. Everyone is a seller at a certain price.
In some cases, of course, a cluster of listings is related to new development units coming online.
Meanwhile, some sellers have banded together to market their apartments as potential combinations. By doing so, they are trying to capitalize on the higher prices that large units fetch.