How can you tell if a real estate listing really sold and what it sold for?

[ping]

A lot of these public search websites have past sales data, but it seems to be notoriously inaccurate at least in NYC.

For example, we see a lot of listings in the building's history on SE marked as "Sold (cannot find gov't record)" or "Sold (asking: $1,069,000.00 -3.88%)" or "Recorded Closing" or "No Longer Available on StreetEasy." What's the difference?

We actually made an offer earlier based on what we thought was an actual sale, whereas in fact the listing broker had simply marked it as sold, but it didn't really sell (no public record). So tricky!

[Jason]

Hi Ping,

The government data that StreetEasy (SE) uses comes from ACRIS. NYC property sales can sometimes be mis-recorded in ACRIS, the city's public register, which is one reason for the inaccuracies. The inaccuracies on SE could also be a result of an advertised address not conforming with the legally recorded address. For example, an apartment advertised as #3 on SE might legally be recorded (or mis-recorded) as 3R or 3B in ACRIS.

In general, property sales seem to be updated on both SE and ACRIS within two to three weeks of closing. However, I've seen some sales take up to a year to be properly updated on both. The ACRIS website could use an update, but it does offer free and detailed information about a property's historical record. And if you dig deep, you may be able to uncover the root cause of a particular inaccuracy. You can access ACRIS by clicking here. Additionally, this Curbed article provides useful instructions on how to begin searching property records on ACRIS.

Indeed, it would be helpful if SE had a consumer-friendly glossary of terms for their listing status labels. From my understanding, Sold (cannot find gov't record) indicates that SE cannot verify the sale in the government record. This may occur for a number of reasons, including the unit number discrepancy scenario described above. I believe Sold (asking: $1,069,000.00 -3.88%) means that ACRIS data verifies that the property actually sold for 3.88 percent less than the asking price advertised on SE. Recorded Closing indicates that a property sale was recorded in ACRIS but it may not have been advertised on SE, or the SE listing information did not conform with the ACRIS data. (This could be another issue with the unit number. For instance, two separate but neighboring units may have been sold and then legally combined and converted into one large unit such as Unit 3C + Unit 3D = Unit 3CD). No Longer Available on StreetEasy means that the seller/agent delisted, or removed the advertisement, from SE.

It's definitely all very tricky – hopefully this helps!
Jason

[phillipcarroll]

I know my reply is a bit late, but I’d like to drop in and share my two cents. One trick I've found useful is to cross-reference those listings with official property records if you can. Sometimes city or county websites have more accurate info. Also, you can check out official sources and government websites. They tend to have the latest info straight from the horse's mouth. And don't forget the power of chatting with real estate pros – they've got the inside scoop! On a related note, I'm digging into international property investment lately! Planning to dive into the global real estate market for the perfect fit. So if you've got tips or know where to find lists of available real estate, let me know!