Is It a Buyer's or Seller's Market in Townhouses?
Here’s an email we received from a reader this week: I was hoping you could foment some sort of discussion on the summer brooklyn townhouse market. I can’t really figure out what’s going on. It seems like a lot of stuff is left over from the spring, but then some great stuff just flies off…
Here’s an email we received from a reader this week:
I was hoping you could foment some sort of discussion on the summer brooklyn townhouse market. I can’t really figure out what’s going on. It seems like a lot of stuff is left over from the spring, but then some great stuff just flies off the shelf. I’ve been to dozens of open houses the past few weeks, some are empty, some are thronged. I can’t tell if it’s a buyer’s market or a seller’s market. It seems like a lot of people are waiting for the fall to see what comes on the market. What’s your sense?
Seems to us like there’s not a lot of good inventory and that buyers aren’t desperate enough to go for the crap. Your thoughts?
Photo by Da Nator
1:20 – I am a banker. To what loopholes are you referring. Please let me know, because a full 40% of my income went to fund this great city’s infrastructure.
Capital gains tax is something different entirely, and that is where the loopholes exist
don’t be blined by the media. understand the facts.
I wonder what will happen if (and hopefully when) Congress finally wakes up and cuts off that tax loophole for i-bankers.
Sorry, John, but I just counted 30 posts that were on the topic, expressed in the form of a question right from the start, “Is It a Buyer’s or Seller’s Market in Townhouses?” That’s less than 15 percent of the total. With the exception of 7:22, 7:37 and 10:38 PM, there was not a single post on topic after two in the afternoon, yesterday. I’d say I won the bet, but let’s call it a draw since we probably defined the contest differently.
11:39 — Are you not aware that Kliff is a white man? You won’t get away with pulling that crap on him.
Kliff,
Don’t count your chickens yet, bucko!! I know the house in Crown House and earlier today I submitted a much higher offer that the seller quickly accepted. You will be notified tomorrow (through your attorney) that the seller is breaking the contract. I love that house and offered $100k more than you. Sorry for busting your bubble. This is NYC. The almighty dollar talks and still rules the day!
What the hell does being “a white guy” have anything to do with buying a brownstone?
I’m a white guy, non-wall street, been looking to buy a brownstone for 18 months now (rented in NYC for 14 years). As my income is limited I’ve been looking to buy a 2/3 family brownstone in area’s I can afford – Bedstuy, Crownheights, Prospect L.G, etc. The goal is to buy a building, live in it, and offset the mortgage from a rental unit (or 2). For the past 18 months I’ve looked at over 125 brownstones, found 4 that I could afford (750-900K) and have been outbid on all of them. From personal experience, there is a lack of “decent” inventory in this market. AS soon as ANYTHING decent hits the market, there are multiple buyers. By decent I refer to buildings that do not need much work to move in (working kitchens, baths, etc) – and usually have good brownstone detail intact. I have seen great examples of this (100 decatur, 365 Parkside avenue – among others). Bottom line is that anything less than $1mm that does not need 100k of renovations will move quickly – that is my observation. From talking to brokers and other buyers, it seems that many people are simply priced out of NYC and/or want more space for their money, without leaving NYC proper.
On a positive note, I found a building I could afford in Crown heights, submitted a bid (which was accepted) and signed a contract. Close in 2 months!!
Good idea, 9:16. Amy, what say we try out the overpriced Hotel Le Bleu that sparked over 100 posts in a thread yesterday? (Suddenly 100 posts seems quite pathetic). I heard they have a great selection of cheeses. We can invite anon-wife-of-out-of-work-husband-with-nanny-who-joked-about-foreclosure and anon 5:27 and make a party out of it.
Oh, well now, the possibilities are endless! WWJBD pens for closings. WWJBD cardboard boxes for moving day (or for living in after the foreclosure). And of course, a WWJBD Magic 8 Ball for predicting the rise or fall of Brooklyn real estate!