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The days of racing with the clock are over in NYC’s residential market (no duh), and the Times’ real estate cover story this week examines what the dynamics of a less frenzied market look like. While prices haven’t dropped much, buyers and sellers are taking their time nowadays, and a lot of people are considering how much rehab their properties need, or undertaking lengthy/expensive fix-ups, before listing them. Case in point:

Carolyn Walkin and her husband, Jim, wanted to move to the Long Island suburbs to find better schools for their daughters, Ava, 4, and Veronica, 2. But they were so worried about a potential recession that they did extensive research to ensure they could sell their three-family brownstone on Henry Street in Cobble Hill, Brooklyn, for the price they wanted. Ms. Walkin spent about five months and had conversations with at least seven brokers before choosing Terry Naini of Prudential Douglas Elliman. Before that, she had also researched auction houses and considered selling the brownstone without a broker. Even though they finished an extensive renovation two years ago, they added details like art on the walls to attract sellers. Within one hour of their first open house, they received an offer for their asking price of $2.5 million. But Ms. Walkin didn’t relax until the paperwork was signed.

Not a bad outcome, but perhaps indicative of the high anxiety in the air these days.
Responding to a Less Heated Market [NY Times]
Photo by TrespassersWill.


What's Your Take? Leave a Comment

  1. I’m actually starting to believe The What does not live in or near NYC at all. He really sounds like one of those illogical crazies who sit in a basement in the Midwest, collect unemployment or disability then run a blog ranting about liberals and “big government” ruining everything.

  2. 10:13 is NOT black and neither is The What.

    Every black person I know thinks the improvements in Brooklyn are great. The only ones who don’t think it’s great are NOT capable of affording to live in Manhattan then buying in Hoboken, sorry 10:13. The only ones who complain about less crime, better schools and not being able to afford a $400K apartment (plenty of which still exist in NYC) are people who still couldn’t afford to buy even if properties DID drop in value 50%.

    The What and 10:13 are both poseurs who obviously own useless worthless houses in the suburbs.

    I called The What out as a suburbs-booster when he revealed himself to be just that. He doubled back on everything he’s ever said and told everyone to buy in the suburbs. His so-called campaign to warn everyone about bad real estate investments would never have resulted in encouraging people to buy in the suburbs among a multitude of foreclosures. So it meant he was a phony plain and simple and not what he presents himself to be. I also do not believe for one moment he is black. His reactions are gleeful in being attacked for his race. Not offended.

    People are desperate and panicked in the suburbs and we’ll be seeing them show up here trying to make themselves feel better for owning some piece of crap in Jersey they pay way too much property taxes on, by making people terrified to live in Brooklyn. Let’s not take the bait.