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October 15, 2007

Brooklyn Sales Market: Let's Make a Deal

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The Times examines what a Brooklyn homebuyer’s gotta do to catch a break in a market that’s “a bundle of contradictions.” On the one hand, tony nabes like the Slope and the Heights are pricier than ever before. On the other hand, developers in areas where a lot of new construction’s recently been completed, like Williamsburg, are cutting prices so that units don’t languish on the market. For example, the developer of 149 Conselyea Street recently decided to sell units for $425,000 to $799,000; a year ago, the condo’s projected asking prices were running between $599,000 and $995,000. Across the board, brokers say sellers are now more open to negotiations than they have been in quite some time. “We’re definitely negotiating,” said Christine Blackburn, a Prudential Douglas Elliman broker. “It’s not a market in which anyone wants to lose deals. Every deal is precious because there’s a lot of uncertainty.” Can house hunters out there vouch for an uptick in give-and-take?
Brooklyn: A Bargain Hunter’s Guide [NY Times]




Posted by Gabby at 9:31 AM | Comments (16)
Categories: Brokers, Development, Sales

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my impression of the last few weeks of looking is even in the slope brokers are unusually keen to move the listing, and more attentive than normal.
There is a real mixture of prices right now. Some places I shake my head, how are they gonna get even close to this number? others are clearly priced to move.
I can imagine in condo land things are stalled. How are the new sales at 1HP? what about 1 brooklyn bridge park? or at richard meir @ grand army? Is anyone buying anything at forte?

Posted by: guest at October 15, 2007 9:42 AM

the bed stuy house is really nice, but did the buyers really think they got such a great deal? asking was 1.1m, they 'negotiated' to 950K. 150K is 150K i guess, but they still paid close to a million for a house in the furthest reaches of bed stuy (i should know, i live a few blocks away). this property had been a house of the day in February, everybody seemed to think it would top out in the 700's. i dunno whether to laugh or cry.

http://www.brownstoner.com/brownstoner/archives/2007/02/house_of_the_da_266.php

Posted by: Jimmy Legs at October 15, 2007 9:58 AM

I know people who got a 10k price reduction and closing costs paid for at a new development on Washington Ave and St Marks Ave.

Posted by: Jen KG at October 15, 2007 10:05 AM

As a buyer, I can concurr that this market is driving us batty with its contradictions! What it is making us do (as buyers) is be so nervous about what is happening that we are stuck in indecision and end up doing nothing. Which is not good for anyone. I REALLY hope it settles down and we see some clearer patterns soon. It's hard to buy at the top of the market with all of this uncertaintly and all of the confusion in the marketplace. These aren't exactly small investments after all!

Posted by: guest at October 15, 2007 10:27 AM

I totally agree with Mr. Legs' comments.

Posted by: guest at October 15, 2007 10:33 AM

I agree with you Jimmy Legs. I didn't really feel like the Bed Stuy people got a bargain. The house was on the market for quite a bit more than similar things in the area had gone for and they just got it back down to a price that wasn't completely ridiculous, but was still pretty high given the comps.

Posted by: guest at October 15, 2007 10:34 AM

As an owner of the bed stuy house i feel compelled to chime in. We didn't arrive there naive. and we certainly weren't out screaming at the top of our lungs that we got a "bargain." Having been a brownstoner addict we were well aware of the houses history, the comps and the distance from amenities in the area. We love the house and it fit our needs exactly as a space. We aren't renovators moreover, so it was important for us to have something on the done side. We adore our neighbors and our commutes are easy. Bargains sometimes can't be measured in just cash.

Posted by: Jmelvin at October 15, 2007 10:49 AM

congratulations on your new home, Jmelvin

Posted by: guest at October 15, 2007 10:58 AM

I'm a recent buyer at 1 Hanson. Its been a few months since we put our 10% down (now the wait for the move-in date). Anyway, at that time there really wasn't any negotiating with the developers. We offered less than ask and were rebuffed. All we got in the end was 10K post-closing, which about covers the "mansion" tax...

Posted by: guest at October 15, 2007 11:16 AM

I can say that from my recent experience in Park Slope, that this article seems to ring true.

We've been looking off and on for about a year and have so far put in 5 offers....all but one were full price offers and EVERY SINGLE ONE has been overbid...

It's been frustrating for us, to say the least. We looked at a couple of really nice ones yesterday, so we'll see how it goes.

Posted by: guest at October 15, 2007 11:16 AM

jmelvin makes a good point, but one that's more applicable to houses than condos/co-ops. If you buy a sui generis place because you love it and it fits you, paying a little more if you can afford it isn't a big deal.

But if you buy a new condo or a typical co-op, you probably have lots of comps and maybe even a retroactive price cut on similar units.

That can produce a lot of sleepless nights.

That's why RE fascinates me. The psychology of a home is so tied up with our own self worth.

Posted by: guest at October 15, 2007 11:27 AM

Jmelvin, i don't find fault with your decision to purchase, i'm saying i think the Times was really stretching for content on this article. your house is gorgeous, and i'm happy to have you in the area. i just get tired of seeing words like 'bargain' and 'a steal!' next to million-dollar homes (original details notwithstanding, a million bucks is still a whole lotta money).

Posted by: Jimmy Legs at October 15, 2007 11:29 AM

Couldn't agree more. We were nervous that it would be portrayed that way. But what can you do? Thanks for the welcome. What street are you on Jimmy?

Posted by: Jmelvin at October 15, 2007 11:35 AM

over on Eldert St, on the bushwick side. look for the house surrounded by stray cats (there goes my credibility!)

Posted by: Jimmy Legs at October 15, 2007 12:37 PM

i think that if you are looking for a long term purchase, now is a good time to deal. with that said, we looked for a very long time and it took us around two years to find the apartment we wanted in a great area for us, so we were happy just to find it. it was in our budget, so we took it.

i believe that many friends i know who are looking just do not really analyze what they need or like and therefore can't decide or make bad decisions.

NYC is market of compromises so prioritize what you want, find it and negotiate the best you can. if you really found a good apartment and can therefore stay and not move, the short term market won't matter so much.

Posted by: guest at October 15, 2007 2:41 PM

jmelvin, BEAUTIFUL HOME, i have house envy... i know what its like when the press puts a diffrent spin on your reality. glad you like the nieghborhood, i love it - stop by for coffee at the new two five eight cafe on malcolm x and putnam.

Posted by: guest at October 15, 2007 9:24 PM

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