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October 3, 2008

Open House Picks: Six Months Later

OHP-sixmonths-032808.jpg
Mixed bag this week.
Open House Picks 3/28/08 [Brownstoner]




Posted by Brownstoner at 12:33 PM | Comments (19)
Categories: Open Houses, Six Months Later

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Comments

Ahhhhh! All prices down, what a beautiful thing!

Posted by: Dora Chica at October 3, 2008 12:40 PM

Down from ask, maybe, but if you think $1.765 mil for a South Slope frame near 4th Ave, even a fairly large renovated one, is down from comps, I've got a bridge to nowhere I'd like to sell ya.

Does anyone know if Charrette sold the one on 14th with the outbuilding? Just curious.

Posted by: slopefarm at October 3, 2008 1:02 PM

That Union Street house wasn't pretty.

Not sure how you can suggest that 2.175 million for that place is a deal, Dora.

Agree with you slopefarm on the South Slope house. Nice house, but that price they got is ASTOUNDING!

Posted by: 11217 at October 3, 2008 1:08 PM

I love watching this. Some agent fishes for a high offering price and the buyer gets it 5-10% lower and they think it's a bargain. The days of bidding wars are over with rare exception. I'm sure quite a few of those who overbid are sorry now.

Posted by: Iknow at October 3, 2008 1:27 PM

Brownstoner - why are you featuring open house picks that closed in May and June? Considering where we are now, that feels like 2 centuries ago. Besides, I'm quite certain there was already an extended discussion on that 13th Street house and the price it closed at. Can't you get any fresher closings to discuss? If you want to make this blog current, and track market trends, you need things that are more-up-to-date!

Posted by: Miss Muffett at October 3, 2008 2:10 PM

Miss Muffet...the feature is called 6 Months later. These were highlighted 6 months ago, and we are following up to see how much or if they sold.

Are you new to the blog?

Posted by: 11217 at October 3, 2008 2:15 PM

11217 - I'm sure you know I'm not new the blog, but with other "6 months later" posts, the time lag between the date of the posts and the date of the closings was much less - i.e. in September, the 6 months later was featuring properties that closed in July and August. So, now that we are getting later in the year, it just seems not as relevant to feature properties that closed so much earlier in the year.

Posted by: Miss Muffett at October 3, 2008 2:36 PM

Arguing about the 6 months timeframe now. I like that.

Posted by: daveinbedstuy at October 3, 2008 2:47 PM

OK, forget it, it's not that big a deal. We'll just see where the market goes in the future, as we follow this feature ...

Posted by: Miss Muffett at October 3, 2008 3:13 PM

Miss Muffet's point is well taken - A lot of the data isn't as relevant anymore because of the events of recent weeks. We need to look forwards not backwards, starting at post labor day 2008. Still for those of us who have been following it's interesting to track house sales status pre-September. But not timely enough to base a true read of the market and assess a current purchasing decision.

Posted by: HellsBelles at October 3, 2008 3:25 PM

you don't seem to understand how the housing market works. except maybe for a few busted closings here and there, there are likely NO recent sales yet that reflect the market events of september. any recent closings are for deals that were agreed to several weeks or months ago.

in any event, the "6 months later" feature is just right as it is. if you want more current sales data, check out the 'recent sales' features on the site.

or do your own homework, for pete's sake.

Posted by: z at October 3, 2008 3:32 PM

Ugh, why must small things turn into shouting matches? z, of course I know the regular lag time between properties hitting market and then closing - I've been through the cycle several times myself. I was simply pointing out that today's 6 months later had a greater lag time for closed properties featured, than previous 6 months later columns. Of course, it will take at least another 3-6 months to see the effects of the current crisis, which will indeed be interesting. Anyway, let's move on!

Posted by: Miss Muffett at October 3, 2008 3:39 PM

If we did a "3 Months Later" post there probably wouldn't be much to update, other than a price cut or two...we're going to be mixing in more regular Sales posts as they pop up though.

Posted by: brownstoner at October 3, 2008 3:41 PM

Don't make assumptions about what we know, it's tiresome. I realize that there is no sales data from September, but I am looking for the most timely indicators that can allow me to make a decision about a purchase today. I thought Miss Muffet made a valid point - and I am guessing that we share the same perspective as aspiring home buyers. I look at everything out there and absolutely reach my own conclusions. My point was that we cannot take data from 6 months ago as a true read as to what we are facing now.

And yes Brownstoner has lots of great features ... all hail.

Posted by: HellsBelles at October 3, 2008 3:48 PM

miss muffett, that part of my comment was directed at hellesbelles, who suggested we should be looking at "post labor day 2008" sales.

Posted by: z at October 3, 2008 3:49 PM

if i seemed to be "shouting" or making things personal, that was not my intent. my point is only that the complaints about this feature don't really make sense. it's not intended to be a barometer of the market at this moment, or a guidebook for individual home-purchasing decisions. it's just a fun feature to see what happened to listings we have talked about before.

Posted by: z at October 3, 2008 4:01 PM

z - whatever. It may be a "fun feature" to you, but in 6 months it will also be a very meaningful tool to determine where today's open houses have ended up and where the market has gone since the crisis hit.

Posted by: HellsBelles at October 3, 2008 4:31 PM

Do I sense some stress floating around here? Smells like stress...

Don't worry, we're in the same boat too wondering whether to sell or ride out the next 10 years...when we'll be o-l-d... hhh...or...just sell any time we want and make a lot less than we'd thought possible...

Oh, well...enough with the "..."...

Posted by: BrooklynGreene at October 3, 2008 5:10 PM

BrooklynGreene - just curious - how long ago did you buy? I really think most sellers who've had their properties for more than 5 years will still do just fine - if prices sunk to 2003 levels, that would be pretty major news, but it would still mean that 2003 buyers have not lost anything (which is not the case if you'd had the money in stocks) and in fact saved all that money in rent all those years. And, anyone who bought well before would still be making a decent profit. Chances are, prices may not sink below, say 2004-05 levels though of course it's anyone's guess, and of course there is so much variation depending on the specific property...

Posted by: Miss Muffett at October 3, 2008 9:10 PM

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