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June 5, 2009

Open House Picks: Six Months Later

Comment: Not a lot of action.
Open House Picks 12/05/09 [Brownstoner]
Previous Six Months Later Posts [Brownstoner]

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Once again, only the house under the conforming limit moves.

Posted by: mopar at June 5, 2009 12:52 PM

Rip the band-aid, sellers. NY RE is not picking up anytime soon, and things will only get slower now that the spring season is over. The smallish incremental price cuts will just keep chasing the market down, and find themselves selling for even less than today's lowball offers.

Posted by: Miss Muffett at June 5, 2009 12:54 PM

I think the jumbo loan uncertainties have pretty much killed the 1M + market, except for all cash deals. Well, that and the fact that in a declining market it's hard to pull the trigger.

Posted by: Maly at June 5, 2009 12:57 PM

And not only is the spring selling season over (well, close to over -- let's say July 4) but interest rates have gone up. When this happened in July 2007, everything froze. (Until Sept.)

Posted by: mopar at June 5, 2009 12:58 PM

Self serving claptrap, MM. Now go back to your tuffet. Find any peas today?

Posted by: No one at June 5, 2009 1:25 PM

Why were bullish owners/brokers not called self-serving during the boom? Remember when things could only go up and any nay-sayers were bitter renters?

Posted by: Miss Muffett at June 5, 2009 1:28 PM

yes there used to be the same problem in reverse. why else do you get economic cycles?

Posted by: No one at June 5, 2009 1:33 PM

"Why were bullish owners/brokers not called self-serving during the boom? Remember when things could only go up and any nay-sayers were bitter renters?"

Ah the good ole days... And it's "Please remove this I-Beam from my Ass!!!!!!

The What

Someday this war is gonna end...

Posted by: Return of The What at June 5, 2009 1:34 PM

Hey, No One --tough times, huh, sitting on a declining asset underlying an untenable loan? Good luck with that. Meanwhile, some of us have a nice pile of cash, and a lot of patience.

Posted by: Whuh at June 5, 2009 1:35 PM

Brownie's comments since Lehman [my comments here]...

*0-for-4 on the first batch of post-Lehman Open House Picks! (March 20, 2009)
*The Lehman effect kicking in. (March 27, 2009)
*Freeze! (April 3, 2009)
*Three cheers for the New York Avenue house! [Finally, a single post-Lehman sale to celebrate about!] (April 17, 2009)
*Can that Willoughby price can be right? [shock and awe] (April 24, 2009)
*Blah. (May 1, 2009)
*Nice price movement on 2nd Place! [sell yet?] (May 8, 2009)
*Lower prices but at least some deals are getting done. [definition of a crash] (May 15, 2009)
*Go Bed Stuy! [conforming] (May 22, 2009)
*Blue chips languishing [non-conforming]. (May 29, 2009)
*Not a lot of action. (June 5, 2009)

...Consistently bearish. And the YOY Case-Shiller drop is accelerating. It's time for the "owners", banks and CDO-holders to huddle up and call some audibles.

***Bid half off peak comps***

Posted by: Brownstones Half Off at June 5, 2009 1:36 PM

What does the Miss Muffet rhyme have to do with "peas"? Isn't it "curds and whey"? And the "Princess and the Pea"?

Miss Muffet or the ever-charming Nokilissa, is either of you interested in a 4-storey prime FG rowhouse (that needs work..."bring your architect"...hahahahaha...a legal double duplex) for $999,999?

Would that kind of price seal the deal for people in this market?

Posted by: BrooklynGreene at June 5, 2009 1:38 PM

"Hey, No One --tough times, huh, sitting on a declining asset underlying an untenable loan?"

Yup. Checked his profile. He's holding a bag in the slope [gotcha, nobody! say cheese!]. Be easy, Whuh and MM! You're hurting a lot of people with your comments. I don't understand how you can be so insensitive.

***Bid half off peak comps***

Posted by: Brownstones Half Off at June 5, 2009 1:43 PM

BrooklynGreene - if it weren't for the school issue (sorry, my oldest is already in District 15 and I don't want to rip him out and/or commute too far), my interest would definitely be piqued by a 4-story townhouse in a good location under 1 mil. Of course, so much depends on location, condition, lay-out etc. Still, I think smart sellers these days will price low and hope for a lot of interest, since there are certainly buyers out there (me, Whuh, etc.) sitting on lots of cash but very picky about price. The low price is a key way to reel them in.

Posted by: Miss Muffett at June 5, 2009 1:45 PM

Many of us in District 13 commute to District 15 for schools. 261 in Boerum Hill is just two stops on the C train from Fort Greene and Clinton Hill. If your kid is already in school, you're golden, no?

Posted by: Putnamdenizen at June 5, 2009 1:56 PM

Hum um Team Bullshit....? This is Houston and we have some "Problems".....

http://www.bloomberg.com/markets/rates/index.html

Say Buh Bye....

The What (Pull the rip cord!)

Someday this war is gonna end..

Posted by: Return of The What at June 5, 2009 1:58 PM

I think 'spring selling season' is a myth for NYC. Maybe has some truth to suburbs and new developments but not here in the city. All based on moving before school opens in Sept. Doesn't hold here.
Where price will go who knows. If you examine the data 10 years from now - you probably will see significant drop in price per sq ft....but also bigger decrease in # of sales.
Meaning most folks just won't sell for what some are hoping for. Just just the divorces and estates (and those would be in 'estate' condition --- not the beautiful renovated townhouse on best blocks people pine for).

Posted by: Petebklyn at June 5, 2009 2:08 PM

Actually, I'm not golden since there's no guarantee of a variance for very little #2 and I have too many friends facing school scares to dare to buy a place right now in a crummy zone. So we're constrained regarding the geographical boundaries of our purchase for at least a few years. On the one hand, we're thinking, let's stay in our rental til #2 is in #1's school, and then buy anywhere we want. Prices will almost certainly only continue to go down. On the other hand, if we find a decent place for right price before that, we'll buy. Though frankly, there are other things we really like about the locations where our preferred schools are, so even after #2 is in, not sure how far away we'd want to move. Our budget is high enough, and market getting soft enough, that we're confident we'll eventually find what we need in location we want.

Posted by: Miss Muffett at June 5, 2009 2:13 PM

Petebklyn - your comment is directly countered by what brokers (and empirical evidence) tell me, which is that seasons DO matter in NYC, and inventory is rising across the board.

Posted by: Miss Muffett at June 5, 2009 2:15 PM

We have been thinking of downsizing (my repetitive blabbing about it has apparently annoyed Miss Muffet who has abused me about it on one occasion). But still...would love to keep the top floor at our house for the views and light (not the stairs!) or the ground floor for the backyard access and lack of stair-climbing...and then sell three floors but that would mean changing layouts and filing it all. If we kept one of the duplexes then nothing would need to change but what do people here think about the viability of selling a duplex in a two-family house and going co-op? Is it too hair-brained? I really love our location but maybe change is good. I also love the idea of something smaller and more compact with less space to clean instead of using the whole house which seems wasteful (to maintain, heat, rattle around in) now that we're alone. I feel like we're simply warehousing years' worth of junk and waiting to die. "Stuff" can get very oppressive!

Posted by: BrooklynGreene at June 5, 2009 2:23 PM

c'mon Muffett. You of all people are not going to quote brokers as reliable source of info.

Posted by: Petebklyn at June 5, 2009 2:26 PM

Right, which is why I said evidence backs this up too. Trust me, I've been looking for a long time (we looked at many places before buying our apt, then started looking for a house only a few years after that) and prices in NYC have definitely been more aggressive (to sellers' advantage) in spring.

Posted by: Miss Muffett at June 5, 2009 2:31 PM

I ignore the recent sales data posted on this site where houses, co-ops and condos frequently go for over $1 million because that does not fit my agenda on this site.

I sold a condo at the height of the bubble but the buyers of that place didn't get screwed becasue they bought from me.

I drag my children to open houses every weekend but I would never take my child out of one school and and place them in another because that might be disruptive.

I have been proclaiming the end of the world for years now. One days, millions of years from now, I will be right and you will all be sorry.

If I bid half off peak comps - which we have already experienced in this market - I still won't get the property my wife wants. That is why I don't actually make any bids. I would never follow the advice of someone as dumb adn inconsistant as myself.

Posted by: ghettoazzpnkbtch at June 5, 2009 2:57 PM

The latest rallying cry from the retards "We just won't sell until prices come back".

Posted by: cornerbodega at June 5, 2009 3:01 PM

Umm back to the subject- what do you all think of that Clermont house? I'm curious.

Posted by: Isty at June 5, 2009 3:01 PM

I saw the house on Clermont back in January or February. Pros are location, a garage and nice light; cons are lots of work needed, terrible layout, no yard. Maybe at $1.2M or even lower in 6 months.

Posted by: Maly at June 5, 2009 3:33 PM

ghettoazzpnkbtch. You are an antidote. Thank you.

Posted by: MR at June 5, 2009 3:50 PM

Ghetto:
- Kids stay home when we go to open houses (which we do only very selectively now - don't bother with the unrealistically priced homes).
- I'm not the only one who saw this coming for a long time, and was ridiculed pre-crash. If anything, my predictions are coming true.
- My budget is over $1million.
- Maybe the people who bought my previous place were screwed - at the time we sold, that did not seem the case since we priced low for the then-overheated market (since we saw the market was about to turn). Only after the crash did we realize how lucky we were, and unfortunately, how unlucky others were who bought at the peak (unless they are staying long term and have a lot of financial security).
- My position has been consistent for a long time now.
- I'm a woman.

Posted by: Miss Muffett at June 5, 2009 3:57 PM

Oh, and we are making bids - just low ones. We're firm in our position, and are seeing how the market, gradually, is reaching down to us - the exact opposite of the boom. All the ridicule in the world won't change this.

Posted by: Miss Muffett at June 5, 2009 4:02 PM

Ghetto's post was a composite of Miss Muffet and BHO.

Posted by: mopar at June 5, 2009 4:10 PM

Wow things are really slow but the prices are still way out of touch with reality...another $200K down across the board.
Of course some of our dear friends on this site will counter that things are perfectly fine...it's not the end of the world blah blah blah.

BrooklynGreene we don't really think you are anywhere emotionally prepared to sell with all this talk of downsizing and part co-op is simply not worth the hassle in this environment.

MM your consistency and patience is commendable but keep an eye on interest rates for holding out too long may not be too wise once the high rates kick in...only a matter of time.
We just had our offer accepted... massive discount though :) plus we needed to buy soon for AMT reasons.

Posted by: pierre de taille at June 5, 2009 4:14 PM

You are welcome MR.

Posted by: ghettoazzpnkbtch at June 5, 2009 4:15 PM

Congratulations, Pierre! This is surprising news. What area did you decide on?

Posted by: mopar at June 5, 2009 4:17 PM

brooklyngreene,

if you're serious about selling your house for that price, let me know.

Posted by: more4less at June 5, 2009 4:19 PM

Pierre - since we want to buy mostly cash, we don't care too much about interest rates. If anything, higher interest rates (which exert downward pressure on prices) could help our particular situation.

Posted by: Miss Muffett at June 5, 2009 4:19 PM

I like to explain my motives ad nauseum because, ultimately, I have feelings of guilt.

I want to believe that I am not playing the market for fear that others will think I am greedy or benefitting from others' suffering. I know that others have suffered due to my actions and will suffer due to my actions but I can't reconcile that to my desire to be seen as pure, wholesome and innocent.

Posted by: ghettoazzpnkbtch at June 5, 2009 4:23 PM

Actually, I don't feel any guilt, nor do I care if anonymous blog posters see me as pure, wholesome or innocent. Damn right I'll play this market to my advantage now!

Posted by: Miss Muffett at June 5, 2009 4:33 PM

If pure, wholesome and innocent people can't afford to live in Park Slope, that just goes to show that prices have gotten out of hand and have a lot further to fall.

Posted by: mopar at June 5, 2009 4:35 PM

at least the employment data seems to be stabilizing. One hopes this leads to a bottoming of the market and eventual recovery...

Posted by: wasder at June 5, 2009 4:43 PM

no no no no!!!!!!!!

I can't afford the current prices. No recovery please. wait, recovery is good cause I would no longer need to be worried about the job security.

Posted by: more4less at June 5, 2009 4:47 PM

"nor do I care if anonymous blog posters see me as pure, wholesome or innocent."

Ha ha ha! That's funny! Why do you waste so much time defending/ justifying/ talking about yourself and your situation?

Posted by: squaredrive at June 5, 2009 4:48 PM

I doth protest too much

Posted by: ghettoazzpnkbtch at June 5, 2009 5:04 PM

My god, I may start reading this site again.

Posted by: MR at June 5, 2009 5:51 PM

Yes, MR, it is amusing, isn't it! ;-)

Moreforless, I guess from your statement, you think $999,999 is a good idea.

Since not much is for sale it seems in Fort Greene, I don't know what buyers are willing to pay at all...or if the market is essentially frozen for the time being. It seems like a buyers vs sellers staring contest... I'm sure glad we are not desperate to sell.

I'm a little reluctant to talk to my friends in real estate (they're always trying to get you to remember them just in case you're slightly leaning toward maybe thinking about selling...hhh). But I guess they have a better idea of what is really going on. Although, I doubt I'd get a real picture from them.

Maybe we shoud skip the real estate agents, just make one of those For Sale by Owner webites and avoid all that: "Bring your architect"/"Diamond in the rough"/"TLC"/"dripping with details"/"Steps from Everything".

How do you do this? I haven't the first idea.

Posted by: BrooklynGreene at June 5, 2009 7:58 PM

BrooklynGreene-

If you are indeed a real person. You must ignore everything you read on this site. It is full of liars, confederates, double talkers, self interested ignoramuses, and pure jerks. Trust yourself, not these scammers.

Posted by: MR at June 5, 2009 9:24 PM

MR,

Your first sentence above is a fragment. Anyway, the last time I checked, indeed, I was a real person...not a computer program or robot! :-)

Thank you for the advice!

Posted by: BrooklynGreene at June 8, 2009 12:20 PM

« Checking In On the Kent Avenue Con Ed Demo Open House Picks »

June 5, 2009

Open House Picks: Six Months Later

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