« First Closings at Clermont Greene Condo of the Day: 1 Tiffany Place, #5C »
July 28, 2009
Last Week's Biggest Sales
1. CARROLL GARDENS $1,858,306
277 President Street, Unit 2 GMAP (left)
This 1,911-sf, 2-bedroom in a conversion was listed for $1,825,000 a year ago, according to StreetEasy. Entered into contract on 8/1/08; closed on 7/9/09; deed recorded on 7/20/09.
2. BOROUGH PARK $1,800,000
1818 51st Street GMAP (right)
This is a 4,265-sf unit in a small condo, according to Property Shark. Entered into contract on 5/27/09; closed on 7/8/09; deed recorded on 7/21/09.
3. WINDSOR TERRACE $1,500,000
489 16th Street GMAP
When this was a House of the Day in April, it was asking $1,595,000. The sellers purchased it for $925,000 in 2005 and renovated. Entered into contract on 5/1/09; closed on 7/7/09; deed recorded on 7/20/09.
3. BOROUGH PARK $1,500,000
1448 56th Street GMAP
A 7,424-sf, three-family, according to Property Shark. Entered into contract on 5/14/09; closed on 7/8/09; deed recorded on 7/21/09.
5. VICTORIAN FLATBUSH $1,150,000
1816 Glenwood Road GMAP
This Fiske Terrace abode was a House of the Day in May, when it was listed for $1,300,000. The widget appraisal determined by readers was $1,017,552. Entered into contract on 6/2/09; closed on 7/9/09; deed recorded on 7/22/09.
5. COBBLE HILL $1,150,000
401 Hicks Street, Unit B-6H GMAP
Weird that this sale took so long to be recorded in public records: It's a unit in the converted church called the Arches. Size unknown. Entered into contract on 3/6/08; closed on 5/8/08; deed recorded on 7/22/09.
Pics from Property Shark.
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Comments
Re the Glenwood Road house, from the original HOTD thread:
"My guess: $1.15M.
Posted by: Xris at May 4, 2009 4:43 PM"
Well done Xris. A guess or did you have some inside info?
Posted by: wasder at July 28, 2009 11:37 AM
Someone made the comment a few weeks ago that "Last Weeks Biggest Sales" were converging on the list of "Sales Under $1MM"
I guess not really!!!!!
Posted by: daveinbedstuy at July 28, 2009 11:40 AM
well I guess that Arches buyer didn't tip the Title company rep.
Posted by: Petebklyn at July 28, 2009 11:41 AM
Several more examples of the widget way under valuing the houses. Windsor Terrace too.
Posted by: wasder at July 28, 2009 11:42 AM
1816 Glenwood sold for 13% more than widget.
BO- what's the score? I can't follow your "logic" but I am curious what's going on in that cavity of yours. Maybe it's time to start thinking about your exit strategy?
Posted by: antidope at July 28, 2009 11:43 AM
Hey, Mr. B...can you always post the widget guesses on the properties that have them? The WT house guess was at 1.24.
Posted by: new2hood at July 28, 2009 11:46 AM
The widget is kind of a fun little game, but it will virtually never be right and pointing out it is wrong isn't really meaningful. The theory behind a widget type game is that you get the wisdom of crowds. But in order for that to work you need the people in the crowd to be as likely to overestimate than underestimate (like jellybeans in a jar.) A house in this environment with a set asking price does not meet that criteria.
Posted by: Ledbury at July 28, 2009 11:49 AM
WT pretty impressive. Almost no one got that right, but someone did. Just goes to show that newly reno'd houses command a premium, as there aren't that many around.
Posted by: denton at July 28, 2009 11:49 AM
widget would have been way off on the WT house too I imagine. Looking back at comments many said $1.2 - only 1 said $1.5.
Maybe another reason realtor scoff at Brownstoner....lousy appraisers.
Posted by: Petebklyn at July 28, 2009 11:50 AM
That Carroll Garden's place must be something special to sell for $970/sq. ft.
Posted by: northsloperenter at July 28, 2009 11:52 AM
ok am SHOCKED by the Carroll Gardends 2BR condo for 1.895mil
um - WHAT?? Also, that it went for more than the asking is amazing!
Ok I was off by 200K on the WT house, am kinda surprised that went close to ask as well
pretty good I would say for sellers!!
Posted by: gemini10 at July 28, 2009 11:54 AM
Most people on this blog aren't "in" real estate. A lot of the widget guesses are based on "what I'd pay" along w/ somewhat informed opinions of structure & neighborhood. If it does nothing else, it gives a person looking to buy some kind of idea of what to ask about.
Posted by: Arkady at July 28, 2009 11:55 AM
Carroll Gardens condo was product of two townhouses put together for maximum width. High-end condo project. See old Corcoran listing and photos:
http://www.corcoran.com/property/listing.aspx?Region=NYC&listingid=1213024
Posted by: bk14 at July 28, 2009 11:55 AM
exit strategy? If I lose my screen name be under Loser and if you lose I expect the same. I have not had time to look through yet but I will tonight. 174 Clinton Avenue looks like a win for me
Posted by: brickoven at July 28, 2009 11:55 AM
Where's BHO amid all of this???
*Bid half Off Peak Comps* and walk away empty handed.
Posted by: daveinbedstuy at July 28, 2009 11:57 AM
The comments on the Windsor Terrace Place are laughable.
I believe Snark's comment was that the "Price is LOL."
Once again, the brownstoner readers don't know sh*t about which they speak.
Posted by: 11217 at July 28, 2009 11:58 AM
"The theory behind a widget type game is that you get the wisdom of crowds."
Generally speaking, this crowd (myself included) is in the under-estimate group. Pretty much across the board the widget has been 20% down or so. Not that this means much in the big picture but it does show that the market is not as depressed as generally is agreed upon here.
Posted by: wasder at July 28, 2009 12:02 PM
Then why do you bother, 11217?
Posted by: Arkady at July 28, 2009 12:02 PM
Hmmm, looking at the fuzzy floorplan for the Carroll Gardens place shows it is a 3 bedroom 2.5 bath with 6 windows spanning the quite large kitchen/dining/living area and a terrace covering all 3 bedrooms.
Posted by: northsloperenter at July 28, 2009 12:03 PM
The widget results would be more interesting if people voted without knowing the list price first.
Posted by: northsloperenter at July 28, 2009 12:04 PM
northslope--knowing the list price is the only thing keeping people even in the same zip code as the sale price.
Posted by: wasder at July 28, 2009 12:08 PM
Shouldn't it be pointed out, before the bulls get too excited, that #1 and #5b closed pre-Lehman? Wonder why the buyers didn't walk away.
Posted by: Abe Froman at July 28, 2009 12:10 PM
> I believe Snark's comment was that the "Price is LOL."
Oh well, I'm not always right.
Just most of the time.
That time of the month, 11217?
Posted by: DitmasSnark at July 28, 2009 12:11 PM
I think the widget is pretty accurate - you just have to take the further step of multiplying the result by 1.15
Posted by: dittoburg at July 28, 2009 12:11 PM
Apparently the exclusivity of BP costs an arm and a leg.
Posted by: Brooklynchimp at July 28, 2009 12:16 PM
"Then why do you bother, 11217?"
Because I take tidbits I read from this blog, research them and learn about them on my own.
I certainly don't take the comments as if they are the gospel as some here seem to.
I didn't mean to single you out Snark...MOST of the comments on nearly every HOTD are about how the price is absurd (and we are now slowing finding out that they weren't nearly as absurd as some would have us believe).
I can't wait to hear what Muffet has to say about these.
Posted by: 11217 at July 28, 2009 12:17 PM
Ledbury, I don't think your logic is correct. Asks can be too high or too low. Widget guesses can be too high or too low, as well, and can be over or under the ask. If most sales are for below ask, there is plenty of room to guess below ask but at or above the ultimate sale price. But we are now 7 for 7 on examples, and the widget seems to be consistently 15% or more below sale price.
Posted by: slopefarm at July 28, 2009 12:19 PM
> I didn't mean to single you out Snark...
Sorry, maybe I'm being cranky today. I'll admit I am surprised at the price on the WT sale. Nice pad, but dang...
Posted by: DitmasSnark at July 28, 2009 12:23 PM
"But we are now 7 for 7 on examples, and the widget seems to be consistently 15% or more below sale price."
The places that will ultimately sell for significantly below their original asking prices are still on the market because the owners are still holding out for a better deal.
Some of them will get that better deal and be glad they waited. Some of them won't.
Posted by: northsloperenter at July 28, 2009 12:25 PM
To folk with little to no means/interest in buying it will always be absurd.
Especially when nowadays it seems most want to buy without having to endure the hardships of becoming an owner.
Forgo the "absurdity" in lifestyle, save, and in a few years you can comfortably scout the field.
just saying.
Posted by: Brooklynchimp at July 28, 2009 12:32 PM
Slopefarm, I don't think I agree with your point. Lets say a house has an ask of $1.5 million. People guessing how much it is going to go for are basically bounded by $1.5 million on the upside (not a lot of bidding wars today.) So every guess is going to fall somewhere between $0 and $1.5. If a house is going to sell for ask or 5% or even 10% off ask, there really isn't any room to balance out the 20% off guesses. And as you say, we are now 7 for 7 showing that it is nearly impossible for the widget to produce an accurate guess.
Posted by: Ledbury at July 28, 2009 12:41 PM
"nowadays it seems most want to buy without having to endure the hardships of becoming an owner."
I don't get it? What hardships of becoming an owner are people hoping to avoid?
Posted by: northsloperenter at July 28, 2009 12:48 PM
Slopefarm - to put it another way, if there ia house that the bullest of the bulls think is worth $2 million and the bearest of the bears think is worth $1 million, the real average of the their guesses is $1.5. Once we say the ask is $1.75, then the widget will report $1.375. When the house then sells for $1.5, the crowd will look like it undervalued, but what really happened is that structure of the game prevented accurate measuring of peoples sentiments.
Posted by: Ledbury at July 28, 2009 12:49 PM
I don't get it? What hardships of becoming an owner are people hoping to avoid?
Posted by: northsloperenter at July 28, 2009 12:48 PM
My guess is it's the eventuality of rising prices.
Posted by: daveinbedstuy at July 28, 2009 1:00 PM
Ledbury, but 0 isn't really the lower limit because no one will guess 0. If ask is $1.5m, there is no reason why most guesses couldn't cluster in the mid $1.4ms with a few outliers on either side. If the house sold for $1.4m, the widget would have erred on the high side but below ask. No reason that can't happen. But so far, all the error is on the low side. It fits with my impression, predating the widget, that people tend to talk down the price on this site, for whatever reason. I'm just glad to know that, should I ever need to sell, I need not fear the widget.
Posted by: slopefarm at July 28, 2009 1:03 PM
11217, if we are going to revisit what was said about these sales relative to when they were previously listed as HOTD or OHP, let me remind you of your predictions for 586 4th Street (from LWBS last week), which sold for for 2.2 and which you had predicted last summer was "priced to sell" at 3million. We're certainly all wrong occasionally, and I was with the WT house - someone fell in love with a house that was admittedly in a great location and in perfect shape, fully/nicely renovated etc (albeit not to my personal taste). But, despite exceptions to the rules, there is undeniably a trend in NYC of prices that are falling - in fact last week's biggest sales showed them falling quite a bit (25-30% within months) and I see no reason to think that trend will reverse in NYC anytime soon. So I remain patient.
Posted by: Miss Muffett at July 28, 2009 1:05 PM
MM,
The difference is that in my comments I might have stated that I thought that 4th Street should sell for 3 million (because it was a delightful house), but my widget guess was what I THOUGHT the property would sell for, which in that case was 2.5 million, if I remember correctly.
My comments are more emotionally based, but my widget predictions are more based in things I know about real estate. There is a difference.
As is stated above, we are now 7 for 7 on the widget being at least 15% lower than the selling prices. There is no denying facts.
Unless you are a brownstoner, of course.
Posted by: 11217 at July 28, 2009 1:10 PM
Are you Abe Froman, the sausage king of Chicago?
Posted by: CarrollGardened at July 28, 2009 1:16 PM
Yes, but there are the facts of houses selling for 30% below initial ask, comps falling in the last year, houses lingering, etc. As we all know, facts are malleable and bulls will seize upon the less common success stories i.e. WT house, and bears will seize upon the more common market trends to make their case. We can talk til we're blue in the face, but the market is the market and as an active potential buyer, all I really care about it getting my own house eventually but I am comfortable with where I have laid my poker chips.
Posted by: Miss Muffett at July 28, 2009 1:20 PM
Case-Schiller reported an uptick in prices for April-May, first time in a long time. Isn't this the metric that BHO said is essential to his decision-making process? Doesn't that news undermine MM's argument--especially if it's a start on the other side of the curve?
Not saying CS has any influence on my decisions to buy or sell property, just reminding those who do hang on to that sort of data to justify (not making) decisions that it's starting to look like you better get moving (literally).
Posted by: dylanfan at July 28, 2009 1:28 PM
But dylanfan, NYC has been lagging behind national trends, so I don't think the CS has hit the equilibrium point in NYC yet that would indicate it's time to buy...
Posted by: Miss Muffett at July 28, 2009 1:31 PM
Dylanfan,
To be fair, I think NYC will probably come out of the housing situation a little later than the rest of the country (because the rest started crashing earlier than we did) but your logic remains that housing prices will not continue falling forever, and it would seem we are at least getting closer to a point in which they start to rise again. Or at least stop falling.
Some people need to keep in mind that on the way down, housing prices usually overshoot on the low side, so there does come a point where it will be possible for them to go back up more than people think they will.
Posted by: 11217 at July 28, 2009 1:33 PM
By reducing the maximum widget vote from 40% over ask to 20% over ask, it would appear that the widget has actually become less accurate. The opportunity for the unrealistically high votes to balance out all those unrealistically low votes has been eliminated. How ironic.
Posted by: TD at July 28, 2009 1:34 PM
11217 - are you saying you think prices could suddenly start shooting up again? If so, I would love to hear your rationale (or that of any bulls for that matter). Among the bulls, thus far, the most optimistic scenario I've heard is stabilization and stagnation at best for the next year or so, but continuing declines seem very likely.
Posted by: Miss Muffett at July 28, 2009 1:37 PM
TD--that is funny.
Dylanfan et al--CS numbers show room for cautious optimism that the worst is over but I certainly am not going to call a bottom based on a few months of data that are simply not as disastrous as the month before. Looks promising though and I will keep it to that.
Posted by: wasder at July 28, 2009 1:39 PM
I never said anything about shooting anywhere.
But they very well may rise instead of stay stagnant, as some like you seem to be predicting.
Posted by: 11217 at July 28, 2009 1:41 PM
And to be honest, MM....you've been quite wrong on so many prices of homes lately...I'm not exactly sure how you can speak with such authority.
You've been 200K, 300K and MORE off on your guestimation of prices religiously and still you think you speak the gospel.
I don't get it. I could be just as correct as you think you are.
Posted by: 11217 at July 28, 2009 1:44 PM
NY is not yet at its bottom, as too many sellers are too stubborn. Most predictions are that the market downturn in NYC will last at least another year if not longer. Will they eventually go back up? Probably, but it seems highly unlikely that they will rise at the same level they did 1998-2008 which was really unprecedented (and part of a broader phenomenon or irrational exuberance which we all saw almost destroyed our economy).
Posted by: Miss Muffett at July 28, 2009 1:46 PM
Does anybody think this widget is predictive of anything?
I'd have greater confidence in a pigeon pecking out winning lottery numbers.
Posted by: DitmasSnark at July 28, 2009 1:46 PM
Yes, 11217, the certainty of MM's viewpoint is really quite ridiculous.
Posted by: daveinbedstuy at July 28, 2009 1:59 PM
11217 - I don't have time to do a tit for tat comparison of price guesses and those you have incorrectly guessed, and that is besides the point. I've been saying for a long time - since before the Sept crash - that the NYC market had to go down. Pre-Sept, I (and others like me who could see the emperor had no clothes, and prices were unsustainable) were reviled, called bitter renters, etc. (even though I was an owner when I first started predicting the imminent downturn). I have never claimed to speak the gospel and this is not about my ego but rather market fundamentals which point to continuing weakness in the NYC RE market.
Posted by: Miss Muffett at July 28, 2009 2:01 PM
Miss Muffett, when and if you find your dream house in your dream school district at your dream price, whatever will you post about dozens of times a day?
Posted by: Frederick Law Homestead at July 28, 2009 2:04 PM
In regards to the market not falling as much as expected because sellers are too stubborn....
That could reflect the fact that while prices rose dramatically in this area we still did not see a huge rash of people buying homes they had absolutely no chance of affording, no huge communities going up on the outskirts of the outskirts, etc. Perhaps these "stubborn" sellers don't need to sell as badly as a person who is about to be foreclosed on in AZ, FL, or SoCal.
The logic there is backed up by the fact that foreclosure rates in NYC have been much lower than the rest of the country and lower still in "prime areas".
Also, no one here (or probably anywhere) can know the true value of a house unless they are the one to purchase it (or at least make an offer). There is somewhat of a market value but these are not uniform goods and there is a specific value to each person. Unless you have comps of similar units in co-ops or condos it is very hard to determine an exact value. Perhaps this is why most people think appraisals are total BS.
Posted by: AndYouWillKnowUsbyTheTrailofRenters at July 28, 2009 2:05 PM
"I've been saying for a long time - since before the Sept crash - that the NYC market had to go down"
Did you also say that the Pope is Catholic?
Wise one we've got here on our hands...
;)
Posted by: 11217 at July 28, 2009 2:07 PM
Yes, Case Shiller index is starting to slow. Declines are slowing. NYT article today, don't know why Brownstoner didn't link it.
http://www.nytimes.com/2009/07/29/business/economy/29housing.html?hp
But even this article says don't expect to see a rise in price until at least late 2010. It also says things could get better and then we could plunge into another recession.
Posted by: mopar at July 28, 2009 2:24 PM
Miss Muffett, I never understand why people get so angry at you about waiting out the market. I happen to agree with your judgement, and if I were in your shoes I would definitely not buy unless I found the ideal home at a reasonable price (not necessarily the bottom, but not inflated either). But even if both of us are wrong, there's certainly nothing wrong with voicing your opinion on the state of the market. I think you have very little to lose by waiting. Contrary to what posters believe, I bet you find a great home in the next year or two.
Posted by: CGfan at July 28, 2009 2:26 PM
Thanks CGfan! And 11217, I agree that *now* it looks like calling a market downturn pre-crash was like calling the pope Catholic (ah, hindsight), but it really was not like that 1-2 years ago. The scorn heaped upon those who dared to say such a thing was pretty vociferous! And I guess there is still scorn for those who predict continuing declines.
Posted by: Miss Muffett at July 28, 2009 2:32 PM
You know why people get bent out of shape dealing with MM? Despite the well crafted illusion of level-headedness, she sneaks in comments like, “too many sellers are too stubborn” to justify why her bold (and wildly inaccurate, usually) predictions of current prices will nonetheless be correct in the future.
In other words, “I want my house and I want it on my terms!”
As has been written many times, RE behaves differently from stocks and bonds. Did anyone notice what happened to Brooklyn housing prices after the Nasdaq collapse from 5000 (03/2002) to 1100 (10/2002)? I would have been the first to tell you it was just a matter of time until RE took its hit. RE behaves differently.
The market here is clearly off 10-20% peak prices, but there is no certainty that it’s going to sink further, go sideways or rebound.
Personally, since the herd is now declaring The End, it’s probably time to bet against it.
You slipped on the banana peel with that comment MM. Just be patient and let the market come to you. No need to badmouth everybody else for not selling at your price.
Posted by: antidope at July 28, 2009 2:59 PM
"Where's BHO amid all of this???"
Up here where there's oxygen, DIBS. Can you hear me? I can hear you but I can't understand you. Sounds all bubbly and shit. I had NEMO translate.
***Bid half off peak comps***
Posted by: Brownstones Half Off at July 28, 2009 3:23 PM
"Miss Muffett, when and if you find your dream house in your dream school district at your dream price, whatever will you post about dozens of times a day?"
The inevitability of the market taking off like a rocket once again, so she can sell at peak, rent for a while (she'll be posting about catastrophes then) and at the lowest point point possible buy a bigger "modest" house in an even better location--and then she'll post endlessly just to remind us she did so.
"You know why people get bent out of shape dealing with MM? Despite the well crafted illusion of level-headedness, she sneaks in comments like, “too many sellers are too stubborn” to justify why her bold (and wildly inaccurate, usually) predictions of current prices will nonetheless be correct in the future."
Watch: What she encloses in parentheses generally is particularly self-serving and....to the moon, Alice! if you get my drift....
Posted by: dylanfan at July 28, 2009 3:26 PM
Actually, when I buy my house, I think I'll stick to the renovation/house maintenance discussions. The house we buy is the one we plan to stay in for life, so I'm not planning to trade up anymore...
Posted by: Miss Muffett at July 28, 2009 3:29 PM
I love you dylanfan.
Posted by: 11217 at July 28, 2009 3:30 PM
good for the sellers who aren't panicking. during the run-up, you had buyers panicking and, perhaps, buying sooner and at a higher price because they thought they'd be priced out otherwise. some of this was irrational, but a lot was based on assumptions that seemed rational at the time, e.g., that our entire credit industry actually had some standards, that their earning potential would stay relatively constant, etc.
now you have a situation where everyone is telling sellers to panic, but a lot in NYC just aren't. who knows why - perhaps they now understand more about how market fundamentals might actually affect them, their future earnings and assets. they may understand that what's going on in the housing credit markets right now may not be permanent, and may be an overreaction by lenders that will ease. they may have decided that people saying "you better slash your price or you will suffer!" can't actually see into the future, and that a conservative approach to such a major transaction is the best one, assuming it's feasible. whether they set their expectations in an otherwise reasonable way is a different question. no doubt there are factors that will affect the success of this approach that are almost entirely hidden at this point, and which most of us will be honest enough to say couldn't have been known except in retrospect, but good for them for not overreacting.
Posted by: i disagree at July 28, 2009 3:43 PM
"Yes, Case Shiller index is starting to slow."
As I posted in Tuesday Links...
Today's Reading: 170.51
Change from last month: +0.02% (stimulus blip)
Change from last year (YOY): -12% (flat for a month)
YOY change from last month: -2% ("Case Shiller slows")
Change from peak (June 2006): -21% ("greenshoots!")
Okay, banks! We have bottom! Sell out Forte! Sell out Oro! Sell out Brooklyn Bridge Park! Thaw the pipes! Open the spigots! C'mon, let's go!
[The saga of sporadic, short term blips and blams continues in the foreground of the real long term collapse...Fools rush in...]
***Bid half off peak comps***
Posted by: Brownstones Half Off at July 28, 2009 3:45 PM
I've grown quite fond of you too, 11217. And sixyears. Pouring that academic profile into teaching kids history in Brooklyn--wow--
He's a catch, Jessibaby. I hope you're still hanging out with him.
Posted by: dylanfan at July 28, 2009 3:46 PM
antidope, what's wrong with "i want my house and i want it on my terms"?
seems like MM is acting responsibly and following her gut.
i want my house and i want it on my terms too. and if that means i don't get to stay in brooklyn, its not the end of the world.
that attitude definitely seems smarter than mortgaging yourself up to the hilt just so you can stay in an area that you really can't afford.
Posted by: funkymonkey at July 28, 2009 3:49 PM
I've read two different reports in the last week or so (can't go look for them now, about to head to the gym)...one of which was talking about the fact that financial service industry job losses in NYC have been 40% of what was predicted. They simply never slashed as many jobs as some people were saying.
Also read today that total amount paid out to bonuses this year may exceed the number the year before the crash.
Might go along with I disagree on why most sellers don't seem to be panicking.
Also, Manhattan inventory has dropped from 10,122 30 days ago to 9,918 7 days ago to 9,868 1 day ago.
Even in the most dead part of the selling season, inventory is steadily shrinking (it was well over 11K a couple months ago).
Posted by: 11217 at July 28, 2009 3:50 PM
"that attitude definitely seems smarter than mortgaging yourself up to the hilt just so you can stay in an area that you really can't afford."
Yeah, but who wants to be a house-poor debt slave alone?
Big up to MM! (aka Momma Bear - Grrrrr!)
***Bid half off peak comps***
Posted by: Brownstones Half Off at July 28, 2009 3:52 PM
BHO, so Case Shiller slowing is not a bottom? It's a short-term blip?
Quite a reversal from your previous statements that the Index tells all.
Posted by: mopar at July 28, 2009 3:54 PM
1121[chapter]7 - Shadow inventory is skyrocketing! Besides, the inventory numbers you quote are bogus. I demand the source!
***Bid half off peak comps***
Posted by: Brownstones Half Off at July 28, 2009 3:54 PM
funkymonkey-
Nothing. The difference between you and MM: read the last line of my post.
Posted by: antidope at July 28, 2009 3:57 PM
At the risk of getting flamed, isn't the fact that it's buying season some of the reason for the uptick? Also there is more optimism out there, the indices have surged...it's not surprising there's a jump in sales. I decided to wait until the early side of 2010 because I'm not making any commitments until I see what does, or does not, happen this fall.
Posted by: bridges at July 28, 2009 3:59 PM
fwiw:
http://market-ticker.denninger.net/archives/1263-Bernanke-Dissembles;-The-Economy-Burns.html
Take it with a grain of salt, etc., but the chart is interesting/scary.
Posted by: northsloperenter at July 28, 2009 4:00 PM
Mexican standoffs rarely happen in the capital of the world.
Like the poster wrote in more words or less...if you cant have it your way in this town,it's best you pack it up and head west.
OR you can follow the example of the settlers 15 yrs ago.
They took a leap of NY faith grew kahunas and shopped in the discounted areas. Back then they were FT Green, Clinton Hill,Prospect Heights and Harlem.
Doom and gloom news is so passe.
Posted by: jack slade at July 28, 2009 5:07 PM
(About the numbers: The Case Shiller indices have a base value of 100 in January 2000. So a current index value of 150 translates to a 50% appreciation rate since January 2000 for a typical home located within the metro market.)
Home Prices, by Metro Area
Metro Area March 2009 Change from February Year-over-year change
Atlanta 104.89 -1.7% -15.7%
Boston 145.83 -2.0% -8.0%
Charlotte 119.3 0.3% -9.3%
Chicago 122.34 -3.1% -18.6%
Cleveland 96.86 -0.9% -9.0%
Dallas 112.38 0.0% -5.6%
Denver 120.35 0.1% -5.5%
Detroit 70.98 -4.9% -25.7%
Las Vegas 116.44 -3.8% -31.2%
Los Angeles 160.88 -1.4% -22.3%
Miami 148.87 -3.5% -28.7%
Minneapolis 109.12 -6.1% -23.3%
New York 173.35 -2.5% -11.8%
Phoenix 106.83 -4.5% -36.0%
Portland 147.68 -2.1% -15.3%
San Diego 144.56 -1.5% -22.0%
San Francisco 117.77 -2.2% -30.1%
Seattle 149.03 -2.0% -16.4%
Tampa 141.37 -2.7% -22.4%
Washington 166.01 -1.2% -18.4%
Anybody see a problem here?
Posted by: brickoven at July 28, 2009 5:42 PM
wasder: I had no inside info on the Glenwood Road house.
Do I get a prize or something?!
Posted by: Xris at July 28, 2009 6:00 PM
BO. You might have spent the time to review your homework. I might point out that there have since been two further months of data. Perhaps relevant, we'll find out later I guess. For now, I'm waiting for you to crunch your numbers on our little side bet...
Posted by: antidope at July 28, 2009 7:15 PM
I tried that plan, once. Planning to stay in a house for the rest of my life. Sometimes life has other plans for you...
Posted by: Architerrorist at July 28, 2009 8:19 PM
Latest Restaurant Additions
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Le Barricou
added November 20, 2009 12:00 PM in Williamsburg -
Der Schwarze Kölner
added November 19, 2009 12:00 PM in Fort Greene -
Oak Wine Bar & Café
added November 18, 2009 12:00 PM in Williamsburg -
Mr. Wonton
added November 17, 2009 12:00 PM in Park Slope -
Casa Rosa
added November 16, 2009 12:00 PM in Carroll Gardens -
Cousin John's Café & Bakery
added November 13, 2009 12:00 PM in Park Slope -
Elote
added November 12, 2009 12:00 PM in Williamsburg -
Miracle Grill
added November 11, 2009 12:00 PM in Park Slope -
Phoebe's Cafe
added November 10, 2009 12:00 PM in Williamsburg -
Ruthie's
added November 9, 2009 12:00 PM in Clinton Hill, Downtown Brooklyn
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