Soaring Real Estate Prices

Any owners who can't sell their homes are being unrealistic about the listing prices. There is so much demand for townhouses and brownstones in Brooklyn, no matter what kind of market we're in. If houses are priced too high for what they are, and based on comps, they won't sell. Period.

Posted by: guest at January 4, 2008 7:23 PM

OP,

Don't worry. 25 years ago you could buy a townhouse in Greenwich Village for 15k. Nobody wanted them.

Trends come and go. Over the last five or six years, townhouses have emerged as a popular status symbol in NYC and prices have risen exponentially.

It's impossible to predict the future, but at some point the tide will change and townhouse living will become passe. Prices will drop and websites like this one will disappear.

Posted by: guest at January 5, 2008 9:35 AM

Ha, 9:35, I'm not usually a total real estate booster, I considerate myself only moderately enthused about the state of real estate right now, but your post sounds like sarcasm it's so over the top wrong.

People are not sinking millions of dollars and tons of sweat-equity into brownstones because of some passing fancy. It's also hardly some recent trend. This little "trend" to buy and renovate Brooklyn brownstones started in the 60's. As any of the more longtime brownstone owners in Park Slope, Cobble Hill, PLG which are the areas you find the old-timer gentrifiers who have been there 20 to 30 years. Just because 9:35 never heard of anyone buying a brownstone until only recently, doesn't mean he knows everything about brownstone real estate market.

The prices are too high on some houses because of these reasons: they invested too much on too high-end renovations (that's one thing that was a big trend, I agree) and are trying to get every penny back AFTER the broker's fee. Which for those who bought and renovated less than a couple years ago will be very difficult. Or, it's an elderly homeowner who is getting promised the moon and the stars by some desperate rinky dink realty firm, or newbie realtor, just to get the listing. Then the realtor lists the property too high and it sits around forever.

The problem with those who were holding out for bargains in 2008, is unless they want to buy from one of the two types I'm describing, they are not going to find much inventory to choose from. Most brownstone owners who purchased houses within the last 5 years justified all the expense because they were buying their lifelong home. They're not selling. If that purchase wasn't for long term, they might as well have bought a condo. But they didn't. Choosing a house and all the work and money it entails, is all about choosing a home for life.

Posted by: guest at January 5, 2008 12:01 PM