Quote of the Day
On the claim people aren’t buying in PLG, one neighbor who sold recently had about 40 couples come see his house, all young professionals mostly from Manhattan, in finance and banking and business. There is a ton of interest in PLG. So there, that’s an actual true story anecdote, not a speculation from the outside…
On the claim people aren’t buying in PLG, one neighbor who sold recently had about 40 couples come see his house, all young professionals mostly from Manhattan, in finance and banking and business. There is a ton of interest in PLG. So there, that’s an actual true story anecdote, not a speculation from the outside looking in.
— by Traditional Mod in Open House Picks: Six Months Later
True. Maybe because it takes time for buyers to accept what they can get for the money when they start to look. When we sold our well-located Park Slope co-op over two years ago we had so many looky-loos. All seemingly qualified buyers, all saying they were serious about being ready to buy, but then they were unable to pull the trigger even though we had priced it under comps, a bargain. Because we were in a hurry to sell because we’d bought a house. We just kept thinking, what do these people want? If they looked at other properties on the market it was really clear what one can get for the money in PS. It’s like people hoped to find a miracle gem of an apartment that was twice the size for half the price.
My move-in-condition house in Ditmas Park had 30 couples at the open house. We had two offers immediately. Both from out of towners looking to move to NYC. My take is that people are only moving if they have to, for career purposes generally. Buying a new house is no longer a recreational activity. People still come to the opne houses to lust after homes, but are staying put in a cramped one or two bedroom with kids because they either can’t really afford to buy or are stuck in a co-op or condo they can’t sell.
here’s another anecdote. I have a friend in finance who took out the contract for a new condo in JC. however he hit a snag when looking for a mortgage – the banks are requiring – get this – 40% down – due to the risk presented by the large portion of his historical comp being bonus.
you’re right, traditional mod, and this is a much discussed topic- the perceptions of outsiders and insiders. Your point is well taken.