Is It a Buyer's or Seller's Market in Townhouses?
Here’s an email we received from a reader this week: I was hoping you could foment some sort of discussion on the summer brooklyn townhouse market. I can’t really figure out what’s going on. It seems like a lot of stuff is left over from the spring, but then some great stuff just flies off…
Here’s an email we received from a reader this week:
I was hoping you could foment some sort of discussion on the summer brooklyn townhouse market. I can’t really figure out what’s going on. It seems like a lot of stuff is left over from the spring, but then some great stuff just flies off the shelf. I’ve been to dozens of open houses the past few weeks, some are empty, some are thronged. I can’t tell if it’s a buyer’s market or a seller’s market. It seems like a lot of people are waiting for the fall to see what comes on the market. What’s your sense?
Seems to us like there’s not a lot of good inventory and that buyers aren’t desperate enough to go for the crap. Your thoughts?
Photo by Da Nator
first you’re foreclosing. then you’re not.
then your husband is the one who “brings in the bacon” then you’re at work.
all suspicious.
first you’re foreclosing. then you’re not.
first your husband is the one who “brings in the bacon.” then you’re at work.
all suspicious.
12:49, the Japanese buying up entire blocks or huge office buildings in Manhattan is not quite the same as a few Brits and Germans buying condos in Manhattan or brownstones in Brooklyn. They’re living in these properties, or staying in them when the come to town for business.
Actually I’m at work. Probably will be fired due to my sad addiction to this ridiculous site. And on that note, am signing off.
Why is anyone shocked? There are tons of freelancers in NYC. Probably more than any other city in the U.S. Lots of them buy real estate too.
The market got really slow, then really panicky because it was slow, last Summer too. Ask any realtor. It happens every Summer. Difference is, because of all the worry over the overall national economy and mortages, we feel like there’s more to it when things slow in Summer.
Remember, most people who can afford to buy brownstones are not even in town in August. They’re gone. So realtors for sellers are telling their clients don’t even list their houses in July or August. Everybody just wait to see what comes on the market after Labor Day. It’s not such a long wait, now.
the house market in the NJ burbs is very soft.
Houses, nice ones, not cookie-cutter or whatever, are not selling.
It is a good time to buy out there as long as you’re willing to stay a few years. The NYC market is insane, pretty soon only foreigners with hard curencies (unlike the dollar) will be able to afford property here. The last time that happened, the 1980’s when the Japanese seemed to own everything, the market went bust almost overnight. Remember when Rockefeller Center was bought back from Japanes investors by the Rockefellers for pennies on the dollar?
I do not think it is a good time to buy in the city or in Brooklyn. Things seemed rather inflated, expecially in neighborhoods without good public schools and where there is still street crime.
no, the question is how much he’ll be making this year and for the next few.
sounds like nada.
oops.
12:36 home ownership has always been a very american aspiration. Is it our fault that real estate in nyc has become like the tulip craze long ago? Believe me, we would have been happy to rent an affordable apt rather than buy a house, but with two children and after four years with them in a 1 bedroom, we had to find something bigger. In our neighb right now a decent two bedroom now is $3500/month in rent and we could not fathom throwing away that much every month. A million dollars (more or less) is pretty much what you have to spend to be in our neighb and actually, neighborhood has more to do with quality of life and happiness than the size of home. I would much rather something small in my neighb than something huge somewhere else. The point being: we are not graspong for big shiny things,we are simple trying to remain in the place where my children have made dear friends are are greeted by people who know them when they walk down the street.
doesn’t matter how much he made last year. the question is how much he saved.