Who's Gonna Buy This Stuff Now?
We can see how a few naive souls might have been induced to buy this type of thing back when the market was frothing but, seriously, who’s going to step up at this point in the market? Are these the squats and crack houses of the future? $645000 DON’T MISS OUT!!! Crown Heights [Craigslist] $799000…
We can see how a few naive souls might have been induced to buy this type of thing back when the market was frothing but, seriously, who’s going to step up at this point in the market? Are these the squats and crack houses of the future?
$645000 DON’T MISS OUT!!! Crown Heights [Craigslist]
$799000 New Construction 3 Family! Bed Stuy [Craigslist]
$699000 New 3 family 3/3/2! Bushwick [Craigslist]
Its very hard to develop with imagination on a 18 x 80 lot. If the builder walks away with 500K in his pocket after expenses he should be grateful.
“Crack houses only move into neighborhoods that allow them.”
Um, okay Charles Bronson…
Nanook – All I am saying is that these homes are ugly no matter where they are. They would still look like upscale crack houses if they were located in park slope!
The fact of the matter is that the developer has shown no imagination or vision when building these homes. They are very blend and there is nothing appealing about them.
Johnny, I see your point and agree with your law of diminishing marginal returns example. But it seems many brokers (Corcoran most notoriously) will still initially throw out a number that is way above what one expects is reasonable under the current market conditions to see if they get any quick bites and then be fairly quick to drop it to something more realistic. This is not done over a long period of time, so they don’t use that much time and effort. I would bet the majority of price changes on Streeteasy, even pre-fall 2007 were downward adjustments. Isn’t that clear evidence they were overpriced?
Nope, these beauties won’t be awarded Pritzkers anytime soon. However, someone will buy them and rent them to small families.
As for the “crack house” comment sounds like something I’d see on Curbed. I expect more from Brownstoner, but maybe I’m just kidding myself….
Linda Richman, right!!!!! Thanks,
Here’s my point – from a purely economic perspective, would you rather work 20 hours for, say, a $5,000 commission or 40 hours for a $5,500 commission? When that additional 20 hours could have netted you an additional full commission, versus the incremental commission of the higher price/slower sale model.
Here’s a test. There’s an old adage that brokers’ own homes stay on the market longer than average. If that’s true, and I don’t know if it is, then I’m right. The broker is trying to maximize sale dollars by pricing higher/selling longer. If it’s not true, and brokers own homes sell in same time frame on average then they’re pricing their own homes at “fair market” same as everyone else’s and I’m w-w-w-w-w-w-w . . . not as right as I think 😉
Interesting choice of words Brownstoner.
LOL…It’s never to late for a good old fashion scam! lol
Is it too late to torch them for the insurance money?