Brooklyn Sales Market: Let's Make a Deal
The Times examines what a Brooklyn homebuyer’s gotta do to catch a break in a market that’s a bundle of contradictions. On the one hand, tony nabes like the Slope and the Heights are pricier than ever before. On the other hand, developers in areas where a lot of new construction’s recently been completed, like…
The Times examines what a Brooklyn homebuyer’s gotta do to catch a break in a market that’s a bundle of contradictions. On the one hand, tony nabes like the Slope and the Heights are pricier than ever before. On the other hand, developers in areas where a lot of new construction’s recently been completed, like Williamsburg, are cutting prices so that units don’t languish on the market. For example, the developer of 149 Conselyea Street recently decided to sell units for $425,000 to $799,000; a year ago, the condo’s projected asking prices were running between $599,000 and $995,000. Across the board, brokers say sellers are now more open to negotiations than they have been in quite some time. We’re definitely negotiating, said Christine Blackburn, a Prudential Douglas Elliman broker. It’s not a market in which anyone wants to lose deals. Every deal is precious because there’s a lot of uncertainty. Can house hunters out there vouch for an uptick in give-and-take?
Brooklyn: A Bargain Hunter’s Guide [NY Times]
jmelvin, BEAUTIFUL HOME, i have house envy… i know what its like when the press puts a diffrent spin on your reality. glad you like the nieghborhood, i love it – stop by for coffee at the new two five eight cafe on malcolm x and putnam.
i think that if you are looking for a long term purchase, now is a good time to deal. with that said, we looked for a very long time and it took us around two years to find the apartment we wanted in a great area for us, so we were happy just to find it. it was in our budget, so we took it.
i believe that many friends i know who are looking just do not really analyze what they need or like and therefore can’t decide or make bad decisions.
NYC is market of compromises so prioritize what you want, find it and negotiate the best you can. if you really found a good apartment and can therefore stay and not move, the short term market won’t matter so much.
over on Eldert St, on the bushwick side. look for the house surrounded by stray cats (there goes my credibility!)
Couldn’t agree more. We were nervous that it would be portrayed that way. But what can you do? Thanks for the welcome. What street are you on Jimmy?
Jmelvin, i don’t find fault with your decision to purchase, i’m saying i think the Times was really stretching for content on this article. your house is gorgeous, and i’m happy to have you in the area. i just get tired of seeing words like ‘bargain’ and ‘a steal!’ next to million-dollar homes (original details notwithstanding, a million bucks is still a whole lotta money).
jmelvin makes a good point, but one that’s more applicable to houses than condos/co-ops. If you buy a sui generis place because you love it and it fits you, paying a little more if you can afford it isn’t a big deal.
But if you buy a new condo or a typical co-op, you probably have lots of comps and maybe even a retroactive price cut on similar units.
That can produce a lot of sleepless nights.
That’s why RE fascinates me. The psychology of a home is so tied up with our own self worth.
I can say that from my recent experience in Park Slope, that this article seems to ring true.
We’ve been looking off and on for about a year and have so far put in 5 offers….all but one were full price offers and EVERY SINGLE ONE has been overbid…
It’s been frustrating for us, to say the least. We looked at a couple of really nice ones yesterday, so we’ll see how it goes.
I’m a recent buyer at 1 Hanson. Its been a few months since we put our 10% down (now the wait for the move-in date). Anyway, at that time there really wasn’t any negotiating with the developers. We offered less than ask and were rebuffed. All we got in the end was 10K post-closing, which about covers the “mansion” tax…
congratulations on your new home, Jmelvin