What's going on with Brooklyn RE supply?
We’ve been seriously looking for a Brooklyn home for the past 4 months or so. As the months progressed and the general housing market worsened, the supply of real estate began to REALLY dry up. That didn’t surprise me terribly b/c the profit-takers wouldn’t necessarily choose to put their house up in such an environment….
We’ve been seriously looking for a Brooklyn home for the past 4 months or so. As the months progressed and the general housing market worsened, the supply of real estate began to REALLY dry up. That didn’t surprise me terribly b/c the profit-takers wouldn’t necessarily choose to put their house up in such an environment.
Plus, I heard over and over that everyone waits till the new year to put their homes on the market (b/c of Wall Street cycles). So we were waiting for 2008 for some new listings to hit the market.
As of today, which is admittedly very early in the “near year”, there is still the same old dearth of supply.
I’d love to get thoughts (even from agents!) on whether this trend (no supply!!) is likely to continue or whether we’re likely to see most listings hit the market soon.
I’m actually don’t really care about the detail and it is still hard to find a nice townhouse in this market.
I think sellers are sitting on the fence, waiting to see what happens with the market. What most sellers don’t fully realize is that there are MANY buyers for brownstones, especially those in prime neighborhoods. So, in reality, whatever the market is doing, there will always be demand for brownstones, especially those with nice original detail. And if they are price “right” from the get-go, buyers will duke it out. Sellers of nice brownstones in prime neighborhoods should not fear the market.
There was a wave of older homeowners selling when the brownstone market got so hot. And it gave everyone the impression there are always that many houses on the market at any given time.
Not so.
The young couples who bought those houses, and who comprise the majority on most brownstone blocks in the “prime” neighborhoods are not going to sell and leave so soon.
If you want a nice townhouse at a reasonable price you will have to look into the last of the Brownstone neighborhoods. Bed-Stuy. Fillmore has several in this area at prices from 500k-800k. And they ain’t getting any cheaper. Check out the latest real estate numbers in Manhattan. Up more than 30% in 2007, and that was supposed to be the worst in terms of the subprime mess. If you can afford to purchase the million plus townhouses in other brownstone neighborhoods, you should see more inventory by the end of Feb. going into the spring
I have a 3 b.r. for sale (you’ll have to rent for about a year with 40% going toward reducing the price; this due to tax reasons)on Lincoln Place off 5th Avenue. I am moving to a new building nearby this spring. If you have any interest drop me a line at:
marion11217@aol.com
I definitely think inventories are lower than usual based on unscientific observation. That said, as both a past buyer and seller, I think many folks wait until late spring to put a house on the market. By then, outdoor space will show well, and a hoped-for summer closing is generally what buyers with kids want.
Hang in there!
The real season is in the early summer, you prob. have to wait.
Thinking the same thing. My friends (not from Brooklyn) keep asking me to look out for them for townhouses in Ft Greene. I remember looking even last year, and the real estate sites had pages of lists of houses. Today, Prudential has one listing. Brown HArris Stevens has Zero, Brooklyn Properties zero.Only corcoran has an actual “list” of 8 buildings, but several of them seem to have tenants.
Even a few weeks ago, Brownstoner did a piece on some little house near the BQE on Adelphi, mocking the high price. When I called a week later to enquire about it, it was in contract.
No matter what the market may be doing, this would be a good time to sell in this neighborhood. Thankfully, though, most of the old timers seem to be staying put. I guess they’ve known a good thing when they saw it — A LONG TIME AGO! 😉
Here’s the thing to keep in mind while so many people whinge about the dying market–the reason your house hunt has been difficult is that there is a tiny number of beautiful old joints in this town, getting smaller by the minute as one moron after another rips out groovy detail and installs something lame and ordinary. If you *can* get your hands on a piece of that unique beauty, you will never have to worry about property values. Demand is only surging. Supply is constantly contracting. Simple math.