Where Are Prices at?
I am looking at buying a multifamily brownstone in Bedstuy. I am wondering if people think that prices are still very high, or if sellers are still lagging at last years prices. I’ve seen a bunch of places that the sellers are basing their asking price on last years appraised prices. What is your reading?
I am looking at buying a multifamily brownstone in Bedstuy. I am wondering if people think that prices are still very high, or if sellers are still lagging at last years prices.
I’ve seen a bunch of places that the sellers are basing their asking price on last years appraised prices. What is your reading?
I can’t believe no one except agents are willing to comment on this. C’mon, isn’t there anyone who’s been looking in Bed Stuy who can put in their two cents?
There may some deals around. I saw a beautiful place on Putnam near Throop that had been on the market for $799,000 and was relisted a year later for $699,000. It is now in contract.
Also saw a place that was a little narrow and needed a kitchen re-do but was otherwise in good condition on Halsey and Lewis. It was listed in the mid-500s including cash back for repairs, but the sellers were willing to consider $500,000 with no cash back.
I would expect prices will continue to fall for a while.
I own a building in that area and am also a licensed real estate broker. My take is that many sellers are trying to hold onto out dated prices and sometimes it is because they are mortgaged that high.
But there are cracks in the facade. If you are diligent in your search, patient, and hard ball the seller you can find some good prices.
Be aware though that a lot of sellers aren’t being tough, they just can’t go below what they owe on their mortgage.
And if they do they need approval from the bank, so ask them about that. I know of a deal where the sellers found a willing buyer but the deal is stalled because they were trying to sell the house below what they owed the bank. Once the bank found out they halted the deal for review, and that could take a while or forever.
My husband is a licensed real estate agent who would be willing to talk to you email him at : elixbrown@hotmail.com