What's Fair Value in Bk now?
So real estate has come off, developers and resellers now understand this and have cut prices.. so that leaves me with the question.. what is a fair price currently for the following so people can get an idea what to expect to pay and for what, and in what neighborhoods (w’burg, park slope, downtown bk,…
So real estate has come off, developers and resellers now understand this and have cut prices.. so that leaves me with the question.. what is a fair price currently for the following so people can get an idea what to expect to pay and for what, and in what neighborhoods (w’burg, park slope, downtown bk, etc.)
New development: 1BR (avg 750 sqft), 2BR (avg 1100 sqft), PH (avg 1400 sqft + terraces)?
Resale condo?
3-4 story house?
Multi-family house?
Hannible – Do you even have the slightest clue of anything? Where do you come up with these totally innacurate statements. Anyone with the ability to pay attention for 3 seconds knows Adam is not a real estate broker.
Jeez, what a mook.
Good Dahill but while I am out working making cash to buy my home I see that you are busy sitting at your desk trying to sell real estate. Give it up we will buying real estate on ebay soon and will not need brokers who sit on their fanny all day.
Congrats. Enjoy your home.
Alright so despite not getting much of an answer here I did look at comps (streeteasy, propertyshark, trulia, etc.) and had a price accepted on a great boutique penthouse (the only one in the bldg) 3 stops in to 11211 .. top top of the line appliances, 3BR 2 bath tons of outdoor space, views, skylight, the works. The price we met at was $650 sq/ft.. which is probably too high except this is a one of a kind not a cookie cutter in my opinion.
Of course I didn’t pick the bottom.. but I certainly was able to afford a place that I would’ve been priced out of not 6 months ago! This will be a place i can live for years and start a family.. I am not interested in flipping or becoming a landlord in it.
As for the inflationary scenario, it certainly will happen (2010? 2011?) as the gov’t prints more and more dollars and the fed monetizes debt.. So now is a great time to take a loan at 4.85%! Rates can’t go much lower but can and will certainly go higher to counteract inflation.
One thing though, Do Not Mistake Declining Living Standards for Deflation!
I am amazed with all the ideas about Fair Value. On the stock market Fair Value is the current price of this or similar contract. So the only way to determine fair value is to look at the comparable. Unfortunately you can find out about comparable only for closed deals, which will give you a 3 months delay. In other words closed comparables represent the fair value of the house 3 months ago.
As for all these “too high” and “wait until market unwinds” – they guys want prices to fall. Same guys fill the financial forums screaming about falling prices of GS and such. They are short sellers and try to manipulate market by baseless statements. Future of the market is unpredictable. Tomorrow treasure can decide to print gabs of dollars and inflation will make houses cost twice more for example or flu pandemic will wipe out whole NY and prices will fall to 0. You never know.
hannible- You never fail to make me laugh.
You and the what should get a sitcom together.
375K is still too much. That price neets to come down to 199k-249k to seem reasonalbe
Yes that 2 bedroom 1000 sq foot in park slope that went for $625K in 2007 is now getting $375K.
That’s definately what I am seeing…
Read my tagline. Pay anything more and that would be unfair to yourself. Prices have not fallEN. They are fallING. Why catch a falling knife? Buy like a quarterback. “Throw the ball” where the “receiver” will be, not where “he” is right now. Otherwise, you will miss the market bottom threshold (NY Case-Shiller index approaches zero change from previous year). Banks say 3X income. That means prices have to fall in half. But, like greed, fear may make things “worse” (for sellers). The previous sentence is unthinkable but so was +200% appreciation.
On the other hand, maybe you’re wealthy and can be a philanthropist and help stimulate the economy.
***Bid half off peak comps***