Buyer's or Seller's Market?
Despite reading in the Times that prices are down it seems to me that the decline in sale price hasn’t really effected the Clinton Hill / Ft Greene market as drastically. I recently put a bid on a condo that went into competition and sold for 25k over asking price. At a second place, the…
Despite reading in the Times that prices are down it seems to me that the decline in sale price hasn’t really effected the Clinton Hill / Ft Greene market as drastically. I recently put a bid on a condo that went into competition and sold for 25k over asking price. At a second place, the sellers are holding out for a price that is 50k over what they paid for their home in 2008. Aside from brand new luxury Condos which, I am uninterested in, there seems to be a lack of inventory and asking prices are not, “bottom of the market”. In the 400k to 550k range, you’d think there would be more opportunity for 2 bedrooms. I was hoping to get a steal in a buyer’s market but find myself competing over scraps at prices above my means.
So, what kind of market are we in?
Well, I think a lot depends on how the property is priced. If it has genuinely been priced to sell then don’t expect to come in 20% below asking and get a deal. I have seen properties go for asking despite it being a ‘buyers’ market. I have also seen places go for 15-20% below asking…so there isn’t really a definitive answer 🙂
Look at the comparables in the area. If it is listed at $350-400 sq. ft and comparable properties are in the $500s then you will have a better idea of where to bid.
FYI…we just bought a place in Central Harlem and it has worked out to be around $370 sq. Not an expert by any means and hopefully we haven’t completely missed the target 🙂
GL!
I too struggle with whether this is a buyers market or not. I too am looking for something similar even though I will settle for a 1BR. Sellers (even sponsors for new construction) are definitely holding out as long as they can. Prices are certainly good on the rare occasion that you find something you like.
I think it’s a buyer’s market because deals are slower (allowing you to kick the tires and compare), but not the apocalyptic scenario BHO and MM hoped for. Prices are down about 15-25% from the highs, and for now prices have stabilized. There was no great flood of new listings in September.
I don’t think anyone knows what the future holds, but people don’t seem as spooked as in the Spring.
There have been a couple of Co-op of the Day listings on this site for two bedrooms in the price range you mention. Check back on COTD threads. There was one on Clinton Ave by DeKalb that was in a brownstone conversion and looked pretty nice (and went into contract quickly). Prices are definitely down in Clinton Hill but as many have said a nice property at a reasonable price will move quickly still.