Corco Cutting Prices East of Classon
It can be hard to spot a trend in the real estate market until after the fact, but we couldn’t help but notice when we were perusing Natefind yesterday that Corcoran had cut prices on six of its townhouse listings in Bed Stuy and Crown Heights within the past week. (The biggest cut, both in…
It can be hard to spot a trend in the real estate market until after the fact, but we couldn’t help but notice when we were perusing Natefind yesterday that Corcoran had cut prices on six of its townhouse listings in Bed Stuy and Crown Heights within the past week. (The biggest cut, both in absolute and percentage terms, was at 36 Monroe Street.) Is this a coincidence, do you think, or could there have been some word from on high that drove these cuts? Taken as a whole, do the cuts signify anything about the market in those neighborhoods or is this bad news balanced out by bidding wars at places like 100 Decatur?
56 Monroe Street [Corcoran] GMAP
36 Monroe Street [Corcoran] GMAP
470 MacDonough Street [Corcoran] GMAP
1300 Carroll Street [Corcoran] GMAP
1416 Sterling Place [Corcoran] GMAP
610 Eastern Parkway [Corcoran] GMAP
Please come to the Bed Stuy House Tour in October because many of you are in for a rude awakening on how many long time residents in Bed Stuy live. Many have made judgements on class and values that are not based on truth or experience. I am always amazed at how people who no absolutely nothing about me can determine my occupation, family status and other information, so I came to the conclusion that some are just bad psychics.
It’s always interesting (if a tad boring) to watch these threads disintegrate. I have to imagine that most people, like myself, believe there will be bumps along the way but are happy that they bought (for the long run) and don’t fear the sky falling in. But the pride and joy and yes hard work of improving it make it worthwhile to me. Oh and having three floors and a backyard to call my own.
But the knife is already falling, so instinct would have you reach for the knife; I know let’s ask Dick. 🙂
Re: “Meanwhile, sure, some people who got subprime mortgages are going to face foreclosure, but that’s not going to have any impact on the value of property here.”
How could subprime foreclosures have absolutely no impact on the value of properties in NYC? Even if not one property in NYC is foreclosed on (not true, see last weeks top 100 zip codes for foreclosures), the foreclosures combined with the trouble in the subprime market are already tightening liquidity. This makes it more difficult to get a mortgage, thus exerting downward pressure on home prices.
Stonerbrown & co., you talk a lot about this supposed “crash,” but you don’t cite any evidence. What’s the matter–you haven’t saved enough pennies to buy something yet? Better get busy. NYC prices will ebb and flow as they will anywhere, but the bottom line is: Bazillions of people with lots of money want to live here, and they just keep coming. Again: Another million will move here in the next 20 years, representing a 12.5% increase in population. Where will they live? There’s the demand.
On the supply side, sure, greedy developers are polluting the neighborhood with all manner of fugliness, and if some of them lose their shirts, fine–they deserve it. But sooner or later, every one of those apartments will get sold.
Meanwhile, sure, some people who got subprime mortgages are going to face foreclosure, but that’s not going to have any impact on the value of property here.
Of course, it’s a waste of time to argue with people on this issue. Believe whatever you want. I’m gonna go light my grill, stir up a G&T, and cook up some bratwurst. And then maybe a nap in the garden. ZZZZZZZZZZZZZZZZ
why not just move your child out of the way.
answer: so it doesn’t land on your childs head.
“Supply and demand, baby.”
EXACTLY. TAKE A LOOK AT THE SUPPLY AROUND YOU. “DEVELOPMENT WATCH” ON BROWNSTONER ALMOST EVERYDAY. MEANWHILE, SUBRIME MORTGAGES ARE BEING DAMN NEAR OUTLAWED AND LENDERS ARE TIGHTENING STANDARDS IF THEY’RE NOT FAILING http://ml-implode.com/ . JUST BECAUSE YOU YELL “I DEMAND A MORTGAGE” DOESN’T MEAN YOU GET COUNTED AS PART OF THE DEMAND POOL. UNLIKE 2001-2006, YOU HAVE TO QUALIFY AND VERIFY.
“Buy while you can, or you’ll never be able to.”
WHY CATCH A FALLING KNIFE?
“Doomsayers have been talking about this “bubble” for years, now, and prices continue to climb (with occasional little dips).”
GOTTA RISE TO FALL. THE BIGGER THE BOOM…
” All normal.”
THE ONLY THING NORMAL IS THE CYCLE ITSELF. THE BOOM WAS ABNORMAL AND THE “KA-BOOOOOM” WILL BE ABNORMAL AS WELL IN THE WORST WAY.
“This isn’t the 70s, friend: People WANT to live in NYC like never before, crime is wayyyyy down, and something like a million more peeps are forecast by the city to move here in the next 20 years. And you think this is going to push prices downward? Supply and demand, baby. Why do you think Harlem, Hell’s Kitchen, the Bronx (the Bronx!) and so many formerly bombed-out parts of Brooklyn are so sought-after now? Buy while you can, or you’ll never be able to.”
TRANSLATION: “IT’S DIFFERENT THIS TIME.” MOST DANGEROUS WORDS IN ECONOMIC HISTORY.