Party Like It's 2005: Bidding Wars Galore
Remember the Times article last week about the reinvigorated real estate market in New York? Well, there may have been something to it. We’ve caught wind of a couple of bidding wars currently underway that certainly show that the demand side of the equation is strong. First up: A 1,350-square-foot, top-floor co-op at 235 Lincoln…
Remember the Times article last week about the reinvigorated real estate market in New York? Well, there may have been something to it. We’ve caught wind of a couple of bidding wars currently underway that certainly show that the demand side of the equation is strong. First up: A 1,350-square-foot, top-floor co-op at 235 Lincoln Place. The first showing on Sunday generated eight bids, six of them over the asking price of $795,000. (Of course, another conclusion could be simply that it was just priced too low.) Meanwhile, over at 218 Greene Avenue (which we discussed last week), the price was jacked almost 30 percent over the weekend. After it was listed at $650,000 on Wednesday, we hear that offers of up to $825,000 rolled in, prompting a swift price increase of the asking price to $850,000. How psyched is the owner. Guess the POS at 220 Greene was not much a deterrent after all.
235 Lincoln Place (#5761) [Warren Lewis] GMAP
218 Greene Avenue [Corcoran] GMAP
Yo! I love Brooklyn, yesteryear, this year, next year. I ain’t never goin’ no place else. Ever. I had two ex-patriate experiences – Japan and Kansas City and when I got back home, I clicked my heels and said, there’s no place like…. No…New York rocks, Brooklyn rules. I am so happy thinking about this, I think I’ll cakewalk down to the AY site down the street. Yes!
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Anonymous 4:14pm
Of course, 9/11 also helped the real estate market, how could I be so foolish.
Let’s all hope global warming occurs and water levels rise and make Brooklyn beach front property?
It is completely upsurd to assume that real estate markets increased as a result of 9/11. Increases during that time were the result of numerous economic factors, which were strong of enough to withstand an event like 9/11.
Is anyone on this site not a realtor?
I’m not 3:20 but to answer 4:01, the uncertainty of the stock market after 9/11 contributed to greater confidence and interest in investing in real estate, yeah. Where were you when that happened?
Anonymous 3:20.
do you honestly believe that a crash in the stock market, makes real estate more valuable? I have no words to describe my utter amazement at your naive statement. Are you a realtor?
Ugh. Must preview next time.
the market tanking makes RE an alternate investment.
I think in the next week we will really see how the marketis going to react. Now that the market is down 500 points today, will people still have the desire to pay the current costs?
I personally hope so, but as stated before I have my doubts.
Anyone who buys uinto this current realtor hype will deeply, deeply regret it.
On fundamentals, theer is absolutely no way to justify current prices. This has been one giant Ponzi scheme, and the blame falls 100% on the Bush administration and Alan Greenspan. Bernanke just gets to clean up the mess.
This story is about a credit bubble, which has blown out asset values. Watch what happens over the next four years.
I’m not going to argue with anyone. But mark my words: you were warned.