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
Anonymous 12:37
You mistake my questions for an attack on your individual experience as an attack on the argument that New York is so great now that real estate will never be effected.
If that was unclear I apologize. I am glad that you enjoy Brooklyn and seek to explore its diversity and culture.
My point is merely that New York has always been great, and that real estate has never the less gone through ups and downs. My point has nothing to do with living in New York, or Brooklyn for that matter. This conversation is about the real estate market. I fail to see how evolution and progrees have any bearing on the real estate market. Unless of course, tomorrow, man learned how to fly, then maybe condos in a high rise would be worth more.
Woo-hoo! More paper money for my house! Which I will use to get out of jail.
People buy homes because they need shelter. 10:40 – the market went down (still loosing ground) in areas where supply outpaced demand. Not the case here – we live on an island, with too many restrictions to build more housing (Bruce Ratner excluded, of course).
San Francisco’s market is an incredible example of ever-growing value – even during the dot.bomb era, the prices did not inch down.
and yes…i do believe “we” talk about areas that are not so trendy. i recall a conversation last week in fact about all of the gorgeous homes in bay ridge and people commented that they didn’t know they existed. that’s a great thing.
i actually have been talking to my other brooklyn-loving friends that we’d love to…when spring starts…form a sortof walking tour of different off-the-beaten-path brooklyn neighborhoods. i’ve explored many on my own, but can’t get enough of all that this city has to offer…even after i guess in your mind a meesley 7 years.
sorry….sometimes i forget about the anonymous thing. i have lived here for 7 years. i am also the poster at 10:55. i’m not claiming that new york being great is a “new thing,” but i do know plenty of people who have lived here for 15, 20 years plus and not only do they describe a very different new york (upper west side, even) than you do, but they comment often about how different new york is in the last 10 years than the previous period.
i’m not sure what of my comment you are trying to argue exactly. did i say anything about the good neighborhoods of brooklyn? i love them all. i think brooklyn rocks.
what exactly of what i said made you feel the need to get all defensive?
the fact that i don’t know what it was like when new york had 2500 murders a year compared to 500? no, i don’t. and i probably wouldn’t have moved to such a place, no matter how great a city it was, were i old enough to have lived through that period in history.
just because i’m young does not mean i’m a moron. i am 32, just bought my first place in park slope, don’t really care if the price goes up or down at this point becuase i bought it because i love brooklyn and park slope and needed a home to live in. i’m sure prices will continue to go up and down, but i do believe that so much has been invested in this city that things are certainly in a pretty good position now. i don’t necessarily think that saying because something was once this way, that it must go back to being like that again. it’s a little thing called progress and evolution. i’m happy to be a part of it.
Uh, that’s more than one question. Just saying.
Anonymous 11:24.
I have one question for you, how long have you actually lived in New York City. Were you ever here, when things were bad?
New York City is by far the greatest city in the world, it has been for a long time. So many on this site state it as if this is a new thing. Just to fill you in, before you arrived here, Brooklyn was very diverse and had many nice neighborhoods and the commute to the City has always been the same. these are not new things, although many of you just started living here and might think they are new. Even in the 1970’s, when many of you believed you would get shot if you lived in Brooklyn, it was a great place to live. So why now is it all of a sudden impervious to a real estate correction, when it wasn’t in the past, merely because you haven’t seen it happen before?
So far, everything on this website that I have heard is great about Brooklyn revloves around the trendy areas, Park Slope, Clinton Hill, South Slope, Red Hook, Prospect Heights, Fort Green, Prospect Lefferts Gardens, Crown Heights, Williamsburg. Does anyone talk about the areas that aren’t trendy? If you want to believe that Brooklyn is bullet proof, tell me why those areas are good. Oh and to fill you in, when those areas go through hard times, unlike the rest of the United states apparently, they do effect the trendy areas of Brooklyn.
i beg to differ 12:03….the fact that a blog like this even exists where people get so excited, heated, adament, pissed off, judgemental, etc. is an example of just how passionate new yorkers are about their city.
No, 11:28, I don’t miss what’s great about NYC. There’s a lot that’s great. It’s just I do read this blog sometimes. And I’ve seen many many times how gleefully some will bash other neighborhoods for their bad schools and quality-of-life. But not in a way like they’re dismayed over it, and want to help.
Just another anecdote – friend made an offer on a pricey NYC apt. 3 mos. ago. She lowballed, they told her to go spit. Just last week, they called her to accept her offer. So it’s really dependent on more things that “the market is hot again.” That’s way too blanket a statement.