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
Isn’t this all part of the seasonal spring bounce. Despite the cold weather and snow on the ground, spring officially begins in 3 weeks.
This is expected. The real test sales volume, not sales price. If sales volumes don’t show significant gains this spring, the fat lady will have sang.
The next 2 months in make or break for Brooklyn RE.
No, it’s Ben Bernanke
Ummm…thanks 11:18. I guess once he left office he lost all ability to comment on the economy.
people forget the stock market…bullmkt is in tact…the mkt is overdue for a correction…lets talk when S&P breaks 1320 below before we worry about bear mkt.
“No more “My neighborhood is fine, so I don’t care what happens in the rest of the city.”
take a look at los angeles, chicago, san diego, phoenix, philadelphia…you think that the majority of people in those cities give two shits about what goes on in the city as a whole???
if you don’t see how nyc is special in that way, you have really missed one of the greatest things about living here.
I wasn’t saying don’t live here, 11:18. Inflation of prices in the Brooklyn real estate market is going well beyond the quality-of-life people get in return, in some places. I’m questioning if that will seem logical to buyers if, as this thread suggests, the prices are climbing again steadily. Because schools are not getting better anytime soon. A recent poll of New Yorkers said their #1 concern were the bad schools. More than terrorism, more than the economy. Everyone agrees it’s a huge problem for NYC. And yes, everyone lives with a certain amount of noise in a large city. But for us to be the noisiest city in the entire world, noisier than cities in 3rd World countries? How do you justify keeping your standards so low?
i really think the doom and gloom people don’t really and truly understand the fact that nyc IS a different beast. there is a reason why 8 million people want to live here with another million on the way. it’s REAL. i personally have travelled all over the u.s. and don’t want to live anywhere else and most people i know are at least somewhat on that same page. for these reason…and for all of the reasons you all choose to live in such a difficult place, things like the high cost of real estate come with the territory.
11:10. i wonder why people like you choose to live in new york. it makes no sense. those projections are for 10, 15, 20 years out. if you looked more closely you would see that there is time to change the problems before the influx is here. the issue was that it would be a problem if nothing were done.
i dare you to find a city of this size where people cared about it anymore.
just because you seem to be so pessimistic and hate the city doesn’t mean everyone else does.
“NYC is simply not successful enough yet in solving quality-of-life issues.” Oh my god, you should have been here 25 years ago, this is paradise. Look, NYC is not Firefly, Utah. There is noise, litter, etc. but there are a lot of compensating factors that people find a worth while trade off.
Also, in terms of affordibility, don’t discount people who can trade up because their coops or condos have appreciated and also parents who help their kids get their first condo with money they have because their wealth has increased.
Ummm….Greenspan is no longer in the picture. It is Ben Bernake.