147 South Oxford #3C Sells for 7 Percent Under Ask
This is an interesting gauge of the market: A beautifully presented prewar two-bedroom at 147 South Oxford Street in Fort Greene hit the market in October with a price tag of $525,000. We called the asking price “reasonable” at the time, so we weren’t surprised that it sold relatively quickly. The sale price of $487,000…
This is an interesting gauge of the market: A beautifully presented prewar two-bedroom at 147 South Oxford Street in Fort Greene hit the market in October with a price tag of $525,000. We called the asking price “reasonable” at the time, so we weren’t surprised that it sold relatively quickly. The sale price of $487,000 was a couple of bucks short of what we thought, but we happen to know that the owner was eager to get a deal done so she probably didn’t want to dawdle over ten grand, which is a wise move in this market. Take the money and run.
Co-op of the Day: 147 South Oxford Street, #3C [Brownstoner] GMAP P*Shark
Springs, all you have to do is plug numbers into the corcoran.com mortgage calculator. Just a small uptick in mortgage rates makes a large drop in price more expensive.
Market timers with cash win.
Can anyone work out a set of numbers for present scenario and future scenario where prices have dropped 20% and interest rates are at 8%? What is the monthly outlay, tax benefits, etc. in both situations. How much does the buyer have to shell out each month in both scenarios? I’m thinking it’s a wash at this point. Buy and hold your real estate. Market timers usually lose.
We sold at the height, we are renting, have cash, are looking for a place to buy.
Well, there are some folks out there (and a few on this list), who sold at the height and are renting, so are sitting on yes, lots of cash. These rare people are surely the exception, not the rule, so are not going to prop up the market. Also, since they probably foresaw the meltdown and are cautious with their money, they are probably more likely to wait before buying anytime soon – really, the news gets clearer day by day that NYC prices have a lot further down to go.
Buyers who can put down all cash? Hm…that would be a lot of cash. But good point, Miss Muffett.
Don’t forget cash-flush buyers who are sitting on the sidelines, who are less affected by interest rates, but are waiting to get better value with their cash.
Hm…..
mopar, i think that makes you team bull…..