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
I have a prediction.
By the time prices fall to any significant degree (more than 20 percent) in “prime” areas, interest rates will be so high the buyers will get no bargain.
Anyone holding out for a townhouse in a nicer neighborhood than they can currently afford will be screwed.
So does that make me Team Bear or Bull?
Well, mopar, that’s what happens as the market turns – transactions go down/get slower, etc. until the new psychology snaps into place and overtakes both sellers (who finally lower their prices) and buyers (who finally jump back in). OK, enough! (see how darn addictive this is!)
Well, mopar, that’s what happens as the market turns – transactions go down/get slower, etc. until the new psychology snaps into place and overtakes both sellers (who finally lower their prices) and buyers (who finally jump back in). OK, enough! (see how darn addictive this is!)
Miss Muffet, I am neither Team Bear nor Bull but these buyers and sellers sure are TAKING THEIR SWEET TIME.
Miss Muffet is good to see you back (I really mean that). Don”t let the retards get you down!
The What
Someday this war is gonna end…
OK, OK, last post – mopar, I just meant that the psychology of buyers/sellers takes a while to shift. The market held up quite well even after Bear Sterns collapsed, less so after Lehman, and this is going to be the really bad year (which I actually find scary). My point is that classic boom and bust cycles show a period when there is a turning point in psychology and that’s when obstinate sellers and optimistic buyers will likely shift to resigned sellers and pessimistic/opportunistic buyers (that is, buyers who will be much more resistant to buying unless a significantly lowered price creates a feeling of opportunity).
Yes, I’m working very hard. I’m a bit worried about falling off the wagon (slippery slope) so will try to stop here. I must confess, I still read Bstoner every day but I’ve restrained myself from posting and joining the discussions even when it’s been very tempting. It’s actually pretty liberating to instead focus on my work! Cheers to all…
“Meant to say obstinate sellers and optimistic buyers helped support prices through this past fall.”
Miss Muffet, you make it sound as though you think prices exist *independently* of buyers and sellers…
Miss Muffet, 11217, the mid-2006 peak was a published peak based on some average for home sale prices in New York City that appeared here on Brownstoner. I don’t know where you were selling, but FYI out in subprime land where I live the peak was definitely mid-2006, and in any case that was also the peak for all five boroughs taken together.
Mileage in individual neighborhoods will vary. (Like for example the one where I sold my coop…)
But thank you for coming out of retirement. Getting much work done?