Average Joes Giving Market a Heartbeat
Yesterday’s cover story in the NYT real estate section was downright encouraging, didn’t you think? The gist: There are a bunch of folks who have normal jobs with normal paychecks that have been patiently saving up in recent years as the real estate market zoomed beyond their reach who all of sudden are finding themselves…
Yesterday’s cover story in the NYT real estate section was downright encouraging, didn’t you think? The gist: There are a bunch of folks who have normal jobs with normal paychecks that have been patiently saving up in recent years as the real estate market zoomed beyond their reach who all of sudden are finding themselves in the position to buy sooner than they had imagined. And faced with the double-blessing of lower prices and lower interest rates, they are even able to afford bigger apartments than they thought. The meat-and-potatoes buyers are coming out right now, said Kristina Leonetti, a broker at the Corcoran Group. And you know what? They are out there actively looking (though maybe not in the Bronx). Confirming something that a senior member of a large brokerage firm told us last week, open houses have been well attended since the start of the new year. Any readers who fit this profile care to chime in?
For the Brave, the Moment Is Now [NY Times]
Photo by Amber Rhea on Flickr
CWB;
Why do you waste your time trying to prove your “street creds” to The What? Do you think he’s actually going to consider what you say? I advise you and all the Brownstone community: the best way to deal with him is simply to ignore him.
What –
I’m not from NYC. I’m from Syracuse. Which is like Ohio, only with more rain.
I lived in Clinton Hill in 1995, when there were still plenty of places there where you could find crack vials lying around on the street, and when you couldn’t walk through parks or on busy sidewalks in broad daylight without being offered drugs. I had friends get mugged. I had homeless people follow me for multiple blocks. I had one dude scream “YOU OUT TOO LATE COLLEGE BOY!” and come running across the street at me during a late-night chinese food run (turned out he just wanted a dollar and a smoke – I gave him both). I’ve bought booze and cigarettes and white castle food through tiny holes in bullet-proof glass. Blah, blah, blah.
I’ve seen “your” NYC, and wouldn’t be afraid of it even if it was coming back. It’s not.
I could not agree more with those who say market has much further to fall, and I found this NYT article a joke. How can the market already be turning when it’s barely begun to fall? I too, have plenty of cash, an economical rental, and plenty of time. I am certain prices have to drop a lot more – yes, even in prime areas – and am seeing evidence of the start of that, but only the start. Here’s to the average joes getting back in after all the years of skyrocketing prices – but I think those joes (and josettes) would do better to wait to save more money.
Another week, another slew of ignorant posts from Dibs. This statement pretty much speaks for iteself:
“most of my personal assets in real estate.”
“I don’t think the city government will let New York go back to what it was in the 70s and 80s. Quite simply, they’ve realized that tourism is too valuable to the city, ”
Cwbuecheler please tell me you are not from NYC! Only retards from OHIO say crap like this. You see dumbasses you are about to experience the real New York. The New York that I was born and raised in! You Asshats have no idea what’s in store for you.
BTW The soul food restaurants on the corner of Fulton and Grand are closed, both of them and I don’t know why our beloved beat reporter Brownstoner did not report on this. Maybe those “Shark Jumping” lesson are taking up too much time.
“daveinbedstuy, where are you from. I am a native new yorker and remember a time when crime was rampant and I’m not talking about the 70s, how about 1993. When 12 year olds are being mugged last week in brownstone brooklyn (read your local police blotter) this is not the glitzy New York that Seinfield, Friends and SATC promotes.”
Amen Brother,, Amen!!!!
The What
Someday this war is gonna end…
Hi folks;
Just throwing in my two cents,much of which has already been said:
-I really think the NYT should have been honest and given credit to the true author of the piece,which was Corcoran or some other advertiser. Classic RE broker hype: the time to buy is NOW!
-This article does not conform to the reality that I see on the ground. I live in a high-end Park Slope condo, and here is what I see: a) the volume of sales has slowed considerably in my complex; b) nevertheless, prices have still held their own, at least for now. One and a half year ago a 3 bedroom simplex in my complex closed at $1.05M. Last month the same type of unit closed at $1.03M; c) The open houses in my complex are drawing zero traffic and d) the idea that Joe the Plumber is coming to take a look at units in my building is ludicrous. As Chaka said, these folks have no interest in buildings like mine, and are looking elsewhere.
Finally, I have to say that NewYawker is just too pessimistic. I’m a native of Brooklyn too,and I remember the bad old days well. The city’s dysfuntion and crime in those days were due to a whole host of factors, not just an economic cycle. In fact, if you look at the statistics, crime in NYC started to take off in the mid-60’s, when the economy was really flush. There is little, if any, correlation between crime and the economic cycle in NYC.
NYC is a hugely different place right now. While I am sure that we will be going through some tough times, and I agree that Wall Street will not the be the same place for a long time, I reamin fairly bullish about the city’s prospects. NYC continues to attractive the creative class, which is the growth area of our economy, and Brooklyn captures a fair share of these people.
If open houses were busy, there would be more of them.
I don’t read the NY Times anymore, I just look at the pictures.
mopar – plenty of people are buying now in areas of the country that have had big corrections (at foreclosure sales, but they are buying). New York is just starting its correction and has a ways to go before the market hits a clearing level.
As I have said so many times, the story right now is volume, not price. When volume stops being the story, price will start.
I am buying, and this article is a crock of s**t.
Even if it is true that open houses are busy, that could just mean buyers are looking for bargains. The article doesn’t give any examples of them finding any.
The woman in Bushwick doesn’t seem to have gotten any special bargain. They didn’t say how big the apartment was, but one bedrooms were selling for about that in 2007.
People may go to open houses, but it’s premature to say the market is turning based on that.
What is happening in the rest of the country, where prices fell sooner and further than in NYC? Is anyone buying there?