Bearish Brownstoners Miss Mark on 2nd Street Sale
So far we have precious few data points on the predictive powers of the pricing widget. For a while, the only HOTD or COTD to sell was 316 Cumberland Street, which sold for $2,250,000 in June, a shade less than the asking price of $2,295,000 but almost $360,000 more than widget voters predicted. And now…
So far we have precious few data points on the predictive powers of the pricing widget. For a while, the only HOTD or COTD to sell was 316 Cumberland Street, which sold for $2,250,000 in June, a shade less than the asking price of $2,295,000 but almost $360,000 more than widget voters predicted. And now our second data point shows an equally bearish disposition: 93 2nd Street, which generated a predicted selling price of $914,379, just closed for $1,086,312; in our defense, we said at the time that “We could see it getting pretty close to” the asking price of $1,125,000. Interesting, eh?
House of the Day: 93 2nd Street [Brownstoner]
DitmasSnark, some of us live in the past. That’s what I like about my antique furniture. It reminds me of the days when I could have bought my brownstone for $350.00 new in 1889.
Posted by: daveinbedstuy at July 23, 2009 3:53 PM
“MOST people DID NOT purchase a home that they cannot afford”
No, just a statistically significant enough percentage to throw a our over-leveredged derivatives market into turmoil, sending 3 of the worlds largest investment banks into bankruptcy, requiring the rest of our major financial institutions to receive in the nabe of 1 trillion dollars in taxpayer-backed government guarantees to make themselves solvent, and ruining our long-term prospects for a healthy economy.
But agreed, most home buyers are good people, and that is worth a lot.
CGar…I’ll gladly take you ona tour of bed Stuy. What are you looking for??? i think you mentioned it last week but I can’t remember. Senility goes hand-in-hand with delusional thinking that I’ll ever come out whole in the ghetto.
> If you could have mustered up just 1/10th of that 12 years ago (1997)…
Time to fire up that time machine.
mopar – For whatever it’s worth, I asked my broker about a few of the delistings that had been her firm’s, and she told me that the sellers weren’t getting the prices they wanted, and so decided to take the apartments off the market for a year or so. I’ve noticed that a few delisted apartments I was following were then relisted as rentals. Like you, I’ve also noticed a lot of deals being done in recent months, in many cases at prices substantially below the original asking prices. This seems to be more the case with co-ops and condos than with houses though.
MFN, as I said earlier, I’m ready to pull the trigger when I find the house or apartment I love at a price that works for me. I’m not waiting for a so-called market “bottom”.
Despite the problems in the housing market across the U.S., MOST people DID NOT purchase a home that they cannot afford. And, that percentage who purchased but cannot afford is even lower in NYC.
DIBS:
No argument here. Thanks for educating me that since 1997, real estate in NY has appreciated significantly. I hadn’t noticed.
But 12 years ago I couldn’t have mustered up 1/10th of that, so what’s your point?
Let the sniping begin.
“People like you who seem to equate them to stock purchases is how we get into trouble.”
Ah, no?
How about a 1+ million dollar purchase is the biggest financial decision you’re likely to make in your life 11217?
NOT considering the risk factor in your purchase price for said asset is EXACTLY how we got into the trouble we’re in. Because as you said, most people are not FLIPPERS.
But we can agree, MOST people purchasing homes they can;t afford is how we got into this mess?
Man, that was a really, really stupid comment.
Whatever will I do with the $200,000 in saved rent I’ve socked away the last dozen years?
I know, TMI, and I hate to gloat, but let’s just say their are alternatives to overpaying.
Posted by: MoneyForNothing at July 23, 2009 3:37 PM
If you could have mustered up just 1/10th of that 12 years ago (1997), $20,000, you probably could have bought a place that would have been around $200,000 and now is probably worth $600-800,000 depending upon location. Don’t argue with me on this one. I bought my Manhattan condo for $165,000 in 1997.