Bullish Words from One Brownstone Brooklyn Broker
We asked a broker we know and trust how things are going. Here was the response: It is extremely busy. Buyers are out in droves. A lot of them have their places sold already or in contract and are very motivated. Or else they are just extremely motivated based on interest rates, lame rental selection…
We asked a broker we know and trust how things are going. Here was the response:
It is extremely busy. Buyers are out in droves. A lot of them have their places sold already or in contract and are very motivated. Or else they are just extremely motivated based on interest rates, lame rental selection out there and lower prices to buy. Now we are seeing deals come together fast for a lot of listings and a fair number of places are having 6-15 people bidding on them within the first couple of weeks a property comes on the market. Location is a big selling point now. Prime in all the neighborhoods we serve moves very fast. It is interesting how things changes so suddenly after January 1. It will be interesting to see whether this will translate to more listings coming on the market when sellers start realizing things are moving briskly, or if inventory will still stay low, which could (gasp…) raise prices down the road. ‘Never enough inventory’ is a constant mantra brokers and buyers are saying for prime properties.
Interesting, no?
Bullish?
Rearrange the letters and add a “t.”
Very interesting, Howard. Thank you for your post.
DIBS, I don’t necessarily think the US will overtly default and see a Soviet style collapse. Maybe something more subtle. What do you think? Could our huge debt and bankruptcies of Calif, etc., be a problem?
There you go. BHO, does IMBY’s post confuse you too?
Im an agent on the “other” side of Brooklyn…
As for market conditions “over here”.. I’d say that there is a similiar optimism as far as buyers coming out in larger numbers, and bidding “skirmishes” on select homes. Coops and single family homes are getting alot of action, and buyers are responding to counter-offers from sellers.
I’m an agent for 24 years, and have seen some ups and downs in my career. I am feeling good about the spring market!
Howard Witz
FILLMORE REAL ESTATE
Friends just sold their Brooklyn new construction condo
million + all cash deal,
they made money two years in,
work relocation.
On market 6 months.
Cgar, I love that building. Those common charges are high tho.
What are you looking for? I follow brooklyn heights closely. Too closely.
fsrg,
read it and weep my friend,
9.3 trillion in budget deficits projected
by the Congressional Budget Office.
4 times the level of Bush spending.
In short; “unsustainable”
Don’t even start on the trillion dollar health care reform
fiasco.
http://www.msnbc.msn.com/id/29791927/
“BHO, how have I lost you?”
The lack of further crises in the economy would cause prices to go flat, not the presence of them. The presence of further crises would drag them down. Logic.
“BHO, I don’t think delayed foreclosures have too much to do with the NYC market”
You wish but you don’t KNOW. The lack of preforeclosure data presented anywhere on brownstoner has me suspicious. We just see closed foreclosure data which is aggressively manipulated by banks to keep inventory artificially low.
“We already went through a big period of short sales and foreclosures in NYC triggered by subprime loans that were given out in 2004 and 2005.”
But what about Alt A and Prime? They’re being defaulted on as well and warehoused as I mentioned in comments above. This is the shadow inventory.
“I don’t see too many houses in ‘prime’ Brooklyn going into foreclosure…”
Again, probably due to bad loans not making it out of preforeclosure (where are these numbers?!). I personally went after a brownstone in a so-called prime ‘hood where the owner was in preforeclosure for months if not years. They’re out there. Bad mortgages and HELOC’s can hide but they can’t run.
“mopar, if you truly believe that we will be involved in a greece-like economic situation, you should sell your property now at whatever price you can get. You best also get a firearm.”
Now you’re talking, DIBS!
***Bid half off peak comps***
Ringo, I got an email from StreetEasy right after I posted. I’m definitely going to check it out. I really like the building and the location, and the apartments I’ve seen are large.