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?
Look, this broker’s experience is probably a fair statement about the “prime” part of the Brooklyn town house market. Isn’t it a record year for bonuses? Isn’t the weather beautiful?
Legion – other than the stimulus bill how is Obama “gun it [spending] to the redline as he’s doing.”
As for housing prices, I believe that the current firmness is a good sign that absent a large double dip in the local economy, housing prices have bottomed – at the current interest rate. So as interest rates rise, housing prices (absent increased growth and/or employment) will fall. Presumably if the debt doesn’t get us first, interest rates will rise to correlate with better economic news (growth, income and/or employment) so that should hopefully mean that prices will remain flat.
I expect housing prices in NYC will start to rise again in the next few years, regardless.
DIBS, I hope the fallout from any future economic shocks will be more like the reaction to Lehman’s collapse than the fall of the Soviet Union.
CGar, if you liked the co-op Giamatti bought, check streeteasy – same unit came on the market but up 2 flights and cheaper!
ok, yeah, that sounded redundent,
let’s rephrase that;
the background insecurity being stoked by the underlying
uncertainty in the monetary/economic policies are starting to ignite.
dibs,
I’m with you on most economic basics and bullish by nature but the background insecurity being stoked by the underlying insecurity is starting to ignite.
http://rt.com/Top_News/2010-03-03/california-berkeley-tuition-riot.html
if I’m employeed, paid mega bucks, have monster pile of cash, I would buy now too – a premo house in a premo hood. but if you’re making regular salary, regular pile of cash, etc, you aint rich enough to absorb a material drop in price and say “whatever” so just chill and wait for prices in “regular” hoods start going up before buying. Don’t eye the activity of the rich to gauge what you should /would do
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.