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?
“more economic crises…more market pullback”
vs
“prices in New York will probably be flat”
You’ve lost me, mopar.
***Bid half off peak comps***
C’mon, there is no lack of people in NYC who want to buy a nice place for a good price and low interest rates. It’s absolutely true there is no inventory. Since 2006 you can buy total garbage (tons of short sales, etc.) but no nice places.
People are living in the nice places, why would they want to sell, especially when the perceive prices are low? Of course rentals are terrible for people who have money and families and want to live in a duplex. The rentals are geared toward single people roommates.
People are out hoping to buy, but I foresee more economic crises coming down the pike, more market pullback as in post-Lehman, which means prices in New York will probably be flat for quite a few years.
I like magic
DIBS is a master at blinding you, distracting you, with noisy details [GE divident – is he serious?]. He never addresses the unprecedented debt levels, most of it bad. What’s going to happen to this bad debt? Will it magically disappear without harm to our economy?
***Bid half off peak comps***
To be honest, it seems that though the ‘prime’ neighborhoods may be going fast, there’s a lot of excess inventory in places like the South Slope and Prospect Heights that isn’t drawing much interest–sellers have cut prices in the past week on some (already reasonably priced) developments there.
“The housing market will surely double dip”
Or, it may not. GE just announced that they will likely increase the dividend later this year.
Ringo! I didn’t end up looking at the Clinton Street apartment, which looked really nice, plus it has great outdoor space, because it’s a 4th floor walk-up, and CDog can’t walk up past the Parlor Floor. BTW, I just read the Paul Giamatti article in Tuesday Links – I posted in the OT that I had bid on that apartment last year, though, needless to say, I was not the successful bidder, lol.
No, Boerum Hill. It’s quite easy to time RE because it moves in slow motion. When YOY crosses zero, whether on the way up or down, there’s your top or bottom.
Wasder – A miracle.
Good catch, rationalist! I missed that. The guy/gal they “know and trust” is dead wrong. This blind faith they have in him/her is very dangerous. Inventory is artificially kept in check by halting foreclosures. When you include this shadow inventory of foreclosed-homes-walking, the inventory argument is dead on arrival. Nobody with inside information is challenging me on this.
Even IF, IIIIIIIIFFFFF, preforeclosure warehousing was restricted to outside NYC, it would still be very much relevant because Wall St, the so-called engine of our local economy, is where the banks are. But I suspcect this warehousing is here, alive and well.
This guy/gal is a broker for crying out loud. Whether or not they actually believe what they’re telling you, when would they ever say “it’s NOT a good time to buy”?
Pure pitch.
***Bid half off peak comps***
Meredith Whitney this morning:
“The housing market will surely double dip.. you’ll see dramatic writedowns across the banks.”
http://www.businessinsider.com/meredith-whitney-on-worldwide-exchange-explains-why-the-fed-is-screwed-and-why-banks-wont-restart-lending-2010-3