Market Pulse: Bullish Words From a Broker
We thought readers would be interested to hear these thoughts on the Brooklyn market that a broker at a major firm shared with us via email a few days ago. The market truly is stronger than ever. It is really nutty in a good way now. There are almost constantly multiple bidders at or above…
We thought readers would be interested to hear these thoughts on the Brooklyn market that a broker at a major firm shared with us via email a few days ago.
The market truly is stronger than ever. It is really nutty in a good way now. There are almost constantly multiple bidders at or above full price now. Things are now routinely selling in a week to 10 days.
Obviously, a broker has a vested interest in perpetuating the perception that the market is strong, but it seems to be consistent with what we’re hearing anecdotally. Does this jibe with what others are seeing out there? Especially interested in hearing from brokers on this one.
Bklynboy, you can go back two years and see comments just like the one you just made. Would you be willing to check back in with us in a couple of months to see if your predictions came true?
In Manhattan, there are not much difference between living on 72nd Street and 86th Street. In Brooklyn, 15 blocks make big difference. This is why high price concentration happens in Brooklyn. And when developers try to set high price in stretched neighborhood, they have tough time. Also, even so many brownstones/townhouse in Brooklyn, not many people are selling. On my block, most of people are long time residents and proud owners.
This is a load of crap. There is just so much new stuff going up in Prospect Hghts, Park Slope, Fort Greene and Clinton Hill, that the condo market is being oversaturated. Of course a broker would say the opposite. He/she wants to incite bidding wars.Wait a couple of months then you are really going to start seeing price cuts
9:37’s right. Brooklyn got discovered by Manhattan and by the world at large as a great place to live, not just a cheap place to live. When I moved here 15 years ago, friends would come and visit and say “Wow, I never knew Brooklyn was so nice.” Now they know.
Me, I don’t mind sharing.
We just went into contract to sell our Heights house. We received ten offers within a couple days of our open house, one was below ask, two were at ask, the remaining seven were above ask with several substantially above ask.
I have found the complete opposite to what the broker said. I have actually seen a lot of new developmnets where the asking prices have been reduced because of lack of movement.
As a broker (the disdain of others not withstanding…really, how silly), I can definitely agree the market has remained quite strong. The only area where I see some weakness is in coops. Their value, relative to condos, continues to decrease. The spread is now approaching 30%. Townhouses are selling particularly well because there are so few available. In this regard, Cobble Hill has really had a major uptick in townhouse prices.
on that premise everyone should be buying on PPW knowing that it will soon be trading at a premium to CPW. thanks for the heads up, i’ll call my broker now. i cant wait to be rich.
People are no longer moving to Brooklyn’s most popular areas because they can get more for their money – they’re moving because they actually like the neighborhoods. Prices have already reached Manhattan levels in several nabes and yet you don’t see the market grinding down. That alone should tell you something about the new reality in Brooklyn.