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.
There has been no price decrease at suite 16…. We made a below ask offer and it wasn’t accepted, they came down only 10K on our offer, but we are happy with our purchase.
I think either you should study remedial english or sober up
Everybody wants to move to NYC, I think we can take that as a fact. Now here is my plan: As we know from exist. home sale numbers, those millions of people moving here wont be able to sell their houses (8.5 month supply etc.), never, nada. I will rent for a while here in NYC, and when everybody is here I just move away and snap up one of those empty homes. or maybe two..or three..?for next to nothing. i cant live in NYC then, but thats overrated anyways, so who cares. what you guys think?
I was just trying to be generous to the opposing point of view.
I guess it’s just expensive. A real estate doubling since 2000 (roughly) gives me pause. If incomes didn’t double, it could be trouble. I guess that’s all I’m trying to say. Of course I just got my 10% rent increase notice, so perhaps making the stretch to buy isn’t THAT bad either. Just scary.
That Guy – I think you’re spot on.
Only wrong comment is 50K doesn’t get you 4K a month – it gets you around 3K a month with taxes etc.
I too have thought about buying, but for what I’m paying in rent for a 2 bedroom I could only get a studio and at this point in my life I’d rather have space than equity.
The thing many are missing is that there are 10’s of thousands of people (if not more) in NYC who arent Investment Bankers or Hedge Fund guys who make well over 150k+. They are more or less regular people – they have to go to work everyday, they have bosses, aren’t “executives” but do fairly well (but are barely upper Middle Class compared to the rest of Nation in terms of lifestyle). Those people are priced out of Manhattan but want an urban lifestyle – so they choose Brooklyn. I know its popular to bash everyone buying 750-1.5M condos and Brownstones as “rich” a$$holes. But the reality is in NYC/Manhattan plenty of middle-management types make a 150+ salary.
For what it’s worth. I’ve been bidding in the 2 million range for 8 months. Bid under asking 3 times and lost. Bid at asking 3 times and lost. Just bid 100k over asking and lost! Holy Shit! This is insane. This were all Boerum Hill, Park Slope, Carrol Gardens rowhouses and a Heights condo. Were they overpriced? In my opinion, yes, but if I want to live in the area and not drive in from the suburbs, I don’t have a choice. It’s f—ing madness,
4:38, beg to differ. you’re wrong because a $3k rental is not at the high-end these days; it’s just ok. non-fancy 1BRs are not $1mm, even at today’s high prices.
by way of illustration, check out the corcoran listing below which is available for either rental ($2,500) or purchase ($650k). this is not atypical.
no argument here that coming up with a downpayment is tough — i know that from personal experience!
i won’t derail the thread further by engaging on the opportunity cost points — suffice it to say that the points are fair and that there are fair counterpoints as well (interest deduction, leveraged appreciation, etc.).
http://www.corcoran.com/property/listing.aspx?Region=NYC&ListingID=829341&ohDat=
The median income isn’t that relevant here as elsewhere, because the spread has such wide gaps. The top people make so much more than the rest of us. That’s basically it- get used to the prices or move on. I’m moving to a less expensive city this summer.