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.
Actually Suite 16 has reduced the prices on several of the unitss. i was there last Sunday. As did 515 in park slope.
That Guy – I agree, if I did not have a significant down payment and made only in the (respectable) high five figures, I would not be buying. Most people buying these places make multiples of that.
As for Wall Street, the increase in bonuses forecast this year is for I Bankers doing deals, of which there are plently. In other years, it migh be more heavily weighted on equity traders, or fixed income traders. Some sector on wall street does well regardless depending on the way the economy affects their particular market.
First year lawyers in the top 20 or so firms make $145 to $160 base salary. Crazy, I know, but those are the people who are buying the expensive condos.
I think the comment about the differences seen in new condo pricing vs brownstones and apartments in old converted or established old building is a telling one.
Actually Suite 16 and The Washington have increased prices.. Get your facts straight.
a problem i see is that many people in nyc live very extravagant lives. it is not NECESSARY to buy a 750K one bedroom.
if you really really want to buy, find a 300K studio and work your way up. You may need to live in a smaller than perfect space, but if you plan to make New York your home for some time if not permanently, it is the way to go if being a homeowner is something you value.
i don’t give into the mentality that everything is too expensive, etc.
i make in the mid 5 figures and just bought a really lovely amazing studio in historic park slope.
love it. wish it were a little bigger, but i’ll work on that in a few years, if i can and if the market allows.
That guy I totally agree with you. I have been to several open houses and heard from the broker that contract are out on apts. Only to see those same apts pop up for sale again weeks later. This brings me to another point- why are the real estate brokers so “dishonest” lately? Is it a sign of desperation?
With regards to the issue of the credit crunch, I think tis is going to take away a substantial protion of the buying market as the whole effect is sort of domino. Sellers can’t find first time buyers to buy their apts so they can’t move up etc. etc.
Vis-a-vis…. just had to say it too.
With the median home price being in the mid 200’s for the rest of the US, I’m not so sure that even if 50% of Americans wanted to move to NYC, they could.
I’ve been to several open houses at new condo’s recently. There were lots of nice people, but I notice that they aren’t exactly flying off the shelf. My favorite was the broker telling me that offers needed to come in above ask for one apt as there are multiple bids on it, but that apt is still on the market. I’m wondering how many people are getting told no, when they go to the bank.
I can’t figure out what’s going on with housing. I especially can’t figure out how everyone says this will be a great year for bonuses on wall street, while forecasting a major credit crunch across the US. I figure last year’s bonuses gave a nice shot in the arm to real estate in NYC, but did it just delay the downturn experienced by the rest of the country?
Oh, and I’m looking at Condos because of the high down payment required for co-ops. My dad may have 300k to plunk down in a co-op, but I sure don’t. Even if I did, I’m not sure a co-op is the best place to hold that cash, tremendous opportunity cost for capital if the market doesn’t continue to grow at 10% a year.
I’d love to buy a place in Manhattan or Brooklyn, I love the city but looking at historical prices I don’t know if the price per square foot is stable. I earn high 5 figures, and as a new comer it seems that I’d have to work on wall street to afford a one bedroom. The level of risk just seems too high for my sanity.
interesting how all the comments about stuff having price reductions or not selling are the crappy new construction condos and the ones i see selling within a week are either the brownstones or co-ops in the older buildings.
seems the comments above are a testament to that as well.
I have seen a definite turn around in the real estate market in bklyn within the last few mnths. take for example the suite 16 condos in park slope, the washinton in Prospect Hghts, the clermont in Fort Greene etc. etc they have all had to make price reductions becuase the units weren’t moving.And look at all the new stuff popping up now.Just adding more inventory.
Of course for obvious reasons a broker would say otherwise.
that is weird. especially since all the original arguements were that ay was going to speed up gentrification, thus price appreciation, not the opposite.
weird indeed.
my how people change their tunes like the wind around here.
also, how is it that properties are still exchanging hands within the footprint of ay, btw? doesn’t the footprint imply that this is the construction zone for ay?? pardon my ignorance on this.