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.
Hasn’t that been the case for PLG for years now, always on the cusp but never getting the bidding wars that other brownstone nabes have gotten?
bidding wars depend on listing strategy. For instant a-heubenor lists well below market in order to drag buyers into knock out fights with each other. I am sure their success at this has not been lost on some other brokers.
nevertheless spring is here and the market is usually hot in spring. What will it be like in august?
In my area PLG despite the hype the market is NOT hot look at the following ‘reasonably’ priced listings as n example. Rutland Rd. listed by Brown Harris on market for over 1 mo with a slight price reduction. Sterling listed by Corcran with no reduc. No bidding wars here. The original email to B’stoner is hype from a typical ‘new brooklyn white realtor’
Don’t know that I agree with the broker.
We have a glut of condos in the South Slope, Greenwood Hts. area (and more on the way every day…500 units and counting). Prices have been lowered, lower bid excepted and in one case on 16th St (reported on by Mr. B) the developer was willing to PAY THE CLOSING COSTS.
Does not sound like a “hot market” to moi.
Even up the block a prospective buyer for a 675 sq ft. one bedroom condo bid $40K below the asking and got it…
Bidding wars, me think not.
Yes, Anon 11:06, you’re right. All those local factors you mentioned are spot-on. Brooklyn real estate is hothothot, employment in the city is good, Wall Street is setting records. All true.
And, every factor I mentioned was true too. The local picture looks pretty good, the big picture, not so hot.
So in terms of whether people should buy in Brooklyn right now, I guess it just depends on whether you think NYC can buck the national trend consistently enough for the next thirty years to make a huge mortgage worthwhile. Do you?
Just want to throw in my two cents…Manhattan (though much maligned on these pages) is actually a great place to live, and not just for the mega billionaire set.
My wife and I (a social worker and a musician) pull down a combined mid-five-figure salary and we love our nabe here in Hamilton Heights (i.e. Harlem.) Very working class, very friendly.
It’s worth remembering that Manhattan doesn’t stop at 110th Street…
11:25, thank you for your very pertinent comment about the NYC real estate market!
i wish gas would go up to 5 dollars a gallon.
maybe then we’d actually make some headway on getting some cars off the road.
americans are so disgustingly selfish, and self indulgent.
same reason why we are still in iraq now. if somehow americans lives were being affected by this war, we’d be long gone by now. but since most of us don’t feel a thing, we continue to spend billions and billions on the stupid thing.
start acting instead of reacting.
i went to an open house in bed stuy/border of clinton hill on greene ave and it was absoulutely packed. there were several offers above asking price that afternoon, from what i understand. this area of brooklyn is doing extremely well-beautiful brownstones which are not yet completely overpriced as in fg/ch a few blocks away. as for the overpriced dorm-like condos all over brooklyn? too many. people live in manhattan if they want to live like that.