Contract Crazy in the Slope
A reader has brought it to our attention that a number of North Slope homes have been snatched off the market pretty quickly. Here’s the rundown: 105 Lincoln hit the market in February for $3,695,000 and went into contract on March 18th. 104 Lincoln went on the market in February asking $2,390,000 and was in…
A reader has brought it to our attention that a number of North Slope homes have been snatched off the market pretty quickly. Here’s the rundown: 105 Lincoln hit the market in February for $3,695,000 and went into contract on March 18th. 104 Lincoln went on the market in February asking $2,390,000 and was in contract (after a price cut) later that month. 110 Berkeley, which was relisted with a price cut this February of $2,350,000, went into contract on March 16th. Phew! Heading a little farther south, 395 7th Street (not pictured) was asking $1,775,000 at the beginning of February and it went into contract by the end of the month. Spring sales fever comes to the Slope early?
So… if a basic demand curve applies (and I’m not sure it does with the irrational world of NYC real estate), if more people put their homes up for sale, the prices would drop considerably.
tybur6 – that’s not driven by tax refunds. maybe wall st bonuses.
These are the sales numbers from Miller-Samuels for the 1-3 family segment in Brooklyn (prepared for Douglas Elliman):
2009 2010 2011
Q1 606 879 ??
Q2 716 939
Q3 944 937
Q4 937 715
The last known quarter (Q4-2010) actually shows a decline in the number of sales AND a decline in price (only about 1%) AND a decline in number of days on the market. So it looks like whatever is selling, is selling fast, at flattish prices from last year, but less houses are sold overall.
> I’m waiting to see what BrownstonesHalfOff has to say
B e l i e v e s
H i m s e l f
O m n i s c i e n t
Everybody must have got their tax returns. 😉
I’m waiting to see what BrownstonesHalfOff has to say before I’m convinced that the market isn’t going down another 50%.
390 Dean Street (between 4th and 5th) went to contract Feb. 24th after 8 days on the market. Price was 1.775 million with zero photos.
Merely another sign of market velocity increasing. Shortages defined as less property than buyers. Renovated townhouse/house market said to be in shortage in BK north of Cortelyou Road.
Dylanfan – HAAAA! all we know she could have been one of those buyers afterall
well I guess it’s true – VERY low supply and still a high demand of people with money – so there you go!