Corcoran Serving Value Meals in Brooklyn in May
In an effort to inject some sense of urgency among buyers, Corcoran is teeing up three Saturdays worth of neighborhood walking tours with special one-day incentives hidden at each stop: price reductions, renovation credits and closing cost discounts will all be used as carrots. (They’ll save the sticks for making the sellers lower their prices!)…
In an effort to inject some sense of urgency among buyers, Corcoran is teeing up three Saturdays worth of neighborhood walking tours with special one-day incentives hidden at each stop: price reductions, renovation credits and closing cost discounts will all be used as carrots. (They’ll save the sticks for making the sellers lower their prices!) Four walking tours are scheduled for this weekend: Bed Stuy/Bushwick, Clinton Hill/Fort Greene, Crown Heights and Williamsburg. Pretty smart way to leverage the firm’s scale, we’d say. Of course, it’ll only matter if it results in some deals. Park Slope down through PLG is set for May 16 with Dumbo and BoCoCa planned for May 30th.
“I think the limited inventory is because most of the brownstone market is actually someon’es primary residence. This is not Nevad, Arizona or Florida where people were buying second and third residences.”
Owner’s duplex beneath two rentals = 3 residences
“If there were big problems with brownstowne owners’ finances, these properties would be flooding the market but there aren’t and they aren;t.”
Not true. I don’t need to explain shadow inventory to you. Listed inventory lags distress, relocation and divorce. I’m sure plenty of unlisted PShark hits come up with lis pendens. And besides, how do you measure listed inventory anyway? FSBO’s and craigslists don’t always just pop in your lap.
***Bid half off peak comps***
The comparison to ticky-tack Nevada or Arizona is preposterous, but it doesn’t mean that white collar job loss, in law and finance, hasn’t hit brownstone Brooklyn. It has, and my guess is now that foreclosure moratoria in various forms are coming to an end, you’ll see a “flood” of inventory relative to available buyers. I’ll come out and say it –40% off peak comps in prime, 50% in subprime, Brooklyn, by Jan ’10.
Maybe they should get those Hot Corcoran Agents to give “HEAD” at the open houses..
The What (Shockwave is here)
Someday this war is gonna end…
dibs, there will never be a flood of inventory like Nevada, Florida, California, etc. It just won’t happen. I am prepared to eat my own tie if we see anything like that in prime brooklyn. I am more focused on deviation from normal inventory levels for the prime brooklyn market. I am pretty sure (though I can’t back this up with empirical data) inventory levels are lower than normal, which would suggest a deviation to the other side once a buildup of shadow inventory is released. I expect this to push prices down further. I don’t think we can see a bottom in the brooklyn market until this happens.
ps – of course homes in prime brooklyn will always cost much, much more than homes in those other places, even after whatever price drops are ahead.
lechacal….you’re right. I think the limited inventory is because most of the brownstone market is actually someon’es primary residence. This is not Nevad, Arizona or Florida where people were buying second and third residences. Yes, there was some of that going on in the condo markets because of loweer entry pricesd and the prospective of good rental yields.
If there were big problems with brownstowne owners’ finances, these properties would be flooding the market but there aren’t and they aren;t.
I love the note at the bottom of the tour schedule: “One day only incentives available.”
Really? So if I walk into your office in 10 minutes and offer to buy today at the “one day incentive price” you are going to tell me no? Are you really going to tell me “sorry to be such a downer, but you can ONLY get that if you go on the walking tour, and the owners are definitely not willing to give up an opportunity to have 100 complete strangers run roughshod over their house?” Really?? And if I walk into your office three months after the house tour and offer that price your answer is going to be “sorry, but that was a one-day offer only – this seller is going to keep the price right where it is into the next decade if she has to!” Really? I mean really really (cocking head slowly to one side)? Like really REALLY really?
When I was selling my house I participated in one of these. It didn’t sell the house, but that of course is just anecdote. Of course we didn’t offer limited availability value pricing either.
“Metaphor, ENY. Metaphor.”
Joke, BHO. Joke.
There is no such thing as a limited time offer or a one-day discount. Just like there is no such thing as “limited availability value pricing.”
My observation of the day is that prime brooklyn prices are holding up better than I had expected this spring. As discussed yesterday I think limited inventory is a big factor. I also mentioned yesterday that I expect inventory to increase meaningfully this year. We’ll see if I’m right.
I think the Manhattan market is under much, much more pressure than prime brooklyn markets right now. I haven’t been studying other brooklyn markets so I can’t offer any views on them. This disparity does not surprise me but the extent of it does.
MM…I certainly don’t think the days of froth are returning to the property market yet. They have though for emerging market stocks. Which should be a sign that investors are willing to take on more risk.