House of the Day: Stealing Third?
This house on 3rd Street between 7th and 8th Avenues is still showing up as a “New Listing” on the NY Times even though it closed yesterday! As it turns out, it’s been quite a long road for the sellers on this one. The house was first listed last April, and had an accepted offer…
This house on 3rd Street between 7th and 8th Avenues is still showing up as a “New Listing” on the NY Times even though it closed yesterday! As it turns out, it’s been quite a long road for the sellers on this one. The house was first listed last April, and had an accepted offer quite quickly. Then the buyers backed out of the deal in July and the owners were back to square one. It’s been listed this go-round at $1.7 million but, in a dose of reality for current market-watchers, the number on the signed contract yesterday was $1.425 million. Sounds like a steal to us.
3rd Street Townhouse [Brown Harris Stevens] GMAP
2:40 PM no not a RE agent, just someone that works with like a zillion MBA and if you make anykind of statement like that w/o any backup, you will be chucked out of any meeting so fast.
No. What you’re referring to (post 9/11) was not a recession. It was supposed to be. It was rescued by low interest rates.
The last recession was after the 1987 Wall Street collapse. Real estate then certainly did NOT surge.
“Cairo?
Dude, you can trade a donkey for classic six over there!”
Do you have any charts/graphs to prove this? I hear the donkey market in Cairo is a total bubble.
The last recession resulted in a surge in real estate values in Brooklyn.
Most Brooklyn townhouses are 3, 4 or 5 times cheaper than anything similar in Manhattan. Brooklyn was undervalued prior to this run up, and entire neighorhoods have changed in terms of amenities and critical mass of affluent urban residents. I think the key here too is that families bought most of the brownstones, not speculators, and they’re not leaving anytime soon anyway. Sorry, but baring some other economic catostrophe, 50% price chops ain’t gonna happen.
“Do you know of a meteor that’s about to hit the city that I don’t know about.”
Yeah, it’s called a recession.
Cairo?
Dude, you can trade a donkey for classic six over there!
NYC is still much cheaper than London, Tokyo, Cairo and a host of other cities around the world. I’d like to think the best city in the U.S. is on par with other major cities of the world. With Brooklyn being an important part of the NYC real estate market, how can anyone think we can drop 50% from our current prices anytime ever in the future. Do you know of a meteor that’s about to hit the city that I don’t know about.
Thanks Anon 2:57pm,
I’m the guy who thinks 50% lower in two years is likely. You’re logic is better than my own.
Anon 2:40pm, seriously, are you a real estate agent? Who else would demand charts to prove something that hasn’t happened yet?
It’s a fact housing prices in Brooklyn have at least doubled in the last 5 years. Everybody and their mother knows this.
If you don’t think prices can decline, you’re delusional or too young to have experienced a serious real estate price correction. It happens in every cycle and it will happen soon.