How to Take Advantage of "Creeped-Out Market"
That’s the adjective of choice for New York magazine, asking this week if the New York real estate market can be saved. A panel of seven movers and shakers in the industry took up the topic at a roundtable discussion, and eventually Brooklyn did come up — under the question of “where should we look…
That’s the adjective of choice for New York magazine, asking this week if the New York real estate market can be saved. A panel of seven movers and shakers in the industry took up the topic at a roundtable discussion, and eventually Brooklyn did come up — under the question of “where should we look now?” “Downtown Brooklyn’s undergoing a huge resurgence—full disclosure, I have a project there,” says developer Don Capoccia. “If you’re going to live in Brooklyn, and you’re price-sensitive … we’re selling at half of what is being sold right over the Manhattan Bridge.” Some folks, they say, welcome to slowdown, both because it will lower prices and because it will retard the condoification that has glass towers springing up all over, altering neighborhood character. DC thinks differently. “The only way cities survive is to rebuild themselves,” he says. “I mean, do you want New York to stand still? Nobody wants that.”
Can This Market Be Saved? [New York]
Funny how people always view the negative – while Boom/Bust isnt really good for anyone – the effect of large increases in supply are always the same = lower prices.
Unfortunately at this time there are greater forces at play then simply housing supply – but you still have to wonder where are all the geniuses who were bemoaning all the construction because it would destroy affordability.
Comps for these 2BR’s will fall below 500. 700 may have been cheap in September but not post-October. No way.
i’ve gotten emails saying 700’s
“Forte, which has cheap two-beds”
For rent or sale and how much?
Some may remember the early nineties slump when co-ops in the Slope were cheap and brownstone units unsellable. Cycles always happen, this has before. Many projects have been scaled back or cancelled (public doesn’t see the under the radar stuff come and go)and those underway will offer great deals for sale & rent. Witness Forte, which has cheap two-beds a block from BAM. C’est la querre & la vie & l’amour.