It Pretty Much Sucks to be a Seller Right Now
This weekend’s real estate cover story in the Times examines the plight of folks who have to sell their homes now because of things like job relocations. Case in point: “Mr. Rogers, his wife, Gillian, and their two small children had been comfortably ensconced in a four-bedroom, 2,000-square-foot condo in Clinton Hill, Brooklyn. The couple…
This weekend’s real estate cover story in the Times examines the plight of folks who have to sell their homes now because of things like job relocations. Case in point: “Mr. Rogers, his wife, Gillian, and their two small children had been comfortably ensconced in a four-bedroom, 2,000-square-foot condo in Clinton Hill, Brooklyn. The couple bought it for $599,000 in cash in January 2006, after selling the Hell’s Kitchen apartment they had outgrown for $920,000 at the height of the market, and pocketing a profit that was three times what they had paid. They hoped to make a similar killing by buying into another gentrifying neighborhood. ‘I used what I called the Starbucks index,’ Mr. Rogers said. ‘There were no Starbucks around in Hell’s Kitchen when I bought there, and when I sold there were four. There were no Starbucks here either when I bought.'” Fast forward to now, when Rogers has been relocated overseas, and we find the family unable to rent the condo or sell it for what they paid a few years ago (which would mean a loss of around $60,000 in transaction costs). Other hard-luck stories include a couple who have to sell or face housing their baby in a closet. The unifying theme: It’s tough out there for sellers.
Gotta Move, Gotta Sell [NY Times]
Pic by AnnabelB.
My review of the piece…
“The world has changed”
ROTFLMMFAO!
“I used what I called the Starbucks index”
I use what I call the Case-Killa Index.
“He has been using credit cards to finance part of his new life abroad.”
Oh Lord.
“His wife, Gillian, says she too feels the strain, especially living in a city where hamburgers can cost $45 and her son’s back-to-school clothes cost three or four times more than back home.”
Now why TF did this guy take a job in a high cost living environment and not negotiate compensation accordingly? Back-to-school clothes? Better find that Swiss Goodwill.
“When it became clear that they would have to tap into equity, the Rogerses decided in August to put the apartment up for sale.”
Excellent timing.
“I just need to find an itty-bitty changing table”
No, you need to plop down the crumbsnatcher on the bed.
“an exceptionally vocal Bengal cat that must be sequestered in its own bedroom at night if the humans are to sleep”
Fuck that! Get rid of that allycat. Where the fuck are your priorities?
“the building, which has been LEED certified”
Ohhhhh…LEED! That’s gotta be worth half the list price right there! [when is this ‘green’ shit gonna end?]
“They listed it in May for $1.1 million, and have had one low-ball offer, which they rejected.”
Oh come on! Don’t be shy! What was the “low” ball? In hindsight, it’s gonna be a high-ball.
“She owns her place and he rents”
She married well!
“It was a decision for me to pick quality of life and happiness over making a lot of money. It just is what it is and there’s nothing I can really do to change it.â€
Uh…um…back to your property please [we don’t really care about your quarter/mid life crisis].
***Bid half off peak comps***
Brownstoner – why not update the thread with a link to the “Clinton Hill” listing?
http://tinyurl.com/m9r37l
***Bid half off peak comps***
These people are ridiculous! Rejecting offers, blowing profit from previous sales…I don’t even want to think about the cat couple. The BH mother to be seems to have a level head on her shoulders and I wish them luck.
I do feel for the newlyweds. As a newlywed in a similar situation I’m hoping my co-op doesn’t linger too long. It’s just gone on the market this month and I’m hopeful but nervous.
NSR – agreed on all your points
It was not that long ago that finding a real 2 bedroom in BH for <$1MM was tough; there were few available and they were all pricey. Now there are at least 20 on the NYT site — and some nice ones too. The surplus of new condos is startign to effect even “prime” areas.
Why does the article focus on the Rogers “plight”? Its ridiculous. They were asking for 15% ABOVE their peak purchase price THIS SPRING with the recession in full blown mode. They deserve a slap instead of sympathy…
Posted by: cornerbodega at July 20, 2009 10:16 AM
Headline in tomorrow’s Post: DIBS and cornerbodega agree on something
Actually, I might hate these people even more: “Days away from the birth of their first child, the couple are living in a newly purchased five-bedroom house.”
> putting their baby in a closet because their cat ‘needs’ its own bedroom?!
Wow, this is a whole new flavor of douchebaggery!
“I’ve never heard of “negotiating” rent in NY. A few years ago, you either came with your first/last/security/brokers fee all in hand- all in certified checks- or you were out of luck.”
Have you been in the city long??
Hell, I negotiated when I moved in 2007 (11.5 month lease instead of 12 month lease so I didn’t have to pay on 2 apartments at the same time for an entire month — basically 4% off).
Oh, and as someone who will be renting an apartment sometime in the next 2 months, I can tell you what I’m expecting:
1. The apartment is great
or
2. The apartment is cheap
And even for the great places, I’m expecting prices to be 5-15% below 2007 prices (when I last looked for an apt.).