Market Downturn Reminder That All RE is Local
One school of thought on the cooling real estate market is that only those cities that have experienced rapid price escalation are likely to feel significant pain on the way down. A recent forecast from Fiserv Lending Solutions calls for median prices to slip in such hotspots as New York, Phoenix and Los Angeles while…
One school of thought on the cooling real estate market is that only those cities that have experienced rapid price escalation are likely to feel significant pain on the way down. A recent forecast from Fiserv Lending Solutions calls for median prices to slip in such hotspots as New York, Phoenix and Los Angeles while seeing upside in unsexy secondary markets like Rochester, NY, Memphis, TN and Portland, ME. As we’ve discussed before, though, within the prediction for an overall drop of 2.3% in New York City there’s lots of room for divergence on a neighborhood and property-type basis.
Hot Home Markets to Cool Down [CNN Money]
The Suburbanites are coming to NYC? At least that’s what I would extrapolate from the fact that 4 of my colleagues with kids over 4 are planning on or in the process of doing. One colleague who is leaving Rye had to drop her ask by 100K (over 3 months) before getting a buyer.
I am a real estate agent. I’m not selling my own property…
Regarding anon 9:24’s comments – If any two neighborhoods were joined at the hip, I would think the fates of both Fort Greene and Clinton Hill would be the same. Why have one rise and the other fall?
Also, would it not stand to reason that if there was a slowdown in the sale of higher end properties in nabes like Bed Stuy, PLG, Crown Heights, and Ditmas (don’t see why that one’s in there), the sale of more reasonably priced homes in the same neighborhoods would rise, or at least stay consistant? Maybe you wouldn’t, for whatever reason, pay over a million for a house in Stuy Heights, but you would eagerly go for a comparable house 8 blocks over near the Bedford side of the neighborhood that was selling for $800K. Does this make sense?
I’m not a big real estate money expert, these are just observations.
oops,
add a “b” above please
where are the suburanites moving to? are they moving to other suburbs? or to cities? they have to be going somewhere and why has that market really been hit hard?
With one open house, a unit in my North Slope co-op building was recently sold for double the amount (and above asking price) that the owner had paid for it four years earlier. A few months ago, I read an online article that predicted the imminent bursting of the bubble – the article was from 2002.
Meanwhile, prime Brooklyn neighborhoods continue to gain value…
I think Mr B did year-end polls for both 2004 and 2005 on which nabes people were “long” and “short” on. can we get a link?
you gotta assume — as “realty dude” — that he’s selling client’s places. he can’t tell people when to move.
Realty Dude, if prices are going to continue to climb, why did you sell now? Aren’t you leaving money on the table?