Market Report: A Chill In Former Hot Spots
The Wall Street Journal has an eye-opening article about what’s happening in some of the formerly frothiest markets around the country. In parts of Florida, California and Arizona, where home builders have been constructing new units at a furious pace in recent years, the market has reversed quite sharply in recent months: Homes that just…
The Wall Street Journal has an eye-opening article about what’s happening in some of the formerly frothiest markets around the country. In parts of Florida, California and Arizona, where home builders have been constructing new units at a furious pace in recent years, the market has reversed quite sharply in recent months:
Homes that just last year were selling so rapidly that they stayed on the market for just days or even hours are now languishing without buyers or even prospects. Many once-booming markets are seeing double-digit declines in sales. The Florida Association of Realtors reported recently that sales of existing single-family homes were down about 20% in February when compared to the same month a year ago — and they were off as much as 47% in Naples. In California, sales dropped 15% in February compared with last year, led by a 30% decline in Sacramento, according to the California Association of Realtors. February sales were off year over year by about 19% in Washington, D.C., and down about 25% in and around Phoenix.
This isn’t the case everywhere. Prices in “bargain” cities like Indianapolis, Albuquerque, and Houston are still rising. As for Brooklyn? A broker told us just last night that she thought the balance of power has shifted to buyers. Along those lines, check out Curbed’s report on the price cuts at 55 Berry. Whoa!
Hot Homes Get Cold [Wall Street Journal]
Don’t be so sure, Yente. Our artists and homosexuals are quietly at work even now, building infrastructure and paving our way. Surely you didn’t think you could hide your grand brownstones from us forever, did you? MWAHhahahahah!
Well, CHP, the good news is that folks like this won’t be moving to our neighborhood…at least not for now.
anon 5:38 — having lived in Park Slope thru the early ’90s downturn, its middle & upper-middle-class gentrification continued though prices were down. The gentrification became accelerated and more widespread when the market picked up, but it didn;t reverse.
Vis a vis last third of this thread from Anon 3:04 on down – “THINLY” veiled racism – NOT!
I expect to see white men pulling their wives and kinfolk into the house to protect them from the marauding hoardes of black criminals, or is that all black people in general, angry that their neighborhoods have been invaded. No wait – the housing isn’t even good enough to invade. Feh!
We need more gays as shock troops into ungentrified nabes! What about Asians and Puerto Ricans? Good minorities, or bad? Jury’s still out on that one. But all public schools suck.
Did I leave anyone out? Sometimes I don’t know whether to laugh or cry at some of the stuff that gets posted here.
To the subject at hand! The Pfizer mansion just had 400k chopped off the asking, down to 3.6mil.
http://corcoran.com/property/listing.aspx?Region=NYC&ListingID=760180
I’d be happy to send my child to PS 29 or 8 or a select few others. I don’t know where you are sending them (past preK) if you are in Clinton Hill, Ft Greene, or Prospect Heights
two things: first, go to nyc.gov and look up the stats for sunset park; and second, who would send their child to any public school. there are a few but most are mediocre, look at those stats on reading tests! do your kids a real service, because all you can give them is an education, is try your best to get them into a private school. that or move!
I concur. Nobody moves into Bushwick, Brownsville and ENY because of the “fine housing stock”. They are, for a lack of a better word, “slums”. Sad but true….. That doesn’t mean that artists looking for large work/live space on the cheap can’t be happy there. It’s all relative…..
you are so right the housing stock in bushwick and e ny stinks.