Open House Picks: Apartments

The property at Union and 8th Ave looks really appealing and nice. Unfortunately, the Corner of Union and 8th is extremely noisely and has constant traffic jams. Many people, including myself, getting off the brooklyn bridge drive down Hoyt to Union St and up to the Grand Army Plaza area to avoid Atlantic Ave and Flatbush Ave. Buyers beware, unless you have some seriously insulated windows and walls, you may have a big noise problem. This is particularly true in the afternoons and evenings.

I saw this place about two weeks ago. The wife liked it but the price was too steep. Interior was tasteful and the space itself felt a little cramped, but definitely good for small family or couple. The parking is next to the house in a gated-off spot and seems secure.

There was another, slightly larger unit in the same bldg that was also for sale. Seemed a little more open, but it was a duplex and the bedrooms were downstairs, which the wife didn’t like because of the noise upstairs keeps her awake. This apt also has a parking spot (next to the other apts spot) and was going for slightly less (?). I think sq footage was slightly bigger, but was less manicured than the previous place. I liked this one more, wife felt differently.

The corner the bldg is on is what convinced me not to bite. Busy street and seems busy all the time. Noise would be an issue. But I really want to live in that neighborhood, as we’re expecting and the wife wants a house. We’ll keep looking but PS is where I seem to like best.

Anything else with parking out there?

“but I was commenting on the NYC market in general, which is what these people who are putting together the property derivative product were referring to.”

Actually the article was specifically about Manhattan.

We’ve been looking for a house this past year and have also found that inventory is low, but even brokers are telling us that the market is precarious and inventory is what’s propping it up. Sellers, I beseech you: don’t be so damn greedy! You’ll still get a hell of a lot for your homes if you sell soon. I don’t think prices are going to go down to pre-2000 level, but hell, if they went down to 2004-2005 levels, you’d still come out ahead. I say sell now – there are buyers out there for sure, but the market could turn (it has in practically every other US market) and then you’ll regret having missed your moment.

My husband has been working with some people who are putting together a new investment vehicle called property derivatives. As a result of their job, they are watching the market very closely, and are very unbiased on this topic (they are simply putting together some financial products). They are unequivocably said that prices are going to come down in NYC. There is simply too much supply and places are not selling. The next step is to drop prices, and prices will absolutely come down.

In my estimation, they are already coming down. I have seen several price cuts on places already. Things are just overpriced right now.