Open House Picks
Carroll Gardens 415 Sackett Street Douglas Elliman *****CANCELLED***** $2,250,000 GMAP P*Shark Prospect Heights 287 Park Place Corcoran Sunday 2-4 $2,195,000 GMAP P*Shark Fort Greene 305 Cumberland Street Brown Harris Stevens Sunday 1-3 $1,995,000 GMAP P*Shark Clinton Hill 186 Washington Avenue Aguayo & Huebener Sunday 12-4 $1,739,000 GMAP P*Shark
Carroll Gardens
415 Sackett Street
Douglas Elliman
*****CANCELLED*****
$2,250,000
GMAP P*Shark
Prospect Heights
287 Park Place
Corcoran
Sunday 2-4
$2,195,000
GMAP P*Shark
Fort Greene
305 Cumberland Street
Brown Harris Stevens
Sunday 1-3
$1,995,000
GMAP P*Shark
Clinton Hill
186 Washington Avenue
Aguayo & Huebener
Sunday 12-4
$1,739,000
GMAP P*Shark
3.19 – every single thing that YOU buy also makes someone else richer.
dingbat.
3:57 and inflation is also a factor. some times people dont like to look at what they dont want to see.
If you paid that much for closing costs you got RIPPED OFF!
Ours were about 20K on a million dollar property.
I’ve always sold FSBO. No need for a broker if you have half a brain.
I don’t know how posters like 2:08 handle things like transactions costs. I know when I buy and sell a stock I pay about $25 in transactions costs. I’ve never sold a propery in NYC, but when I purchased my house in 2003 for $1.0 million my closing costs were about $40-$50K (mortgage tax, mansion tax, title insurance etc.) When I sell I know I’ll be subject to a transfer tax and likely will need to pay a broker a 5% commsssion. You need 10%-15% of price appreciation before you can make those transaction costs back.
You gotta pay to play!!!!
Cliche, but it’s true.
That block of Sackett is quite nice and has a very friendly, tight knit group of people living on. The commute to midtown is fine on the F but it isn’t all that easy to midtown. If you have kids, Carroll Park is great because you see all the same people over and over again. Your child will almost always run into a friend there. Carroll Gardens has less of a cool vibe, but it is a solid family neighborhood that people put down roots in.
Smith Street has some great restaurants and cafes but a lot of mediocre ones too. 5th Avenue is the latest cool thing, but give it five years and the “vibe” will move on, just as it did on Smith.
The risk takers are the ones who make the money in the end. Imagine how those people who bought in these neighborhoods in the 60’s and 70’s felt when the areas were crime ridden and red-lined. They took a huge risk and invested because they loved the area. They reaped the reward as many who buy today will in 20 years when NYC’s population explodes because the rest of the suburban world has finally woken up from their bubbles and decided that paying $10 for a gallon of gas and $700 a month to heat their 4000 sf mcmansion no longer works for them. Not just NYC, every city in America will see an influx of people in the coming decades as the country moves towards a more urban economy. It will soon be a necessity if we want to keep the earth alive.
“Given the likely downturn, many people would rather wait 6 months to a year to see if they can save tens or even hundreds of thousands of dollars”
Yep, this is true, but you also realize that people said 2005 was the peak and for the past 3 years prices rose steadily in the double digits in Manhattan. You are taking a risk by waiting because no one has a crystal ball.
Wait all you like…but the prime properties are going fast either way. Take your time, but you can’t COUNT on prices going down. You could wake up and they’ve gone up another 5%, which doesn’t seem like a lot given the past run ups of 20% in 2002 and other years, but 5% on a 2 million dollar property is a lot of money.
It’s fine to say you want to wait because you think prices will go down, but lots of people also said not to buy in 2001 because they thought everyone wanted to leave the city after 2001.
We now see that people really have NO IDEA what will happen with the real estate market.
Don’t try to time it. Just find something you like and buy it.
Or not.