Open House Picks: Six Months Later
Comment: So-so. Open House Picks 8/8/08 [Brownstoner] Previous Six Months Later Posts [Brownstoner]
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your next project Comment: So-so. Open House Picks 8/8/08 [Brownstoner] Previous Six Months Later Posts [Brownstoner]
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your next project
Yes, NYC real estate prices have proven very resilient. There seems to be a supertanker-heavy downward momentum now though. Slow, but difficult to stop. Or turn around in a less than 20 mile radius.
I have stopped viewing the Lehman bankruptcy as a bright line event for the NYC real estate market. The slide has been gradual and is ongoing.
“sucker born every minute” (whether he said it or not). There’s also a HL Mencken quote along the lines of “no-one every went broke underestimating the intelligence of the American public”
lechacal – I assume ditto is alluding to the “There’s a sucker born every minute” phrase.
I think it’s relevant that the Park Slope contract was signed Sept 2 (“pre-Lehman”). In other words, in a very different time.
Well considering that a house on Berkeley Place sold last year for 3.4 million or something like that, perhaps the new buyer thought they were getting a deal. Granted the one I just references was an incredible home, from what I saw.
You never know. I’m not justifying the price, just sayin’.
Lechacal, I wasn’t making an argument about bubbly prices, just trying to explain why pricing is somewhat disconnected from pure economic arguments. The Park Slope house is a crazy purchase at that price. Why would someone pay $10,000 a month for what he could get for $4,500? It makes no sense yet, someone did purchase it anyway.
Dittoburg – I’m having a slow day. What is the PT Barnum phrase?
that’s OK, I don’t think I had one. Just musing about why people buy houses for crazy prices.