Open House Picks: Six Months Later
Comment: 0-for-4 on the first batch of post-Lehman Open House Picks! Open House Picks 9/19/08 [Brownstoner] Previous Six Months Later Posts [Brownstoner]
Comment: 0-for-4 on the first batch of post-Lehman Open House Picks!
Open House Picks 9/19/08 [Brownstoner]
Previous Six Months Later Posts [Brownstoner]
I love those carriage houses on Verandah but if you look at the floor plan you see how small some the bedrooms are. The wide angle lens makes the rooms look spacious, but Verandah houses are cute and “cozy”. Charm is a plus but you can get a MUCH larger house in the area for that price.
As I have noted before, the story right now is volume. Transactions are down and inventory (real or shadow) is building. As prices decline, transactions will pick up. Pretty basic back-end-of-a-bubble behavior. 4 properties, no transactions. Sort of speaks for itself.
I guess I’m surprised to see this weakness with single family properties. I am increasingly of the view that condos will get crushed and single family properties will have a softer landing. But as I told Wasder last night, if you can’t change your views as new information comes in, you’re just a blowhard.
My $0.02 – Sellers would be foolish to lower prices now given the massive inflation that we are facing around the corner. The news of wednesday means that the Fed will do WHATEVER it takes to make sure that nominal housing prices do not decline. Of course, real prices will likely continue to decline for a long time to come. The stalemate in the market is a reflection of seller’s fear of underpricing real assets in an inflationary environment and buyer’s fear of overpaying for an asset whose real value is sure to decline. Then again, I have been wrong about my real estate market predictions in each year of the past decade, but as you know, prior performance is no indication of future results.
sam…where were you last night??????
Not much seems to be moving right now.
Whether we are approaching a bump or a cliff remains to be seen.
“0-for-4 on the first batch of post-Lehman Open House Picks!”
Team Bear…We Go Hard We Go Hard…
***Bid half off peak comps***
gemini10 –
The ditmas house link from nyt 6 mo. ago is no good, but found it on streeteasy
http://www.streeteasy.com/nyc/sale/328769-multi-493-stratford-road-kensington-brooklyn
http://www.danshapirorealestate.net/New_York_City/New_York/Homes/Ditmas_Park/Agent/Listing_1751608.html
It’s always interesting to go back to the posts written on the day of these.
This will be interesting to follow now that we are beyond the 6 month point after the Lehman time marker.