Open House Picks: Six Months Later
Comment: Tough times at the higher end. Open House Picks 12/12/09 [Brownstoner] Previous Six Months Later Posts [Brownstoner]
Comment: Tough times at the higher end.
Open House Picks 12/12/09 [Brownstoner]
Previous Six Months Later Posts [Brownstoner]
What I mean is, if you see you might want to sell eventually (for cash as a financial cushion, for downsizing, for school, for trading up and renting in meantime, for those considering a move, whatever), the current RE market is a tipping point in the decision-making. My friends, and my own situation, was like this so we sold, and now friends are selling, even for a lot less than they would have gotten a year ago (but likely a lot more than they’d get next year). OK, back to work – no more time to post for now!
I’ve read Brooklyn Greene’s posts with admiration for some time now, and the switch to haiku makes her posts even more interesting. if we bumped into each other in real life Brooklyn Greene, we would like each other, because I can tell we have lived parallel lives in many respects.
And btw, BG, I share your impatience with Miss Muppet.
MM…are you saying they are looking to sell now (sooner rather than later) because they are afraid of further falls in the equity of their home? With transaction costs what they are in NYC that’s a pretty ridiculous decision.
Joe – for my specific friends, there are life issues that are an influence in their decision to sell (and cut price/accept lower offer), but not an imperative. They could stay but they are seeing they’re better off getting out sooner rather than later. As my own experience attests, RE decisions can be part of a complex stew. We did not *need* to sell when we did, but given all the other factors at the time, plus the desire to be in a different school zone, it seemed wise to sell and cash out before prices went down (which I had thought for a long time was inevitable).
BrooklynGreene;
I like you new schtick as the haiku poet laureate of Brownstoner.
I’ve found my own schtick: on Friday mornings I run a NYC/Brooklyn trivia quiz on the OT. Check it out!
Fanny found a friend
She waited for the bottom
Now it’s in the can
Joe;
Just one data point to support your theory: New York State has the lowest percentage of households that are “underwater” on their mortgage.
From the vanatage point of the 46 unit PS condo in which I live, I would say that folks are holding tight, as you stated. There have been three units for sale in my condo (all can be seen on BHS’ web-site) and they are all holding out, i.e. no panic selling. One of them has been on the market for over a year.
As I’ve stated before, I had expected that my downstairs neighbor would slash their price. The husband had lost his position and they were thinking of moving to Washington DC for better opportunities. However, he found another position in NYC. It pays less, but they have enough wealth to wait it out, at least for now.
“did a lot of people refi to take out cash or renovate? I mean the dowdy brooklyn heights crowd.”
Oh yeah! The future Donald Trumps of the world!
Please read- New York City’s future ghost towers. If you own a Condo, you should be shitting in your pants now!
The What
Someday this war is gonna end…
did a lot of people refi to take out cash or renovate? I mean the dowdy brooklyn heights crowd.