Open House Picks: Six Months Later
Comment: At least deals are happening. Open House Picks 12/12/09 [Brownstoner] Previous Six Months Later Posts [Brownstoner]
Comment: At least deals are happening.
Open House Picks 12/12/09 [Brownstoner]
Previous Six Months Later Posts [Brownstoner]
so things are chugging along. those hurt by the recession are in bad shape but those who aren’t, aren’t.
the question is where is the local economy headed? how long until the next round of multi-million dollar bonuses?
“This is why Deutschebank said yesterday we still have a long way to fall in NYC”
Prediction minus snapshot. Makes perfect sense to me.
***Bid half off peak comps***
6 3rd Street is in Carrol Gardens, not Park Slope. Great nabe, just a different one from the one you listed it as being in.
The rental has a great configuration: 2 bedrooms and they did an excellent job of preserving access to the cellar for the owner’s triplex. Good price considering it’s a smaller lot, too–the dimensions are only 19×80.
I just dug up a Brownstoner HOTD thread that had it listing at $975k in November of 2007, and PropertyShark says it closed in August 2008 for $975k. If the above closing price of $1.68 is correct, this looks like it would be a solid flip, in spite of going on the market at a terrible time. I can’t imagine they had anywhere near $600k in reno, financing, & carrying costs.
But yowza, how much work did they really get done in the 4 months before they put it on the market? Did they put it out before they were done and keep working?
http://bstoner.wpengine.com/brownstoner/archives/2007/11/house_of_the_da_407.php
That’s not what you said, today, MM. Perhaps if you explained what “this” refers to in your statement “this is why Deutschebank . . .” It seemed to me you were referring to the sales listed above as proof that the DB statement is correct. What is it in the sale prices in this thread that prove the DB statement to be correct in your mind?
P.S. Thanks, mopar.
What I see: This admittedly unrepresentative sample accords with recent news reports that sales have picked up but prices are still low.
Slopefarm, exactly what I was trying to say the other day, but you put it much more clearly.
what’s with the teeny type, can barely read it, is it just my computer?
My logic is based on numerous recent market analyses (yesterday’s DB was just the latest) from respected sources.
Comps, people, comps. You need to compare closes to comps, not asks. We’ve been over this.
I don’t prognosticate on the RE market, but I do care a bit about logic. MM, it seems entirely tautological to take the fact that the market has not fallen as far as you think it should as proof that it still has further to fall. It could just as easily be proof that it won’t fall as far as you think it will. We don’t know yet; time will tell. Your conclusion may prove correct but your logic is flawed.
This is why Deutschebank said yesterday we still have a long way to fall in NYC – this is just the beginning.