Open House Picks: Six Months Later
Comment: Reality finally setting in for sellers? Open House Picks 1/16/09 [Brownstoner] Previous Six Months Later Posts [Brownstoner]
Comment: Reality finally setting in for sellers?
Open House Picks 1/16/09 [Brownstoner]
Previous Six Months Later Posts [Brownstoner]
THL, sad but still true. I suspect there’s still a ton of people out there who is banking on that rental income to afford the house.
Agree with Wasder and G10. I’ve bought and sold with Corcoran and personally had good experiences. I’ve not been so lucky with BHS in both selling and renting.
A Corcoran broker friend of mine once advised me to sell with Corcoran, but don’t buy from them – since they indeed are quite aggressive with their prices. That said, the notion that “Corcoran” is a homogenous group is a bit of myth since it’s really a bunch of self-employed free agents sharing a website and brand on their business card…
Wasder – AGREED!
Speaking of featured houses that have gone rental, I noticed on Corcoran today (“most viewed rental”) that the owner of 3 Monroe Place, HOTD on June 15 asking $3.995 million, has already given up and gone the rental route. Top floor, 900sft 1 bedroom, for $2500/mo.
If I was a seller (and I was last year) I would definitely go with Corcoran over BHS. They definitely are more aggressive about moving their inventory.
woops, meant my 9th St post for open house picks thread. busy day – back to work…
“I think the biggest obstacle on that 6th st house is it’s a 1 family (ie cuts off some buyers who need that rental income to carry mortgage)”
If you HAVE to rely on the rental income to pay the mortgage you can’t afford it. Too many people get themselves in trouble that way. Rental income should be gravy.
Comments (mine included) break down less along bull/bear than a.) a lot of macro pseudo-arcana about interest rates, GDP, Case-Shiller, Baltic Dry, etc etc., in an attempt to call what no one in the history of markets has been able to call, bottoms and tops (people get lucky and win a coin flip, so what); or b.) a lot of affective descriptions of how great a house, neighborhood, borough, wine bar, block, public school is. But isn’t the truth staring us in the face? No one I know is obsessed with RE anymore; no one I know sees it as a credible asset class above and beyond its consumption value; everyone I know is worried about asset depreciation and job security. With that as a background, and with price appreciation uncertain, who is going to take on staggering debt load to own a house in an iffy neighborhood? I’ll call it: massive price reductions in the next six to eight months , or I will happily admit to being wrong, and buy DIBS a beer, armagnac, prosecco, his call.