Open House Picks: Six Months Later
Comment: What the heck happened to all those listings? Can’t be good… Open House Picks 2/13/09 [Brownstoner] Previous Six Months Later Posts [Brownstoner]
Comment: What the heck happened to all those listings? Can’t be good…
Open House Picks 2/13/09 [Brownstoner]
Previous Six Months Later Posts [Brownstoner]
first-time buyers are all over properties in other states. that’s what accounted for increased sales this quarter. but those first time buyers were helped by obama 8k credit and increased foreclosures. 8k credit makes no sense for NY prices, there are not enough foreclosures. Besides first time buyers cannot afford more than 300K-400K
can anyone really tell if there are more properties being pulled before being sold?
even in the strong years there were always plenty of properties with excessive price tags that never moved.
but even if it is higher, and i suspect it is, it doesn’t mean it’s just a matter of time until prices come down to the range the dreamer’s hope for.
there is a battle, if the local economy stabilizes before homeowners’ liquidity gets stretched then the prices will never plummet. On the other hand if you believe, the economy will remain recessionary then you believe there will be a race to the bottom, even in prime brownstone brooklyn.
i take the first bet.
>> what is strange though is that with wages low, unemployment high, economy down the drain, prices have not dropped considerably
Most people looking for a home to buy have one to sell, so I’m not surprised there’s resistance (even if it is logically better to have prices falling when you’re trading up). What does surprise me is that first-time buyers are in this market at all, given that it may be a once-in-a-generation opportunity for a major correction.
money is right
what is strange though is that with wages low, unemployment high, economy down the drain, prices have not dropped considerably
@what happened to all those listings… Can’t be good.
Mr. B shows his colors once again and how nauseating. Apparently sellers are on the right side of things and have some moral right to get what they ask for, regardless of what buyers, who are the ONLY people who determine the value of a property by their willingness to purchase it at a specific price.
Just pathetic. Mr B. What’s happeed is that buyers are voting with their wallets, and the answer is a definitive ” no thanks” to overvalued properties not worth nearly what sellers think they are.
It’s the natural, corrective mechanism of the market after years of financial steroids, and I’d argue it is indeed very good.
Stop trying to condition people that when properties don’t sell for ask, it’s bad news. It’s news, and it’s inddicarive of the macro trend.
Just read that Crains article posted by theandrewlee:
– “More inventory will continue to lower rents,†says Marc Lewis, president of Century 21 NY Metro, who believes that Manhattan vacancy rates are closer to 5% than the 2% reported by most industry players. –
Doesn’t rent control, um… de-control once the city-wide vacancy rate goes above 5%?
http://www.crainsnewyork.com/article/20090809/SMALLBIZ/308099970#
“Shadow units cast pall over market”
Who know what to think?
Last Week’s Biggest is always going to be a gleaming indicator of market health, because Brooklyn is hot, and Wall Street is living on free money and no reckoning. The choicest places are going to sell. But the market is splitting, and even just below the choicest is at a dead stand still. Anyone here know top tier lawyers? Ask them how they’re spending their time. If they’re not in bankruptcy law, it’s cricket, cricket, all day.
Dave, I think the recovery is a canard; I hope I’m wrong, but other than getting the corpse to twitch with some stimulus, I’m wondering what the growth driver is going forward. And btw, EU is outgrowing us now, by a sig margin. Our house isn’t in order, not by a long shot. Again, hope I’m wrong.
Damn I cant take a vacation without something going boom!
Can we agree The Mutant Asset Bubble is over????!!!
The What (Thanks for the laughs)
Someday this war is gonna end…
Posted by: Return of The What at August 14, 2009 2:09 PM
What went boom in the past week??????
Yes, most of us agree that the mutant asset bubble is over. To whatever extent you want to characterize it as an explosion, it is well past us and the second derivatives are all positive now.
Time for you to say “Uncle.”