Open House Picks: Six Months Later
Comment: Still not much to celebrate. Open House Picks 3/13/09 [Brownstoner] Previous Six Months Later Posts [Brownstoner]
Comment: Still not much to celebrate.
Open House Picks 3/13/09 [Brownstoner]
Previous Six Months Later Posts [Brownstoner]
size of drop? when is bottom? why guess. Let the market “show” it to you. when you see prices go up, then think hard if its a headfake or if legit. Plus buy something one can afford comfortably. if not, ownership comes with more anxiety than the joys we all recall others had back in the days when prices were much lower.
I’m not necessarily banking on sellers’ desperation for reason for price drop but rather more & more buyers less willing to commit a massive % of their savings and income for housing. and if true, it’ll be a slow drip
MM, I hear you but I just disagree about prices. At peak, the Hicks St house wasn’t a 3.5mm property in my opinion. I really only follow BH values closely so I can’t speak to other neighborhoods and I agree peak prices were high, but not this high, not for this kind of property.
dave
2 or 3 family means that each floor is an apartment which in a medium brownstone means at best a small 2 bedroom with a weird layout and without outdoor space or elevator.
MM, with most economic measures already starting to bottom out, why do you think brownstones will continue to fall in price for another full year?? I say that prices bottom by Decemeber.
where is Antidope?
I wouldn’t be surprised if within five years, adjusted for inflation, Brooklyn brownstones are selling for half what they are today.
There’s no rational justification for brownstone prices rising 300% to 400% in many Brooklyn neighborhoods over the last decade.
This bubble is much slower to pop than the Tech Bubble since only a small fraction of all brownstones are on the market at any one time, but as time passes and comparable home sales go lower and lower, the market will keep tanking.
Ten years ago for $2.7 million dollars you could of had your pick of twenty unit APARTMENT BUILDINGS in Brooklyn Heights (not little narrow brownstones).
Theses crazy prices have no way of holding up. . .
Also sebb, I just want to acknowledge that your question just now was the most polite you have ever been to me, so thanks!
I was curious about the comps on that house on Hicks Street, so I did a search on single family houses in Brooklyn Heights around that size (2,600 to 2,900 square feet). The high-water mark in the last 3 years? $2,775,000 for a historic house on Orange Street, which was 20′ wide x 30′ deep on a short lot, in July 2008. Food for thoughts.
I was curious about the comps on that house on Hicks Street, so I did a search on single family houses in Brooklyn Heights around that size (2,600 to 2,900 square feet). The high-water mark in the last 3 years? $2,775,000 for a historic house on Orange Street, which was 20′ wide x 30′ deep on a short lot, in July 2008. Food for thoughts.