Open House Picks: Six Months Later
Comment: Are these sellers living in some other planet? Open House Picks 4/3/09 [Brownstoner] Previous Six Months Later Posts [Brownstoner]
Comment: Are these sellers living in some other planet?
Open House Picks 4/3/09 [Brownstoner]
Previous Six Months Later Posts [Brownstoner]
“Are these sellers living in some other planet?”
Nope. Still living on Planet Main Stream Media (Greenshoots!). You could just feel the ‘hold on’ mentality from the stubborn list price back to the cranium.
You see what happens to the 25% sold rate when 6 mos later doesn’t stay the falling comp course? Today’s low ball is tomorrow’s high ball.
***Bid half off peak comps***
The situation is pretty bleak from Manhattan but it is even worse for Brooklyn
http://therealdeal.com/newyork/articles/toppling-the-king
“Manhattan apartment prices fell for a second consecutive quarter, helping drive the biggest gain in sales in more than 13 years as buyers seized on discounts. The number of sales jumped 46 percent from the second quarter, the biggest third quarter increase since 1996.”
First it is important to note that PRICES FELL.
Second, while the brokers will hype that sales volume is up 45.6% over 2Q09, the reality is sales have been dropping y-o-y for seven straight periods (1Q08 -34.3%; 2Q08 -21.8%; 3Q08 -24.1%; 4Q08 -9.4%; 1Q09 -47.6%; 2Q09 -50.3%; 3Q09 -16.0%). So, even with the counter-seasonal uptick in sales in 3Q09 it is still 16% lower than last year. Median prices of co-op resales (78% market share) have seen a full year of y-o-y declines (4Q08 -3.6%; 1Q09 -20.8%; 2Q09 -25.6%; 3Q09 -8.0%). Last paragraph from streeteasy…
http://www.streeteasy.com/nyc/talk/discussion/15082-3rd-quarter-numbers-are-in
Hey, WAIT A MINUTE!!!!!!!!!!!!!!!!!!
The Brown harris Stevens site CLEARLY states that the house on Pacific is a NEW LISTING. There it is in bright red text on their website, plain as day.
Now I can’t imagine that they’d be gaming the listings on their site to suggest the property wasn’t anything other than a new entry and reasonably priced to reflect today’s economic sensibilities.
They must mean some other 411 Pacific Street in Brooklyn.
wasder, exactly. to drop 1.5M and to deal with 3 tenants – what, where is the joy or bragging rights of ownership?
And thanks Broke Developer for making my Meatloaf refrain part of the “6-months later” lingo!!
Re Lefferts: As many people said before on the original thread the numbers just don’t make sense. The people that could afford that place wouldn’t want to have three rental units. I guess somebody buying this as a pure investment property might be able to make it work if they could buy it outright but as an owner occupied building it doesn’t make sense. List it for 999,999 and then maybe you get a bidding war that ends at 1.1. That is what I am suggesting.
The Pacific Street seller is a doctor, and I get the impression she is waiting for the market to adjust to her.
Its a nice reno, albeit lacking any original details. Solid income from the garden rental if thats your thing.
That would have sold at that price within a week 3-4 years ago – see 351 Pacific, next block over…retiring lawyer sensibly priced it pre-reno, professor bought it near *(or just over?) the ask before the month was over. But I have a feeling this one just isn’t going to move until she gets realistic – and I sense that won’t be happening anytime soon.
Hey Bklplebe…
Wasn’t it you yesterday who said no one is buying property and that everyone is sitting on the sidelines waiting…?
“Manhattan apartment prices fell for a second consecutive quarter, helping drive the biggest gain in sales in more than 13 years as buyers seized on discounts. The number of sales jumped 46 percent from the second quarter, the biggest third quarter increase since 1996. According to NYMag, sales surged from 1532 in the 2nd quarter to 2,230 in the 3rd quarter”
Not saying all is well in the real estate market (it’s not) but your suggestion that people aren’t buying property in this city is 100% false.