Open House Picks: Six Months Later
Comment: Best results in months! Open House Picks 7/10/09 [Brownstoner] Previous Six Months Later Posts [Brownstoner]
Comment: Best results in months!
Open House Picks 7/10/09 [Brownstoner]
Previous Six Months Later Posts [Brownstoner]
“I would agree that the current market appears to be approaching normalcy.”
Unprecedented government price-fixing is far from normal by definition.
***Bid half off peak comps***
more4less,
You have to somehow factor out gov support/manipulation to make the case of a bottom. But you can’t. That’s why you’re waiting.
Welcome to the thread, ‘dope. But you’re contradicting yourself straight out the gate. Clear market balance due to one small data set versus the question of sustainability (this would make the direction of the market unclear).
***Bid half off peak comps***
“whether sustainable is another question, but i would not bet against it.”
I would agree that the current market appears to be approaching normalcy. If the government can unwind mortgage purchasing programs, tax credits, etc. without pulling the rug out from under the market, then it will sustain. The risk is still on the downside, however.
Mopar,
I agree – I should say they COULD “upgrade” but they’ll likely just pay less for their original choice.
11217,
Your argument is flawed. By your own implication, buyers fleeing the UWS are doing so from apartments to brownstones, not brownstones to brownstones. You know and I know that they would have preferred brownstones on the UWS, not Park Slope. But they were priced out. It’s funny how one does not desire what one cannot afford.
***Bid half off peak comps***
First, I work with some old school rich folks who still consider Bklyn the boondocks, so I think it’s a stretch to think rich bankers always consider PS desirable. (no flaming – I know this view is changing, but not for everyone). Second, clearly PS is not immune, as witnessed by recent price declines in yes, PS. Who’s to say there couldn’t be further declines? Not saying it’s inevitable, but I also think it’s silly to state the opposite is.
everyone has an opinion but the data (of which this set is one part) clearly is pointing to a more balanced market. whether sustainable is another question, but i would not bet against it. put a way a bear could understand — there are a lot of idiot buyers available for looting.
“The people who want to live in a Park Slope brownstone only want to live in Park Slope.”
That might be a little strong. Yes, there are people who hate Manhattan and want to live in Brooklyn no matter what, but there will always be plenty of people for whom it is simply a price trade-off, or who are “settling” for Brooklyn.
The larger the contingent gets that actually prefers Brooklyn/Park Slope, etc. the narrower the price gap gets, but as long as their is a sufficently large population viewing it as a price trade-off, the two will be correlated.
base on my most recent observations and participations, it does feel like a bottom has been reached – ie stuff selling close to ask, selling fast,…
however, I’ll wait for more such data point of such activity before I put more faith into believing we’ve reached a bottom. Until prices feel more in line with income, just cant be that confident prices wont drop
For the price of that 1st Street Park Slope house, you can get a 2 bedroom condo (with 2K a month maintenance) in one of those new condos on the UWS.
Lots of people are choosing Brooklyn. I know everyone hates to hear my “friend” stories, but I know of a bunch of people who are moving from Manhattan to Park Slope beginning Feb and March 1 when their leases expire.