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]
“The Upper West Side is becoming less and less desirable every day.”
I agree with that Mopar.
The fact that nearly every person moving to Park Slope seems to come from the UWS would seem to signal what you say is true.
“The buyer pool that could only afford Park Slope will slowly start to consider Brooklyn Heights or the Upper West Side for the same price. The Park Slope void will be filled by the Fort Greene buyer pool and so on. Everybody will get a neighborhood “upgrade” or two.”
I strongly disagree. The people who want to live in a Park Slope brownstone only want to live in Park Slope. And have you noticed Fort Greene prices seem to be trending ever higher and higher?
Re Upper West Side prices coming down — yes, I agree. That might be a source of the further “15 percent fall.” The Upper West Side is becoming less and less desirable every day.
“the same banks lending to both”
Bingo! Banks get distressed, if not seized, because of commercial and/or residential losses, and both asset classes get fire-sold. That correlates like a mofo.
***Bid half off peak comps***
Yes, mopar, people will continue to go after Park Slope brownstones but at much cheaper prices. The luxurious effect was there before EZ credit (already built in). It’s a nonfactor in price changes. The buyer pool that could only afford Park Slope will slowly start to consider Brooklyn Heights or the Upper West Side for the same price. The Park Slope void will be filled by the Fort Greene buyer pool and so on. Everybody will get a neighborhood “upgrade” or two.
***Bid half off peak comps***
Mopar
I suspect b/c the condos were already priced well so it brought in a lot of buyers – there will be other places…. i hope –
“gulp”!
“I think commercial real estate is a completely separate animal than residential.”
Certainly not perfectly correlated, but definitely not uncorrelated. Especially since its the same banks lending to both.
“I think commercial real estate is a completely separate animal than residential.”
Tell that to Tishman Speyer re Stuyvesant Town. Tell it to Clarret Group re Forte.
***Bid half off peak comps***
Gemini, how annoying! (Losing out on a sale when you bid a very reasonable 10 percent off ask.)
Miss Muffet, all analysts, commentators, and economists do is make predictions out their asses.
Commercial and residential real estate is related, but not in the way you are interpreting here. The crash in residential real estate started much earlier. The crash in commercial real estate started later and is a fall-out of the residential real estate bubble and crash. The latter is cause. The former is effect. Because of the housing crash (and issues with credit), people are not buying as much stuff. Hence the closing of stores and the loss of jobs.
BHO, I think brownstones in Park Slope are immune because they are luxury housing, and there is way more demand for them than there are units available. Park Slope was among the last neighborhoods to decline, and it was one of the first to rebound. Even if 40 percent of bankers in New York City lose their jobs, there will still be a dozen or so bankers and other rich people who buy multi-million dollar brownstones in Park Slope every year.