Open House Picks: Six Months Later
Comment: Not too shabby! Open House Picks 9/18/09 [Brownstoner] Previous Six Months Later Posts [Brownstoner]
Comment: Not too shabby!
Open House Picks 9/18/09 [Brownstoner]
Previous Six Months Later Posts [Brownstoner]
Antidope – Re: 7th St when I first said it was way overpriced, I hadn’t seen it yet. I went to the OH, and must confess I loved the house. Also, weirdly, the brokers on the website understated the width which was almost 17′ (not 16′ as they stated). Those few inches do make a difference! In person it had a great layout, beautiful details, felt sunny, etc. And the location couldn’t be beat. That said, I do still think it fetched a high price in this market – I would have pegged it, after seeing it, in the 1.7s (and thus, still a significant discount from ask/peak comps). So am I surprised? Yes, to be honest. But I chalk up the sale to such slim pickings. An uptick in inventory could change that. And I also think the properties that cause surprises in this market tend to be the gems (like this one), not the “diamonds in the rough”.
“without understanding of the real meaning”
Oh, I misunderstood you, smuggie wuggie. I thought it was you who didn’t understand. Hence, the glossary.
No, I know better than to fuck around with those margin calls. Market’s too manipulated to time.
Not angry, just patient. I’m impressed with the government’s ability to buy time though.
***Bid half off peak comps***
mm-
1) big discount to what? its own ask. is that a comp? that ppty had serious issues like a big fat bldg stealing light next door so i think it was hard to price.
2) go read your own comment on park slope house. this is how you drive people nuts. way overpriced now means 6% off ask?
3) price unclear but we can probbaly all agree it will probably close, thereby helping define market price.
4) ditto.
this is not data but anecdotal evidence that volume is coming back to the market. we’ll have to wait for the 3-6 month reporting lag to confirm, but i have no doubt.
there is no doubt that where we are today form 12 months ago is a big surprise to any bear willing to be honest with herself.
i bet the 70% rise in the S&P last year really cleaned out BHO’s short positions.
No wonder he seems so angry.
Also, Mr. B – you should fix typo on Sterling to show it was orig $2mil. 25% discount off latest ask, not to mention final price… As for PS, 4-story houses in that prime location were more at peak, so getting even that much under ask shows a still cooling market that could just as easily cool more – what economic fundamentals are there to support otherwise?
Broker for 270 Sterling pretty much sums up my analysis…
“This house has been reduced from $2,000,000 to $1,500,000 to bring it in line with today’s economy!”
And “in contract” for what, $1,500,000? Maybe, maybe less.
Same thing for Halsey, what did it go into contract for?
State and 7th closings show how everyone’s getting an upgrade provided their income hasn’t come down. Park Slope shoppers are more and more affording Brooklyn Heights. Fort Greene shoppers are more and more affording Park Slope.
The crash is happening even before the fugazi reGOVery ends.
By and large, it takes a loss to clear the inventory.
How is outcome bullish if prices are reduced, more4less? Volume HAS to peak before prices bottom. That’s how this slow motion capitulation is going to work.
smug,
capitulation = market-wide firesale
insolvency (our banking system) = submerged in losses (hidden from the general public for now – like what Lehman did ’til they could’nt…like Greece did ’til they couldn’t…like Enron did ’til they couldn’t…like Worldcom did ’til they couldn’t…)
***Bid half off peak comps***
1) State street sold at big discount
2) Park Slope house was very pretty, 4 stories, great location, during super slim inventory
3) Sterling final price unknown
4) Halsey TBD
So I’d hold the cheers, bulls.
bullish outcome – 3 out of 4
along with boerumhill, i am also waiting for more commentary filled with buzzwords from economics textbooks without understanding of the real meaning.