Open House Picks: Six Months Later
Comment: Big discounts to original asking prices! Open House Picks 9/10/10 [Brownstoner]
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Your Next Project Starts with Brownstoner Comment: Big discounts to original asking prices! Open House Picks 9/10/10 [Brownstoner]
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Snark, if sellers bought their houses for peanuts and sold them for a big price with a big profit. It’s bullish. The fact that it might be big % from peak does not preclude it from being labelled bullish. you have your definition and I have mine.
1. (almost) modest houses are moving quickly in the decent nabes. one on 7th st in PS (i dont have address); one on 6th st will be in contract at or above (high) ask (via WL); 70 2nd st in CG is in contract. all in contract w/in a month.
2. anecdotal comments (here and elsewhere) about large numbers visiting open houses.
3. prices seem strong; close to or above peak.
4. if you dont think the market is solidly in favor of sellers again then you’re probably not really in the market.
so someone please tell me what happened to the shadow inventory???
and the collapse due to the expiration of the tax credit????
we’ll have to keep waiting for the double dip.
Maly, usually I agree with you, but a couple making over 200K is not “moderately successful middle class.” That’s doing well, probably top quintile in this city. Not big shots, sure, but a lot more than just simply getting along OK.
Cool, but the essence of the concept of “bullish” is all about trending direction. I can choose to all a stapler a pineapple, but it doens’t make me right, or facilitate conversation.
What would be a fair price for those houses? These houses sold to families making 200-250K. That’s not a crazy income for a couple in NYC. These are OK houses, in OK neighborhoods, selling to moderately successful middle-class NY people.
we can agree to disagree. I’ve been consistent in saying I let others debate the trend & future projections and simply look at the sales price. as long as prices are big and expensive and stuff sold, it’s bullish to me. I aint looking to convince you rather just stating my stance.
Buying a whole house in a desirable neighborhood has always been an upper-middle-class achievement. Brooklyn has changed in the last 12 years, right along better/safer/cleaner subway service. If you want affordable, it will have to be further away from convenience (I don’t mean in miles, but in minutes to Midtown/restaurants/dry cleaners/Whole Foods – strike out what you don’t need.)
I think the market is still a bit overpriced, if you compare to rents. I don’t think affordability plays as much a factor in the price of houses, because who “needs” 2,400sf+ and outdoor space within 25 minutes of your office? You could still “afford” such a house, just a bit further away, 20-30 minutes extra.
Are they expensive?
Yes.
Are they indicative of a bullihs, i.e. upward trending market?
No.
guess you two making the mega big bucks. I find the prices on those 3 ppties expensive – expensive relative to what most folks make.