Open House Picks
Park Slope 366 6th Avenue Brown Harris Stevens Sunday 12-2 $1,895,000 GMAP P*Shark Carroll Gardens 291 Hoyt Street Halstead Sunday 12-2 $1,600,000 GMAP P*Shark Prospect Lefferts Gardens 209 Maple Street Pesach Volkov Sunday 2-5 $975,000 GMAP P*Shark Sunset Park 538 58th Street Corcoran Sunday 2-5 $959,000 GMAP P*Shark
Park Slope
366 6th Avenue
Brown Harris Stevens
Sunday 12-2
$1,895,000
GMAP P*Shark
Carroll Gardens
291 Hoyt Street
Halstead
Sunday 12-2
$1,600,000
GMAP P*Shark
Prospect Lefferts Gardens
209 Maple Street
Pesach Volkov
Sunday 2-5
$975,000
GMAP P*Shark
Sunset Park
538 58th Street
Corcoran
Sunday 2-5
$959,000
GMAP P*Shark
you only have to watch natefind.com to see that prices are dropping fast and listings are growing stale on the shelf.
Nobody and no area is protected from this. At any level in the market, much better properties previously priced above yours are getting cut down to your level! Why buy a co-op for 1.5m when a more flexible townhouse just got hacked down to 1.6m from 1.8m? why buy that townhouse at 2m when you can get a state of the art upper west side condo for 2.2m just reduced from 2.6m? etc.. etc..
I’ve only been looking for two months but the change is very clear. Brokers say no good offer has yet been received, or the price is very negotiable. Any place you see this weekend is beaten by a nicer place for the same (or less!) money next weekend!
For a cashed up renter, this is a dream time.
Nice house
I totally agree with 11:37. The slowdown has begun on the fringes and it will creep and grow. All those posters saying that a slowdown is “wishful thinking” are owners/sellers who are guilty of wishful thinking.
Also, what is with the dread of mortgage rate increases? I refinanced and my rate decreased by 1.25% and I saved all of $100 a month. Rates have to go up a great deal to make a real difference in your monthly payments, whereas affording a nicer house or a better area is a truly significant and immediate benefit. I think you’d have to be an idiot to buy now, unless money isn’t an issue, in which case go ahead.
Bob is certainly a great addition to this site, and a wonderful font of knowledge. But I disagree with his statement “At this point the slowdown seems to be more a decline in the rate of increase than an actual drop in prices.” I’d say prices have already declined in some areas. Look at PLG: when 38 Rutland was listed at 1.4M the price was high but not out of the question. Same for the 3 story limestone on Midwood at 1.3M. Now Rutland has been reduced to 1.25M and Midwood street to 1.175M, and still neither has sold. Yes, the current prices are higher than a year ago, but they are lower than 3 months ago. That is a drop in prices. And I’m quite sure they will decline more in the next few months.
Bobmarvin very sorry for the response i was talking about the person who posted under you. I am sorry again.
Dear Anon 8:02,
You just had to live in PS right? Now you can’t afford a brownstone in the neighborhood, boo hoo for you. All you had to do is branch out and you could have purchased a house in Windsor Terrace, Fort Greene, Prospect Heights etc. While the schools may not be perfect, you would have had enough money left over for private school. Ha ha, you blew it all for the glory of living in PS!
you would have to be a fool to buy in sunset over bay ridge especially from third ave to shore road, let me count the ways. better schools, food, shopping, cleaner, nicer parks, safer , quieter. i would venture 80 percent of the posters have never been to bay ridge. that said it does have its negatives , proximity from manhattan being one of them but it is only 5 to 10 minutes on the subway furthur out then sunset. sunset does have some incredible blocks and buildings 48 st/58/63 between 2 ave and 3 ave but there are too many negatives with them mostly being congestion, crime, dirt and schools.
Bob is the man. A true gentleman and a real lover of brownstones. Word.
We are a family with school-aged kids, own a prime large co-op in PS. Bought at 500K, now valued twice that. Would love to buy a brownstone, but to stay in PS will cost 1.8++ and that is too steep right now. I see a lot of PS families in the position, and It’s a quandary.
I think the people who have sold their co-ops and are renting are brave, esp with kids in school.