Open House Picks: Townhouses
Fort Greene 351 Adelphi Street Brooklyn Properties Sunday 1-3 $1,900,000 GMAP P*Shark Archive! Fort Greene 222 Cumberland Street Brown Harris Stevens Sunday 2-4 $1,499,000 GMAP P*Shark Carroll Gardens 10 Fourth Place Halstead Sunday 1-3 $1,200,000 GMAP P*Shark Windsor Terrace 17 Howard Place Warren Lewis Sunday 2:30-4:30 $1,025,000 GMAP P*Shark Crown Heights 1239 Dean Street Corcoran…
Fort Greene
351 Adelphi Street
Brooklyn Properties
Sunday 1-3
$1,900,000
GMAP P*Shark Archive!
Fort Greene
222 Cumberland Street
Brown Harris Stevens
Sunday 2-4
$1,499,000
GMAP P*Shark
Carroll Gardens
10 Fourth Place
Halstead
Sunday 1-3
$1,200,000
GMAP P*Shark
Windsor Terrace
17 Howard Place
Warren Lewis
Sunday 2:30-4:30
$1,025,000
GMAP P*Shark
Crown Heights
1239 Dean Street
Corcoran
Sunday 12-1:30
$825,000
GMAP P*Shark
Check out Open House Picks: Apartments tomorrow morning!
Agree with 5:20.
Inventory has swelled and is still swelling well ahead of poplulation change. Most co-op rent-outs are short term and will not withstand a slowdown. A heated rental market already spells trouble because that’s where the bubble sitters are. Simply transferring inventory from sales to rentals will stabilize rental amounts and further perpetuate the “renting is cheaper than buying” idealogy until buying is cheaper than renting (prices drop considerably).
Any spike in rental prices will be just that, a spike – short lived. It will only span the standoff. And even still, rents are not appreciating anywhere near what home “values” were since 9/11.
“I continue to observe that the basics of real estate are back in play and that location and quality rule,” the principal at Gladstein Development, Jane Gladstein, said. “Those projects that are extremely well located and superbly executed continue to sell. We must select our locations more carefully and plan our product more thoughtfully.”
“While some ill conceived, poorly located, or overpriced condominium projects will likely suffer somewhat in the marketplace, well designed, well located, and smartly conceived projects should sell nicely, though, perhaps, not as rapidly as a year ago,” said Robert Ivanhoe. “Fortunately, all of this should mean that the press and the pundits were wrong in their sensationalist predictions of a collapsing market.What a surprise.”
(In other words, the best-located units or houses, new or old, in prime Park Slope are never going to be a bad investment. Location location.)
What cave have you been living in, 5:38pm? If there’s anything making bigger headlines than the sales market in NYC, it’s been all about how the rental market is exploding because in addition to other factors, the sales market is slowing.
Also, are sellers going to rent out their townhouses as well, especially recent buyers will high mortgage monthly payments on single family homes.
Please explain the “more renters” argument. Where are these new renters comming from. We can all agree that most people have a place to live. We can also agree that in this market people will not sell (assuming that they can sell) and then rent. Are we to assume that “new entrants” to the market place will pick up all the extra supply in the rental market.
Brokers may list apartments at higher rents, but that does not mean that they will get it (the one exception may be very large apartments 3+ bedrooms, since they are rare in the rental market).
I agree with 5:06pm. Interesting this came up, because we are sellers with a Park Slope co-op on the market who did reduce the price but at some point would take it off the market to rent it out, before we reduce it further. The location is too good to have to do that. Some buyers may prefer to pick up a bargain in a new condo building in south-south-slope or in Gowanus, and that’s great. It’s understandable. It’s just not going to happen on one of the best streets in Park Slope. There will be some discount, just not a total panic happening on those blocks.
Also the point about rental rates not staying high is absolutely untrue. The opposite happens when sales slow, in any and every city not just NYC. There are more renters thus more demand thus rent goes higher. Just ask any realtor.
WT house – the price has dropped from 1085000 to 1025000 – I would think that this house will move just shy of 1 mil – why pay 25000 over a mil to have to pay mansion tax – just doesn’t make sense – it does need some work – but great house for a mil in a great safe area – the basements of those houses have very high ceilings and you could fix the moisture thing and add 800+ sq feet – great house with lots of potential – the best part is it is just a short walk to south slope and park slope and who could forget the park a few streets away – and you get a great school too ps 154
as another poster stated a great undiscoverd area
“If people don’t sell within a reasonable amount of time that unit becomes a rental. Off the market. For at least a year or two. Most sellers do not have the luxury of letting a place sit empty for months and months while they pay maintenance on it, eventually selling at a loss.”
A few problems with this argument:
1. Most co-op boards have rules against renting the unit and changing it may impact the unit’s eligibility for mortgage financing so I doubt we will see all the co-ops in the market hitting the rental market. Condo’s maybe but not co-ops.
2. Rental rates will not stay high, if every seller put their place in the rental market then the increased supply will put downward pressure on rental rates, so seller may end up with negative cash flow.
3. Placing a place in the rental market assumes that the market rebounds in a year, think of all the people who held on to their tech stocks during the dot com “wobble” thinking they would recoup the lost value.
4. What about the sellers who need to sell (relocating) in order to buy a new place. I suppose they could rent, but there is still some risk.
Someone said this:
“If buyers hold out – thinking that prices will drop, sellers will eventually have to drop prices in order to move properties. ”
The problem is sellers ARE dropping prices on co-ops at least, even up to 20% already, and still people are thinking the prices will drop lower. Think again. If people don’t sell within a reasonable amount of time that unit becomes a rental. Off the market. For at least a year or two. Most sellers do not have the luxury of letting a place sit empty for months and months while they pay maintenance on it, eventually selling at a loss. The mere idea is absurd.