Houses Selling More Rapidly These Days?
Broker Donald Brennan has a post up on his firm’s website about how a few houses in Gowanus that he’s been tracking have gone into contract in less than a couple months. The post says: “Have you been to any open houses lately? I have—I try to hit a few each weekend—and the ones I’ve…
Broker Donald Brennan has a post up on his firm’s website about how a few houses in Gowanus that he’s been tracking have gone into contract in less than a couple months. The post says: “Have you been to any open houses lately? I have—I try to hit a few each weekend—and the ones I’ve been to have all been packed. There appears to be pent-up demand in brownstone Brooklyn, especially for larger homes with three and four bedrooms. Even in transitional neighborhoods like Gowanus, buyers are out there looking—and they’re motivated.” While Brennan acknowledges that the sample size is small, he contrasts the speed with which the houses shown above went into contract with “last quarter’s average of 119 days on the market.” Think these observations ring true?
Pent-up Demand, Quicker Deals [BRS]
I know the owners of the Wycoff house. It went for significantly over ask, bidding war. Unbelievable!
I am late to this thread but had a question – 237 Wycoff in Boerum Hill is in contract as well – cute house, was HOTD back in January – anyone know the details?
http://bstoner.wpengine.com/brownstoner/archives/2011/01/house_of_the_da_1016.php#comments
FYI, Roubini just bought a 5 million dollar condo in downtown NYC no more than 6 months ago. It’s public record, just saying.
Chris & Boerum – thanks for the support.
Pete – thanks for pointing out the Baltic deal, which seems to fit with the current trend.
As a reminder – these are just my CURRENT observations based on FACTS. I visited the properties I made note of and as I point out in the property review pieces (“My Two Cents: . . .”) I share with my clients as a first look, and then post on my blog, the 70 Second Street property wouldn’t be on the market for very long. I called it “Best in Show” for the one weekend it was on the market as it was head and shoulders above the comparable set. Fully and tastefully renovated. I thought the Sackett Street property was a good deal if you were interested in building out the significant amount of unused FAR. It’s current condition was average but I viewed it more as a partial land purchase.
The local brownstone Brooklyn market that consists primarily of rowhouses is currently behaving differently than the broader Brooklyn market, which includes all property types and unit sizes. Not all property types are selling briskly, but the rowhouses are. There is a finite number of them and there is less turnover because they are usually the last property purchased as individuals, couples and families grow into them and then stay put.
BSer – thanks for the shill. I’ll leave the envelope under your keyboard. That was for you Ppark. Geez.
> Show me where the trend is down in brownstone Brooklyn, BHO.
Inside his head, apparently.
Show me where the trend is down in brownstone Brooklyn, BHO.
Yes, for some reason I get dyslexic about the number of the Sackett Street house, but I went to look at it, made an offer of 900K cash that was sniffed at. Which struck me as insane given the amount of work needed. I may be totally wrong on this one, but you know how after a while you can tell when the broker is trying to play you. In this case there was no attempts to get me to bring up the price, no “we’ll wait and see if the other deal falls through”, just a “we have an offer of 1.3 and a back up offer of 1.2, so thanks anyway”. So maybe I shouldn’t say I know for a fact, but I’m pretty sure she wasn’t bluffing. We are living in strange times.
“Maybe it’s a fool’s game, but there sure do seem to be a lot of fools out there with cash right now.”
Bulls Eye, Dead Center. It’s called a herd.
***Bid half off peak comps***
“Being too early or too late is the same as being wrong, BHO.”
Talking about the slow motion housing market, not shorting stocks, DIBS. Nearly impossible to miss the former if one pays attention to historic fundamentals (3x, 10x) and YOY changes, factoring out seasonal effects. Trend is down. Again. Dip dip.
Good Bye!
***Bid half off peak comps***