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]
The Sackett house with the front that fell off was somehwere in the 300’s (maybe 341 Sackett) not in the 400’s. Anyway, it was being listed for a long time around $1.3 million, so offers north of 1,000,000 are conceivable (if perhaps imprudent except maybe for condo developers).
I’m not saying that it makes sense, but the market does feel very hot right now. I went to the open house for the Second street house and it was packed. The offer came two days after the open house, the 27 days is how long it took to get the contract signed and filed. Even more astounding to me is that I know for a fact that 431 Sackett Street (you know, the one where the front had fallen off of and everyone on here was saying would be lucky to go for 500K) has offers north of 1 million. Maybe it’s a fool’s game, but there sure do seem to be a lot of fools out there with cash right now.
Being too early or too late is the same as being wrong, BHO.
“Roubini then went on in the last two years to predict other disasters, none of which happened [yet]”
A bunch of workers start chain-smoking in a chemical plant. Hasn’t blown up YET.
Nothing fundamentally sound with our economy. Too much debt in the system that HAS to be defaulted and written down on the bank’s balance sheets before we REALLY recover. Delayed for now. Like Japan. Like the 1930’s. You’ll see.
***Bid half off peak comps***
you can also add 350 Baltic St. which was HOTD on brownstoner….which was asking $1.275 and in contract within 45 days (per streeteasy).
BHO is our own nouriel roubini, who won his fame predicting housing collapse… though many others had warned us however, Roubini then went on in the last two years to predict other disasters, none of which happened
I don’t know if Donald is an active ad presence on this site, but he frequently contributes intelligently to the comments, so I am all for a shout out in his direction. I think it’s a slighty more nuanced question, as the speed of the sales could be dictated by “reasonable” asks and, of course, we will have to see where the final sale price ends up.
But I am astonished how quickly both Sackett Street (given its narrow footprint and obvious need for some work) and 2nd Street (given its IMO relatively high ask) went into contract.
“When the stock market crashes again.”
It’s too bad you missed the 93% move off of the bottom!!!!!
houses in prime hoods are definitely sell fast and for big ASKs too.