Letter Urges Williamsburg Homeowners to Sell Due to "Major Correction"
A Brownstoner reader who lives in Williamsburg was incensed to receive a letter urging him to sell his townhouse. “It makes my blood boil,” he told Brownstoner. These solicitations are a dime a dozen, as any homeowner in Brooklyn knows. But this one, from a Manhattan-based real estate investment and management firm, claims market conditions have led…
A Brownstoner reader who lives in Williamsburg was incensed to receive a letter urging him to sell his townhouse.
“It makes my blood boil,” he told Brownstoner.
These solicitations are a dime a dozen, as any homeowner in Brooklyn knows. But this one, from a Manhattan-based real estate investment and management firm, claims market conditions have led to a “major correction” in the New York real estate market and “property values have seen a major decline over the past six months.”
“If this is anything like the bubble of 2007, values will continue to drop over the next five years,” the letter said.
Brownstoner, for its part, reported home prices in New York City slowed their appreciation in the fourth quarter — but that’s a far cry from “major decline.”
Our reader said he thought the firm’s tactics are deceptive and unfair.
“Unlike the solicitations I’ve seen in the past there are flat out lies in here designed to scare owners who don’t know any better,” he said. Perhaps some community groups could use a heads up to tell their members to beware if they receive letters like this, he added.
What do you think?
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why the secrecy of who sent it? I receive a letter from this Dolphin Equities at least once a month. I did notice their new spin this time. I wish I was a good enough actor to call them and ask what they would offer.
But as usual the letter just goes into the garbage.
If you google them, you will find that do make some big real estate purchases (not just in Brooklyn).
If you’re smart enough to own a home then you’re smart enough to not get tricked out of it. Let’s not make victims out of everyone.
While I agree with your statement as it applies my own self, I think a little compassion is never a terrible thing. Being tricked is a subjective thing, even if some might be more amenable to it. As fellow human beings we can think of ways to mitigate their suffering.
Makes their “blood boil” – really? Just recycle the letter.
the letter may be aggressive but it is accurate. Pricing is down 10% since the summer and more in certain areas (though this is off of a major run up in prices over the last few years). If a property owner had received this letter in 2007, they would have been smart to act on it and sell their property. The bottom line is no one knows how the market will perform and hindsight is 20/20. Different opinions on the future make a market function.
I would kill to have gone back in time to buy a property in Brooklyn in 2007.
Wait, are we talking Brooklyn townhouses? Or house prices in LI, Staten Island or condos someplace? The prices such for homes such as the poster’s have done cartwheels since those years. Cartwheels. I don’t know where you’re coming from here.
Yes – I’m sure the people who would believe an ad for a true view of the market are out there weighing it against the wisdom of Brownstoner commenters.
Telling people now is a good time to sell is ‘underhanded’? Predatory? Seriously, what kind of world do you envision building? Let me guess – vague ‘homeowner education’. Or something more heavy handed? A government entity for all ads to be approved? Every seller has to pass a test showing they know what they’re doing?