Single Women Propping Up the Condo Market?
For some reason, according to The Times, single women can’t get enough of the Brooklyn condo market. It’s the women’s checks, David Walentas said of the unprecedented number of ladies dropping deposits at 110 Livingston Street. It’s not like a dual account — Joe and Suzy. It’s Suzy. I’m amazed. One broker says that it’s…
For some reason, according to The Times, single women can’t get enough of the Brooklyn condo market. It’s the women’s checks, David Walentas said of the unprecedented number of ladies dropping deposits at 110 Livingston Street. It’s not like a dual account — Joe and Suzy. It’s Suzy. I’m amazed. One broker says that it’s the women’s ability to take the long-term view versus men’s competitive need to get the best price in the here and now. Other brokers say it’s the powerful word-of-mouth effect among women that’s resulting in pockets of them buying in the same new developments. One person we had dinner with on Saturday night had a less politically correct theory: That single women at the end of their child-bearing years may be coming to terms with the fact that they will only need a one or two-bedroom home for the long haul, whereas men of the same age may be holding out on the belief that they may need a larger family home at some point in the future. Another option is that there may be no trend at all, just a few anecdotal outliers. It would be interesting to hear from some brokers on this one.
Women Unafraid of Condo Commitment [NY Times]
Photo by Hiroko Masuike for The New York Times
This is the all-time stupidest thread ever. I feel like I’m back in third grade.
My first apartment was purchased in 2001, a time that many friends felt was “the top of the market.” I sold it in 2004, and bought my brownstone then too — also at a time that people thought was “the top of the market.” It has since been appraised for 50% more than we paid for it.
My now-husband did suggest living together before we got engaged, and I said no. Why should I totally rearrange my life as an experiment? If we were right, we were right — I was more than happy to share my life and my living space when he was ready to be engaged to me.
Jeezus, 11:37, what “market today”? Everything is selling! Slower, sure, but big whoop. It’s nice when that happens; it gives buyers more time to look and think before you make an offer.
Anyway, I loved reading this thread. All the men who won’t commit, either to a woman or to buying real estate, start whining when they hear women aren’t obeying orders, sitting around waiting for men to tell them what to do with their investments. I especially love how the automatic response is to say women are buying real estate in place of making a committment – how about acknowledging the fact that financial stability in ALL people, men and women, is pretty necessary these days? These women are actually much MORE likely to attract a man to marry, now. There’s just as much pressure on women as there is on men, to be successful in their career these days. And besides, once married with kids, it’s nearly impossible to afford a house or large family-size condo without having a starter apartment or condo to sell and make a profit from. Even for the wealthy they need a “starter” investment. At least these future wives and mothers are thinking about that, even if their future husbands aren’t.
the point is, nobody knows when they buy if they are pre-boom are post-boom. I’ve bought 3 times and always signed the line thinking I was buying at the top of the market
MaYoMo
Married people in Brooklyn spend their Saturday nighs talking about single people? That sounds about right.
Jen, I’d like to know when that was, because now, it’s way cheaper to rent than to own. You’d be making a bad decision in many cases.
I hate when people offer anecdotes that are pre-boom, as they have little bearing on the market today and unlikely to demonstrate where the market is heading.
There’s only one way to make money in real estate: You have to own some.
There’s only one sure way to lose money in real estate: Rent.
I bought my first apartment in London Terrace in 1994 for 210k. It had a large terrace which was why it was SO MUCH MONEY. I was 26. I must confess I didn’t spend a lot of time thinking about marriage and/or babies in those days and I certainly didn’t think about it when I bought an apartment. I would have laughed thinking about a bunch of married people with kids having dinner on a Saturday night talking about people like me.