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
The whole article is anecdotal and makes for great conv. and typical of NYTimes fluff material – all about white upper middle class types.
The only real stat in the article is that almost 6,000 new condos are under construction in Brooklyn alone and something like 11,600 more planned.
(would have been nice if they told us how many condos sell in typical year also).
Who’s gonna wanna marry this chicks in a couple of years. When prices correct, they’ll all be underwater with their mortgages.
How about simple demographics(more young women in high paying jobs than previously)and common sense (a need for a place to call one’s own, in a convenient location, and a quality offering). None of this should be considered a mystery.
Buying a starter apartment is “smart” when you either know that the place will retain its current value (not likely, these days) or you plan on staying there for a long time. If these women are planning on living in these condos for a while, they made a perfectly rational decision. If they’re counting on being able to re-sell these condos within a few years, they haven’t.
Men are wimps, that’s why.
I have to say I find this whole discussion weird. With rents as expensive as they are, why not buy? I bought a 1 bedroom when I was 27 and single, not because I had lost hope, but rather because I figured out that the same monthly payment would get me a much nicer place to live with the added bonus of a high potential to increase in value. Three years later I got married, sold my apartment for a $100k profit, and bought a brownstone with my husband. I have no idea why the idea of buying a starter apartment is controversial, or why women buying is remarkable. It’s just SMART.
Women Rule!
Eryximachus – here is a typical scenario for you. 6 years ago, I worked with some people who all made 80k in reasonably secure jobs with the prospect of raises in the future. There were 20 of us, and none of the men bought places but one woman did. Her place cost 200k, she scraped together 20k for a downpayment. I think that her decision, which I think typical, was very rational. Still think she was
subsituting a mortgage for a marriage?
Did anyone else catch that BOTH the women pictured above work at the Developer’s Group?