Taking the Pulse of Townhouse Sales in the Slope
Last week we received a document entitled Charles Ruoff’s Townhouse Report, the first in a biannual series Ruoff, a Brown Harris Stevens broker who specializes in townhouse sales in Park Slope and Prospect Heights, intends to produce. Ruoff’s recent big-ticket listings include 598 2nd Street ($3,450,000) and 909 Union Street ($2,495,000). The broker’s assessment of…
Last week we received a document entitled Charles Ruoff’s Townhouse Report, the first in a biannual series Ruoff, a Brown Harris Stevens broker who specializes in townhouse sales in Park Slope and Prospect Heights, intends to produce. Ruoff’s recent big-ticket listings include 598 2nd Street ($3,450,000) and 909 Union Street ($2,495,000). The broker’s assessment of the current townhouse market in the Slope and Prospect Heights is as follows:
We are once again faced with limited supply of homes in all price points. The third quarter of 2007 produced some noteworthy sales and in fact record-breaking prices in both the North and South Slope as well as in the adjoining neighborhood of Prospect Heights. Inventory as well as demand seems to be especially lacking in the high $1 million dollar to low $2 million dollar range. The limited supply of multi-family homes on the market can best be attributed to the dramatic rise in rents for landlords now receiving very healthy cash-flow.
Sound about right to you?
Photo by Da Nator.
Seems like the guy who wrote this thing is on here defending his position and encouraging us all to read his hype. What a unique use of brownstoner — not! Why is brownstoner quoting this report? It isn’t based on any facts. Just based on the fact that this broker wants more business.
If a house (or apartment) is sitting on the market, it isn’t priced right. That’s the definition of a market. If someone is serious about selling, they will agree to sell a price someone is willing to pay. If it is less than they think they should get (another house nearby sold for 3 million, whine, why won’t mine sell for 3 million? – the market must be soft!) overlooks that there was something about that other house that made a buyer want to pay 3 million (hint: that something meant the house was nicer than yours – to the market, if not to you.)
And, sure, if you bought a multi-family house when prices were cheaper, than you are really doing well as rents have gone up, which they generally do…
And if people are having trouble renting their apartments out, maybe they need to recognize that as the housing stock has been renovated and improved over the past few decades, they aren’t competing with the same old shoddy workmanship, bare bones rentals anymore – if people are paying a bunch for the apartments, they expect them to be maintained a bit nicer these days…and, as more neighborhoods in Brooklyn have been gentrified and renovated, people looking into renting renovated apartments in Brooklyn neighborhoods with commercial amenities have a much wider range of brownstone neighborhoods to chose from now … so it means you are competing with more landlords. It doesn’t mean the rental market is soft…
The Park Slope market is changing but just in the past two months or so. His report is stating numbers from the third quarter, don’t seem to be out of wack with what I am seeing. Rents have been increasing alot, also true on a national basis. Rents have kept the old seniors afloat. I am an older senior and I know..
Conclusions on what? That the guy is industrious. I would be doing the same thing if I where him. That is a stupid comment. Probably a jealous broker…
This guy is also a broker who needs to keep getting those listings. And the flyer is mailed to Park Slope homeowners, so… draw your own conclusions.
This guy is talking about brownstones in the prime of PS and PH. From the looks of his website he has certainly represented lots of sellers and buyers. I don’t think he is stating to rosy a picture. I would like to see the entire report. One poster said it was four pages, what does the rest say?
Park Slope is over. Backlash in effect.
This broker is saying that the market remains fairly strong, low inventory, less demand,rents have been healthy. What is total bullshit? I don’t see anything..
This broker is saying that the market remains fairly strong, low inventory, less demand,rents have been healthy. What is total bullshit? I don’t see anything..