The Morning After: Open House Download

Suppose it depends what you like. Downstairs basement really bothered me: old beige tiles on floors, no windows, lack of light, no clear delineation of space. It looked like an utility room not a liveable space. Would need work to turn it into something like that and even then couldn’t count it into usable space re square footage. Upstairs, somewhat shabby, needs new kitchen and bathrooms, very dark, somewhat tomb-like. I expect a lot more for 1.75mil than a run-down garden apartment/utility room duplex.

I have noticed that sellers switch the listing to another broker, with a new and higher price. It makes it look like a “new to the market” listing.

I agree with above that this may be to provide enough room when the seller needs to negotiate down.

I went to look at Pierrepont Street which is really in bad condition and the actual square footage is only half that as the basement level has no windows and therefore can’t be counted as usable square footage. In reality, there is only around 1500 sf of usable space. There’s a similar property listed in the Eagle Warehouse but that is a triplex for the same price: I really loved it but can’t afford it. I was hoping Pierrepont’s price would be negotiable but it needs too much work, which would explain why I go and look at houses outwith my budget. The Old Eagle Warhouse one really has to be seen to be believed: Kitchen is so state of the art, it’s almost frightening but majorly wow-like. Plus, I really liked that the bedrooms are separated by a floor which would have been ideal for my older children. I don’t know about anyone on this blog, but I just love the Eagle Warehouse. I just wish I could afford it. It’s listed on the NYT web by citysites and urban underground. Pictures don’t do it justice; the ceiling height is amazing.

dborr, my fiancee and I made the same decision. we were looking heavily a year ago and came across some unscrupulous (to put it mildly) realtors. it was a great lesson for a young couple/first time buyers. I basically decided I had no clue what things were worth, so we decided to stick it out renting. I think in 18 months to 2 years from now, we’ll mainly have missed out on a couple years of building equity and the tax deductions that go with it. But even if I’m wrong, I know I’ll be better educated and not as stressed about my purchase as I was feeling last year.

I am not sure how the market will turn out, but I can say this as a prospective buyer, realtors are not helping to sell houses at the moment. With such uncertainty, I am actually seeing houses listed at prices that are higher than five months ago. It is almost like the realtor is jumping up the price, knowing they will have to negotiate it down. While this might work on some ignorant buyer, I have decided to step back and wait it out. There is nothing appealing on the market for the prices being asked. I might regret my decision to wait, but I figure it is worth the risk.