Attendence Falls at Brooklyn Open Houses
Open houses are rarely (maybe never?) mentioned as places to seek solace within the city, but the NY Observer finds they may be approaching a Zen-like quality because, well, nobody’s at them. “It was the Sunday before the European markets began to tumble, during peak open house hours, and the buyer traffic through Brooklyn’s newer…
Open houses are rarely (maybe never?) mentioned as places to seek solace within the city, but the NY Observer finds they may be approaching a Zen-like quality because, well, nobody’s at them. “It was the Sunday before the European markets began to tumble, during peak open house hours, and the buyer traffic through Brooklyn’s newer towers was slow,” they write. “Extra special amenities played an integral role in luring buyers when neighborhood amenities were lacking, but with prices still sky high and memories of the borough’s boom fading fast, it seems the only reasonable options are to start cutting prices or to offer condos as rentals,” opines the Observer. “Both of these things are already happening. A pretty kitchen backsplash and walk-in closets just won’t cut it anymore.” Well, what should these buildings do to fill up those open houses again?
The Quietest Places To Pass a Sunday [NY Observer]
Photo by @chris.
I’d be interested to know the statistics on people below water if you factored out those who bought with no money done and those who pulled all the equity out of their houses with home equity lines or cash out refinancings.
This article is one of those things-we-already-knew type of real estate “news” from the media when they’re looking for something to write about. The article only features open houses in new condo buildings, and for at least a year the news has been those aren’t selling. If they aren’t selling then that means there aren’t busy bustling open houses at these buildings. We’d know that without having to see it in person.
From the “Nearly 1 in 6 owners under water” story from the NY Times in the Wednesday Blog post…
“Among people who bought within the past five years, it’s worse: 29% are under water on their mortgages, according to an estimate by real-estate Web site Zillow.com.”
Not insolvencies?
not budussy DOW????
…Blood!!!
Asking prices are dead. Low balls, credit scores and solvencies are the new mantra.
What’s that smell?
After today people won’t be able to afford any other form of free entertainment. At least an open house gives them somewhere to go without spending money. Look at the retail sales numbers for September that are coming out today!!!
Exactly. Who would commit to buying anywhere right now until this ‘situation’ settles out? -even if you have the cash and job security.