The Waiting Game
The days of racing with the clock are over in NYC’s residential market (no duh), and the Times’ real estate cover story this week examines what the dynamics of a less frenzied market look like. While prices haven’t dropped much, buyers and sellers are taking their time nowadays, and a lot of people are considering…
The days of racing with the clock are over in NYC’s residential market (no duh), and the Times’ real estate cover story this week examines what the dynamics of a less frenzied market look like. While prices haven’t dropped much, buyers and sellers are taking their time nowadays, and a lot of people are considering how much rehab their properties need, or undertaking lengthy/expensive fix-ups, before listing them. Case in point:
Carolyn Walkin and her husband, Jim, wanted to move to the Long Island suburbs to find better schools for their daughters, Ava, 4, and Veronica, 2. But they were so worried about a potential recession that they did extensive research to ensure they could sell their three-family brownstone on Henry Street in Cobble Hill, Brooklyn, for the price they wanted. Ms. Walkin spent about five months and had conversations with at least seven brokers before choosing Terry Naini of Prudential Douglas Elliman. Before that, she had also researched auction houses and considered selling the brownstone without a broker. Even though they finished an extensive renovation two years ago, they added details like art on the walls to attract sellers. Within one hour of their first open house, they received an offer for their asking price of $2.5 million. But Ms. Walkin didn’t relax until the paperwork was signed.
Not a bad outcome, but perhaps indicative of the high anxiety in the air these days.
Responding to a Less Heated Market [NY Times]
Photo by TrespassersWill.
10:55 here. yes, in contract on a larger place now. btw, i’m not the same person who listed at 339k and sold for 345k. and to 11:03 – by a few months i mean our buyer was in contract in december.
Hi Terry!
“Are you buying something else?”
I found a 1 bedroom fixer (fsbo) in the North Slope, which I purchased for 387K. I plan to do most of the work myself…needs minor, cosmetic things…sanding of floors, some stripping, new tile in the bathroom, etc. I think renovated, it’s maybe worth 475K or so. It was a deal.
My sale was a studio (which I also sold fsbo)just around the corner from the new place. I love the area.
I bought my place in 2006 for 250K.
Put it on the market Feb. 1, had one open house, 3 offers, 2 over ask.
My asking price was 339K.
Sold it for 345K.
How is the market slowing?
(btw, i did NO work to the place)
Are you buying something else? Please tell.
The tWhat is a bitter renter with a GED.
This war will end and you will be homeless.
Bye bye tWhat
10:31 – yes, this is one story in the ny times, but it’s incredibly similar to my situation. i’m closing this week on a co-op we listed a couple months ago; had one open house and had two offers at asking price within an hour. i feel sorry for buyers like 10:21, why would we have even entertained an offer 10% under? good thing you’re comfy in your rental.
Are you buying something else, moving away, what’s your story? My point about it being one story in the Times is that people read too much into one particular experience or in your case, your own experience, and tend to block out anything that contradicts there views.
11:08 – to gratuitously extend your metaphor, it seems that in Brooklyn real estate, the jackasses not only crow about their “AOL” hitting 400, they refuse to read the writing on the wall and take their profits at 375 even though the asset is tanking and will be at 200 by the end of next quarter.
The NYC market is overpriced if you get paid in American Dollars, if you get paid in Euros, it’s about right.
I bought my place in 2006 for 250K.
Put it on the market Feb. 1, had one open house, 3 offers, 2 over ask.
My asking price was 339K.
Sold it for 345K.
How is the market slowing?
(btw, i did NO work to the place)