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.
As long as I am living in a major city I am happy. I love NY but i would also live in SF, SEA or CHI-TOWN. I would NEVER live in the suburbs. The burbs is an evil place.
“Nice to see that you admit that you steal other people’s wi-fi access. What else do you steal on a daily basis?”
Hi This is The What your wife want say something.
“Hi Honey, can you pick up some Ben-Gay on the way home. plus I need you to rub my hemorrhoids, The What sure put a pounding on them.”
“Hey What, Did you have ham for lunch? I can taste it in your sperm”
The What
Someday this war is gonna end…..
You can now add that you are a liar and a comedian, tWhat. Absolutely nothing you say is true. Busines owner?! Ha.
Not everyone who lives in 11238, 11221 or 11233 is a mental midget like yourself. Shame you are such a disgrace to the hard working people who live in those zip codes.
Nice to see that you admit that you steal other people’s wi-fi access. What else do you steal on a daily basis?
6:05. Thanks for the post. It was so helpful.
“No one needs to meet you anywhere. You will soon be priced out the the city and no one will need to deal with you much longer.”
Ah Utopia
“You are an idiot with a grade school education.”
Yep
“Your neighborhood has been taken over by people with more money, better education and no tolerance for your ghetto ass.”
Covert for “White People” has taken of the Hood. But Asswipe there is one thing you didn’t figure out. In a Recession / Depression minority neighborhoods get hit first. 11238 is toast and when the “White People” see that their hoses are falling in value, they are going to flee just like in the 60’s/70’s. Thing will revert back to that time of High unemployment, Urban Decay and High crime. Also these neighborhoods may be subjected to Drugs again. No I will be here and will leave when I decide to.
“If you don’t like those options, stop using my tax payer dollars to collect welfare and post meaningless articles from various web site that you access by stealling someone else’s wi-fi access.”
I own my business. I work for myself. Plus if you can get on someone access then it’s not stealing.
The What ( I Love This Shit )
Someday this war is going end……..
5.59 – are you for real? you have just wasted 30 seconds of my time to post absolutely nothing of any meaning.
Yet again, tWhat, you fail to address the issues brought up by 5:39 and resort to name calling.
No one needs to meet you anywhere. You will soon be priced out the the city and no one will need to deal with you much longer.
You are an idiot with a grade school education.
Your neighborhood has been taken over by people with more money, better education and no tolerance for your ghetto ass.
You either learn to shut up or you can leave.
If you don’t like those options, stop using my tax payer dollars to collect welfare and post meaningless articles from various web site that you access by stealling someone else’s wi-fi access.
hey the what – from your own humble point of view – could you list a few banks that may survive the crap that is coming. i am as nervous as i have ever felt about the financial landscape – the dollar crashing, the fed running out of interest ammo, the commodity inflation etc. i need to park some cash and my mattress is not the solution.
5:46 PM To way you describe the situation, yes you are fucked.
The What
Someday this war is gonna end…..
is this a little to much ‘cnbc’ for you arsewipe?
There were a handful of factors that caused the financial sector (-3.0%) to fall to its lowest level since May 2003. Citigroup (C 17.71, -1.20) cut its earnings estimates on a number of investment banks (-4.4%). Citi expects $9 billion more mark-to-market write-downs from several major U.S. firms.
Countrywide (CFC 4.36, -0.71) and the thrifts & mortgages group (-9.4%) got clipped on a Wall Street Journal report that stated the company, and 15 other subprime lenders, are under FBI investigation for securities fraud.
Fitch Ratings took negative ratings action on eight banks, including Washington Mutual (WM 10.04, -0.67). WaMu had its long-term issuer default rating cut to BBB from A-.
Fannie Mae (FNM 19.81, -2.96) and Freddie Mac (FRE 17.39, -2.26) got hammered due to a Barron’s article that mentioned Fannie negatively, and continued concerns that the companies may face further write-downs.
Reports indicate that Lehman Brothers (LEH 42.98, -3.38) will be laying off 5% of its workforce, or roughly 1430 employees. Lehman employed 28,600 people as of November 2007.
Finally, there were plenty of negative rumors that a major Wall Street firm was facing liquidity issues. Specifically, there was speculation that Bear Stearns (BSC 62.30, -7.78) was having problems with liquidity, which the company eventually came out and denied.
im sure they are putting a real positive spin on it however. keep watching.