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.
“The war is over, tWhat. You lost. Now take your nasty ghetto ass and find somewhere else to live. Choose a place with good schools. You need a proper education.”
Lets meet in Clinton Hill to discuss my conditional surrender. If you say the war over.
“nasty ghetto ass”
Hey don’t stop there. Use the word, punk. No covert code words bitch. My information squad can break that shit. See throw a grenade down the hole and see what comes out. The What has been on the front lines from day one Mother Fucker and I put my name on shit. Not no Anon shit just on the front line with NO RACE SHIT.
Now PLEASE meet me any where in Clinton Hill I will break your fucking face. Brownstoner can post that shit.
The Mother Fucking What (I’m Here)
Someday this war is gonna end….
5:39 Just BITCH SLAPPED the what’s ass from here to South Dakota!!!!!!
Good, looks like people are being incredibly harsh (as usual!) so that means I can get a worst-case-scenario answer from you all!
Did I just make the mistake of my life signing a contract on a $650/sq ft North Slope house that’s gonna need $100-$150/sq ft renovations? Nice block, right by Flatbush subways, but we offered at ask just before this latest set of slides in the market, and in the brief period in Feb when mortgage rates were way down. Our mortgage will be a ways under the new $729k limit
Am I totally fucked if I sink all my savings into this house, even if I plan on staying there for the rest of my life (or as long as it isn’t destroyed by some major natural disaster…)? The What, you may refrain from answering, I know what your answer will be.
5.23 – great – im really happy for you. do i care – no. am i allowed to post information on this website that may disagree with your insular point of view – yes i think so.
“i have at least 2 years worth of mortgage payments in savings, 6 months of an emergency fund and i have an extremely stable job and just got a rather significant raise last month.”
You better have that under your mattress. I keep a small amount in the bank because I don’t want to stand in line.
5:23 PM don’t be a asshole anything can happen (Re: Gov. Eliot Spitzer). Your shit can get vaporized in seconds including the value of you house. We have some real problems to face.
The What
Someday this war is gonna end……
The tWhat is a bitter renter with no education and no job.
He claims to own property, but if he did, he would have cashed out by now since he saw this coming for years. He didn’t because he had nothing to sell.
He says the banks are insolvent, which means he has his money under his mattress. But he doesn’t. He lives welfare check to welfare check and often frequents check cashing places to get by.
The war is over, tWhat. You lost. Now take your nasty ghetto ass and find somewhere else to live. Choose a place with good schools. You need a proper education.
i’m not worred, 5:13.
i have at least 2 years worth of mortgage payments in savings, 6 months of an emergency fund and i have an extremely stable job and just got a rather significant raise last month.
it’s people like you who worry about every story posted who will be in trouble.
is that advice arsehole @ 5.03? it is the thoughts of a billionaire investor – so im guessing he may have more of a clue than you. and for your guide, when you pull your head out of your arse, i would suggest you read some of the less well known media out there for a better picture of the real estate market. cnbc are actually one of the talking heads that support your ridiculous assumption that nyc is not going to be touched by the coming financial tsunami.
Oh 4:59 PM thats just the start. For the fucking clueless! The credit markets are in Red Alert mode. Spreads have blown out for all debt (Muni, Mortgage, Car Loans and Credit Cards). The Bear Sterns story has spooked the markets. Plus with the ov. Eliot Spitzer shit, this will accelerate the coming crash.
You have large financial institutions that are INSOLVENT! WAMU, Citi and Wachovia are dead men walking. I think you what to take you money out before they turn into Northern Rock.
The the assholes that attack me. Go fuck yourself because I bring real shit to the table. I”m not bitter about anything or anyone. I know more about Real Estate than any of you fucks and I know what’s about to happen.
RIP Mutant Real Estate Bubble
The What (tick… tick… tick…)
Someday this war is gonna end…