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.
Those in the suburbs try to claim those in the suburbs are more friendly and community-oriented but whenever I’ve been forced to live in the suburbs (in a couple other states b/c of jobs) it was excrutiatingly lonely. It made me clinically depressed. Every house is an island. People stick to their family rooms and own backyards and they don’t talk to their neighbors. I hear this from everyone I know who live outside NYC. They all have the same experience.
If suburban communities want to become more appealing they need to revive their historic downtowns like many are doing, so there’s a center where people walk around and sit at cafes and gather. They need to encourage people to be friendly to each other and have an actively involved community. It’s why the older towns who do that are at least doing better than those horrible sprawling subdivisions with their sterile ugly beige McMansions. Talk about lonely and isolating. Yuck.
OOOH…squawk box!!! how…um…intelligent sounding!
think i’ll get my real estate advice from sesame street, thanks!
relax – there is nothing to worry about. your real estate is in nyc – what could happen? its different here.
Billionaire Investor Sees Bank Failures Ahead
Monday March 10, 10:52 am ET
Billionaire investor Wilbur Ross says the current market downturn differs from previous slumps in that no American banks have yet failed this time, but he suggests that’s about to change.
“I think that’s going to be the next wave, and coupled with problems in the commercial real estate market; I think they’ll be the next bubbles that burst,” the chairman and CEO of W. L. Ross and Company told CNBC’s “Squawk Box” in an exclusive interview.
I would pay what I can personally afford, 4:17. $2000 per sf is probably going to be out of my price range. I bought a place which was about 1000 sf though so I’m all set for now.
I’d downsize and live in a smaller place to be able to live here vs. a large house in the burbs. Absolutely.
Don’t be so hard on the bitter renters since they are the most likely buyers going forward.
The tWhat is still a bitter renter
I’ll pay whatever it takes to not live in a suburb.
ANYTHING.
Can I assume that you’ll swallow?
3:52 and 4:02…so you would be willing and able to buy at $1K per sq foot? $2K? $3K? $4K?
I’ll pay whatever it takes to not live in a suburb.
ANYTHING.
Grew up in a couple (both nice, upper middle class) and I would never go back.
I feel as though my life really began when I moved to NYC.