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.
Is it not obvious, 3:46? Look around at this site, curbed, walk by real estate windows and you’ll see how much we are willing to live here.
Lots of people live in one room studios now fetching upwards of 500K in Manhattan. Some approaching a million. Does that tell you anything?
It tells me that there are enough people in this country that value what New York City has to offer above other places.
I would not move to Texas or West Virginia, or Alabama or Ohio or North Dakota or South Carolina or Florida or Arkansas if you paid me 10 million bucks. I feel that way about many many states, although Austin is nice.
Still though…people like it here. It’s the reason why we are twice as large as the next largest city.
We didn’d end up here by osmosis.
So how much of a premium is everyone here willing to pay to live in NYC?
It’s not just NYC. As close as you can get to San Fran, Seattle, etc are going to bode better than the more outlying areas.
Wake up and smell the coffee.. Urbanism isn’t a fad!
It’s becoming the way of the world.
Not everyone will live in cities, sure…but more and more people are getting sick of driving everywhere, paying too much for gas, 2 hour commutes, lack of social interaction with everyone spending more and more time online, etc.
It isn’t a coinidence that the only retail in the burbs these days that seems to prosper are the “urban village style” complexes.
People are craving it.
Do you have a job, tWhat? Didn’t think so. Go get one.
3:24…you are correct. anyone with a brain can see right through it.
problem is…there is just not a lot of interest in the burbs right now. no amount of spin is going to change that.
There’s even more a glut of houses falling in value further out and in other states, 3:19.
The closer the houses are to NYC the better.
True, 3:17 and this is not the first time the suburban brokers have had a total “spin” piece put in the NY Times RE section attempting to diss Brooklyn.
d e s p e r a t i o n
Remember the piece a few months ago that was trying to claim everyone is choosing the suburbs and not Brooklyn? It’s like dudes, we can see your massive lists of unsold suburban listings for ourselves. You can’t lie about it.
A glut of houses within commuting distance of NYC, that are already trading at prices well below NYC and falling.
Don’t think that will have any impact on NYC prices. Nope. None at all.
Thank you, 3:08.
Most do not realize the spin put on these Real estate related NY Times articles.
Can you not hear the desperation of those brokers in LI and elsewhere who welcome even the slightest mention of someone from New York moving to the burbs.
It’s become so rare, they they will say or do whatever necessary to sell a few of these homes that are piling up.
The suburbs of Jersey have racked up inventory levels that would take 2 years to sell…even in a robust market (which this is not).
Some places around the country are racking up 3 years worth of inventory.
Here in NYC, we have 5 months worth.
That is why prices are holding steady, if not faltering just slightly.