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.
“they say gas will be $4 a gallon by June or July.
Thank GOD I don’t rely on a car.
Last time I drove on a daily basis (1999) gas was 99 cents!!!!”
Yep that is true but, you pay higher cost on food, clothing and other products. The high price of gas infects everything we consume.
The What
Someday this war is gonna end…
they say gas will be $4 a gallon by June or July.
Thank GOD I don’t rely on a car.
Last time I drove on a daily basis (1999) gas was 99 cents!!!!
12:42…I totally agree with you.
People I know in the rest of the country have been a LOT more affected by what’s going on with the housing crisis, not to mention the price of gas, food and home heating.
We have this to some extent here as well, but New Yorkers are used to paying astronomical prices for things that can be bought cheaper elsewhere.
I know a lot of friends, even in Boston, San Diego and LA right now who are nervous about what’s to come.
I don’t get that sense here. People are still happy to be living here for the most part.
The tWhat pretends to be an owner of real estate.
The tWhat pretends to know what he is talking about.
The tWhat pretends that he knows how to live in the hood.
The war is over tWhat. You lost. Now get out.
bye bye tWhat.
Another example of shoddy NYT reporting in the real estate section. The Cobble Hill deal hasn’t even closed and they’re trumpeting this as an example?!
“But [Seller] didn’t relax until the paperwork was signed.”
Even with a cash buyer, I’m not sure why a seller would “relax” in today’s market. Even more so if the buyer needs to get a jumbo mortgage.
Wonder why they’re moving away from PS 29?
That’s not cool to name someone just because you recognize them from their comments.
These are uncertain times economically but I am SO glad to be in NYC, and not a homeowner in the rest of the country, even in one of the other large cities. The most worriesome thing being in these other places would be that your home value would not only drop more but the region would lose more jobs than NYC will lose, on top of it. Sorry tWhat, but I worry more for my friends and family living elsewhere in the country than I am worried for myself.
Lets all sing along asshats, fucktards and assrockets.
The Great Pretender
Oh yes, I’m the great pretender
Pretending that I’m doing well
My need is such; I pretend too much
I’m lonely but no one can tell.
Oh yes, I’m the great pretender
A drift in a world of my own
I play the game; but to my real shame
You’ve let me to dream all alone.
Too real is this feeling of make believe
Too real when I feel what my heart can’t conceal.
Oh yes I’m the great pretender
Just laughing and gay like a clown
I seem to be what I’m not; you see
I’m wearing my heart like a crown
Pretending that you’re still around.
The What
Someday this war is gonna end…
In 1989, everyone and their mother (europeans, chinese, south americans, celebrities) did not want to own a place in New York City.
Now they do.
Whether the market falters a little bit or not, 12:04, that has no bearing on the fact that since 1989, New York has become one of the greatest cities in the world.
You underestimate that fact.
Same exact pattern as 1989. Sellers refusing to budge until the reality sinks in. Nothing new.