Where's the Late-August Market Slowdown?
We received an email from a broker who’s wondering if other people are seeing the market do a late-August, post-subprime-crisis freeze. Cuz she’s not: We have seen tons and tons of people coming out to new listings that we’ve had and lots of bids coming in. It’s actually quite shocking considering it is the end…
We received an email from a broker who’s wondering if other people are seeing the market do a late-August, post-subprime-crisis freeze. Cuz she’s not:
We have seen tons and tons of people coming out to new listings that we’ve had and lots of bids coming in. It’s actually quite shocking considering it
is the end of August after all. But maybe things will slow down when more comes on the market in the fall. Although in past years I recall the fall starting slowly in terms of new listings because lots of people get busy getting their kids settled in school, there’s the Jewish holidays, Columbus Day people go away, and all that. So we’ll see.
Not everything’s humming along though. The broker, who does most of her business in Park Slope and Fort Greene, notes that resales of older places seem to be doing much better than new developments. Meanwhile, a reader who’s been actively in the market for a townhouse wrote us yesterday lamenting the lack of decent product on the market and asking whether we thought the situation would change. Heck if we know. Any of your brokers out there have a sense of the post-Labor Day pipeline?
I’ve been a condo owner in Manhattan for over 10 years. I am about to sell my apartment and have been looking at brownstones among other space in various neighborhood of Brooklyn. One thing I have noticed, that I think is a serious drawback to the real estate market in B, is the strange behaviour of brokers. I have a broker (from one of the big firms) that I want involved in any transaction i do because she has looked out for me so well in the past – but the Brooklyn brokers seem pathologically incapable of playing well with others, to the point of refusing to show properties if my broker is involved. I haven’t so far been able to rationalize their behavior. It seems to me that more transparency and more interaction between brokers could alleviate what is perceived as a product shortage, but what really seems to be more like a shortage of information. Does anyone else agree? Or does this “Brooklyn broker mentality” serve some vital purpose that I can’t see?
To 4:56pm’s point, Park Slope has become the gold standard for a certain type of city lifestyle, and as such, has become a destination for many well-heeled buyers. To that point, success sometimes breeds contempt as in all matters of money and class.
I would be typical of today’s buyer, someone who could afford a large Manhattan apt (or might be cashing out of one), but prefers the slower pace of Brooklyn, the recreation, the outdoor space, etc. I really don’t think most buyers in the current market are looking to make a killing, they are simply looking for the ideal long-term living situation and willing to pay what it takes. Whether the market goes up, sideways or down after their purchase has little immediate bearing on their decisions. I’ve noticed exactly what 5:11pm has noticed: There is absolutely nothing by way of brownstones on the market in Park Slope. Prices are too high (and stable) for the flippers to make money, and most of the old-timers have sold and retired. So who would be selling a brownstone right now? Maybe a retiree cashing out of the city or someone relocating for work, but most of the current home-owners are in for the long run. And anyone selling prime, hard to find r.e. is going to hold out for the best possible deal.
Would also note that most of the hyper-aggressive mortgage products never really took hold in NYC. Buyers have been rigorously qualified, compared to other hot markets like CA and FL, if only because sellers have generally insisted on selling only to well-qualified buyers. I know when I sold my co-op, I reviewed financial data for each of the bidders before picking one and signing the contract.
Im converting my brick 3 family into condo’s I have two that will be available in Dec 2007 or Jan 2008, both are 1022 sq ft in a brick private home. All luxury chefs kitchens and luxury bathrooms. Both have 7×10 foot balconies and the top floor has a roof deck 15×20 foot. All stainless stell kitchens granite countertops and center kitchen islands. They are going to be magnificent when they are done. Yes I will be the seller. The 2nd floor condo will be $710,000. and the 3rd floor with roof deck 1million . Anyone interested call me at 917-862-4348 or e-mail me at harry2803@aol.com. This home is on clinton st between Hamilton and Nelson.
email phone to fourwarrenpeace@yahoo. I’ll call you.
1:26: I would buy a whole house or a partial/condo. I’m really looking for the best value available. Unfortunately, I don’t think I can wait a year though. Where in the Slope is the house?
5:11- Do you want a whole house? I have a 3000 sq ft garden/parlor duplex with a 1500 sq ft basement in the Slope. Moving in a year. It’s gorgeous!
I think there are deals to be had, even if the asking prices still seem high-ish. Just go in and make a reasonable offer if you see something you like. I think it’s all about finding something you love right now. This way, you won’t care what happens with the market in the next couple years, and you’ll live in a neighborhood you can enjoy for many years to come. You’ll come out ahead when all is said and done. It creates for the strengthening of neighborhoods and an environment where people really care. I find this to be true in Park Slope. People have genuine interest in the place because they are there for the long run.
If you put a couple hundred thousand into that Berkeley Place house, you’ll have a 3 million-dollar-plus brownstone. No question. And in an extremely desirable location. That area has and continues to be top notch.
Thanks 5:18, great tip!
Do you think some neighborhoods are more fairly priced than others at this stage? From what I understand, the Slope & Boerum Hill seem to be more reasonable than Bklyn Heights and Cobble Hill… is that true?
There’s a beautiful brownstone for sale on Berkeley Place between 7th and 8th. Was 2.7 million when it was highlighted on here a couple weeks ago. Go check it out. Best block, but the house needs some cosmetic work. Great bones, though. I understand they are accepting all offers.