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?
Put down the water bong? Why, 11:52? What alternative are you offering that will help ease the pain I am suffering from watching my home value bleed back down to where it was in 2000?
Yeh, like I would believe a broker. 9.9 out of 10 are worse than useless.
“Where’s the Late-August Market Slowdown?”
Folks, put down the water bong! Real Estate is OVER!
September will be the watershed month for this shit!
The Fed and the Asshat in charge is trying to spin this hit in positive light but, it’s a matter of time. Good bye to this fucking mutant housing bubble.
Someday this war will end.
“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.”
Hmmmm, wonder why? Could it be because of overpriced crappy construction?
True, not all new buildings feature shoddy fixtures, materials, and workmanship, but we didn’t see any in our price range (not tippy top, but not bottom of the barrel, either) that didn’t feature at least some of this.
God, and apparently a signed contract, is in the details.
Shiteous, yes.
A friend, who is a realtor, says that he won’t even bother showing some of the newer properties that his firm markets – he thinks they are shiteous in nature, and he’d rather stick to places like old conversions (eg Ansonia) or single families.
August is slow because nobody is here, everyone is out of town. It’s like that every year. Last August when we went to open houses we were always the only ones there. There may be a downturn, there may not be one. But don’t base your opinion on what August is like! Silly. Plus I actually think August this year is way more active than last year. If anybody is looking for signs of anything.
I think the lack of interest in new development might be the realization that some new developments were thrown up quickly resulting in less than desirable workmanship. I think there is an attractiveness regarding residences built because someone had an earnest interest in a lifetime of equity and not just the cash from a quick sale to first time home buyers. However, getting into the market for some supercedes all else – even shoddy craftsmanship. (is that an oxymoron??)
I am in the real estate business as an appraiser. I feel like a doctor at family outings or just friendly bbq’s. Everyone ask’s me the same question, is the market going down, what should I do, where is the market heading. All I can say is that as long as the seller is realistic in there asking price the property should sell. The high flying real estate market days are over. We are back to a more sustainable pace in the real estate market which could hold up. However, there will be certain market area’s (communities/neighborhoods) which more then likely will feel the pinch of tighter lending reqiurements. In that case, you could see values trend downwards in these particular areas.