Had dinner with a friend who works at aptsandlofts. This firm deals mostly with W'burg. He said August was off the charts busy but September was dead and so far October not much better. He felt a window had closed on sellers and things were going to revert to the slowness seen earlier this year. I live in LIC, renting a condo on the river. Spoke with the super who was complaining about having to... [more]
Had dinner with a friend who works at aptsandlofts. This firm deals mostly with W'burg. He said August was off the charts busy but September was dead and so far October not much better. He felt a window had closed on sellers and things were going to revert to the slowness seen earlier this year. I live in LIC, renting a condo on the river. Spoke with the super who was complaining about having to repaint apts that are being shown. The building is about 20% full, mostly with renters. Over the summer there were many showings but now I see hardly any prospective buyers. The showroom up the street is dead as is the rental office for the nearby buildings. These areas and others in the outerboros were always going to have a more difficult recovery. I wonder if it will not spread to Manhattan? I think it will and we will see some dramatic price cuts coming, particularly williamsburg. I think employment has become the big issue here. NYC's is rising and has surpassed the national average.
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Response by Rhino86
over 16 years ago
Posts: 4925
Member since: Sep 2006
Employment is an issue. As is the concentration of bonuses to those who already own. As is the fact that wealth creation has slowed to a halt. The recent buyers made their money during the boom. Those buyers will eventually run out. Money is on the sidelines...but I bet most of it is in the hands of already-owners and money too smart to buy here and now.
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Response by bronxboy
over 16 years ago
Posts: 446
Member since: Feb 2009
It's going to be a very slow haul for the next four months. Anything over a million is a very tough sell no matter the neighborhood.
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Response by maly
over 16 years ago
Posts: 1377
Member since: Jan 2009
It must be very, very slow in Williamsburg. The developers there have not responded to the new market realities, so they end up overpriced compared to Manhattan. I've seen that in my search for a house in Brooklyn. Places in Park Slope and Brooklyn Heights where the market is bigger/more active, have been quicker to cut prices, while slower/smaller markets like Carroll Gardens and Fort Greene. It gets to a point where you can get a better house for the money in a "better" neighborhood.
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Response by stevejhx
over 16 years ago
Posts: 12656
Member since: Feb 2008
Employment has nothing to do with housing prices. LICC said so.
Employment is an issue. As is the concentration of bonuses to those who already own. As is the fact that wealth creation has slowed to a halt. The recent buyers made their money during the boom. Those buyers will eventually run out. Money is on the sidelines...but I bet most of it is in the hands of already-owners and money too smart to buy here and now.
It's going to be a very slow haul for the next four months. Anything over a million is a very tough sell no matter the neighborhood.
It must be very, very slow in Williamsburg. The developers there have not responded to the new market realities, so they end up overpriced compared to Manhattan. I've seen that in my search for a house in Brooklyn. Places in Park Slope and Brooklyn Heights where the market is bigger/more active, have been quicker to cut prices, while slower/smaller markets like Carroll Gardens and Fort Greene. It gets to a point where you can get a better house for the money in a "better" neighborhood.
Employment has nothing to do with housing prices. LICC said so.