open house reports 1/10 - Brooklyn

It would seem that we have entered the "back of the sign in sheet" stage of economic recovery. Forget the lethargic labor market. The rising interest rates. The dramatic increase in short sales and foreclosures. Who would have thought? Simply bring in fewer sign in sheets and start using the back. The bulls are running. Happy days are here again.

Good point! I think we brokers have been bringing fewer sign in sheets to our open houses - it's been pretty dead out there. I do believe this uptick has something to do with the April 30th buyer tax credit deadline, combined with the seemingly inevitable rise in interest rates. The increase in short sales and foreclosures has been good for buyers, too - more inventory, more competition, better pricing. But it was cold on Sunday, and I saw a lot of people out at open houses. Just wondering if anyone else had a similar - or different - experience.
T

tina...do you know wmburg?..Just trying to get some perspective. People are jumping up and down about 600psf at a couple buildings, now looking at some sales at The Mill from a couple years ago, that doesn't seem so incredible.

Oh Jim. People are obsessed with ppsf at their peril. The Mill is a great building, and sold quickly at its initial asking prices. People (myself included) like the old beams, exposed brick, and high ceilings. Less desirable, however, are the dark interior rooms and occasionally awkward floor plans. As with most larger conversion buildings, if you don't hollow out the center (a la 184 Kent), it's difficult to get natural light to all the interior spaces. This issue plagues a few of the Williamsburg conversion buildings (I'm thinking of 55 Berry and - to a lesser extent - 330 Wythe, and 72 Berry). It's big factor in buildings like the Belltel lofts in downtown Brooklyn, too. Not all square feet are created equal - even the lousiest Pennsylvanian appraisers know that. So why are people excited about 70 Berry? Great location, lack of scary amenities to drive up future common charges, solid construction, and good pricing. Plus lots of windows - in every bedroom and living space. I don't think there's a "home office" in the entire building. Why are people excited about Warehouse 11? Because it's like Snakes on a Plane: either going to be great, or it'll be a total train wreck. Either way, it'll be entertaining. If it's great, the initial prices will not hold for the remainder of the units. If it's a train wreck, they'll sell them all for those prices and consider themselves lucky. Regardless, the location (which I like, don't get me wrong) has nothing on 70 Berry.

thanks tina...Anecdotally, I know a buyer in The Mill who was upset upon moving in to hear noise from the above unit, like people walking around.

"tina24hour." wow. that's some handle!

I know, it sounds like a porn name. I should probably change it.

no it's... edgy. keep it!

just don't misspell "hour"

in chelsea that name would certainly mean something else :)