February 19, 2007
NYC Housing Market En Fuego in 2007 - So Far
New Yorkers wishing to buy a home, there's a sort of depressing NY Times about how January housing sales show a hot real estate market in the city in 2007. There are bidding wars, busy open houses, and Wall Street bonuses to contend with. And while there's "cautious exuberance" about a better real estate market for sellers and brokers in 2007, the Times reports "for January, at least, both prices and the number of signed contracts rose in double-digit percentages compared with the same month in 2006."
Blogger Mihow offered yet another "story of the wild real estate market" with this photograph of a home in Brooklyn:
This house is for sale in our hood. It's shaped like a triangle, which is fine and all. But here's the deal. It's being sold for just under 700 thousand dollars and the ad specifies: "Needs to be gutted and entirely redone."And before you can ask "How is it a triangle?", Mihow explains, "It's a triangle, basically. The right hand side angles back to meet the back."I find it mind blowing that people will buy a place for that much money and not actually be able to move into it.
The hell?
Photograph of the triangle house by mihow on Flickr
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i think you are jumping the gun with regards to some new surge in real estate. the numbers simply arent there, and there are plenty of people in the real estate industry who want another short rise before this market truly collapses. which it is, slowly, and the "true" fundamentals (ie. ones that arent released by the the RE industry)all point to this.
look at a place like howe street dot com for info from both perspectives...
Where is that house located? I'm thinking Red Hook or the outskirts of Park Slope.
Thanks for the tip Gothamist. Silly me, I should have known to ignore abysmal absorption rates, inventory, and the record low housing starts. I'm sure all the price chopping we have witnessed in the first 7 weeks of 2007 was merely the pure hotness of NYC real estate.
i used to live across from that house! or one that looked exactly like it in greenpoint. could never figure out how somebody could actually live in there.
I looked at this place when there was an open house. Its down the block from me. You forgot to add that this house has a 5 car garage attached to it. It's a huge space that could be rented out immediately.
The house is in disarray, however, its a gold mine. The person who lived here lived in these conditions, why could you not move in. Have you seen it? I saw it and its livable, not rentable but livable. There are 400K to 500k condos going up 3 blocks from here, why wouldn't this be able to go for a mere 675k-700k, which is the asking price.
If I had the money I would put it down on this place immediately.
Ethan, I went by what the realtor stated in the ad. If you have a problem with the description, take it up with the realtor not me. :]
huh: the house is indeed in Greenpoint.
Mihow, ignore ethans pleas... hes got get rich fever, the likes of which we havent seen since the dot.com boom...
i heard parts of the brooklyn bridge are for sale...
gothamist fans: stop renting! atleast get some "real estate", like the virtual kind that a condo has to offer...haha!
All these Neo-New Yorkers still coming in droves. What's wrong with their nice Midwestern city? I haven't heard an East Coast accent in a while now.
Looks like a slumlord buying opportunity! Even welfare recipients have nicer digs that this. Maybe you could pack a few dozen illegal immingrants into that huge garage. Don't forget to give them a steady supply of empty coffee cans for them to take a crap in.
I would rather be homeless than have to make a mortgage payment on that fug house.