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Author Topic: Current Real Estate Market  (Read 6714 times)

Offline abcdefghijk

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Re: Current Real Estate Market
« Reply #30 on: September 16, 2020, 02:53:22 PM »
Quote from: ljr on September 16, 2020, 02:20:36 PM
Alphabet person is hilariously determined to spread gloom and doom as far as possible. Facts would include actual quick sales at high prices. An apartment in my building closed in June at the price it was listed at before the pandemic. This is not wishful thinking
--this is a fact. I have no doubt that sale prices overall will go down, but it's not as dire as you depict, not necessarily.

It's only doom and gloom for those who already own property.

For those wanting to buy into the market at a cheaper price, (first time younger buyers) it's actually great news.
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Offline lindsey

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Re: Current Real Estate Market
« Reply #31 on: September 16, 2020, 04:42:39 PM »
The City has some interesting reporting on this question, though looking at rents, not home sales. Basically, rents are falling in Manhattan but increasing everywhere else, including those neighborhoods hardest hit by Covid-19 (hello, Jackson Heights). The money quote:

“When you see this narrative of everybody is leaving the city, and rents are dropping … and you live in a community where people aren’t leaving, people are trying to figure out how to make things work day to day, where there’s very little affordable housing and you don’t have a whole lot of options to go anywhere else if you wanted to — it’s incredibly frustrating.”

https://www.thecity.nyc/housing/2020/9/10/21430039/what-rent-drop-listed-prices-arent-budging-where-covid-19-hit-hardest
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Offline Shelby2

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Re: Current Real Estate Market
« Reply #32 on: September 16, 2020, 05:19:21 PM »
Quote from: ljr on September 16, 2020, 02:20:36 PM
Alphabet person is hilariously determined to spread gloom and doom as far as possible. Facts would include actual quick sales at high prices. An apartment in my building closed in June at the price it was listed at before the pandemic. This is not wishful thinking
--this is a fact. I have no doubt that sale prices overall will go down, but it's not as dire as you depict, not necessarily.

Someone on the JH FB group posted that his building just had a record price for a unit. I'm not sure which building, though, or the price. But record price sounds promising :)
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Offline abcdefghijk

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Re: Current Real Estate Market
« Reply #33 on: September 16, 2020, 06:32:31 PM »
Quote from: Shelby2 on September 16, 2020, 05:19:21 PM
Quote from: ljr on September 16, 2020, 02:20:36 PM
Alphabet person is hilariously determined to spread gloom and doom as far as possible. Facts would include actual quick sales at high prices. An apartment in my building closed in June at the price it was listed at before the pandemic. This is not wishful thinking
--this is a fact. I have no doubt that sale prices overall will go down, but it's not as dire as you depict, not necessarily.

Someone on the JH FB group posted that his building just had a record price for a unit. I'm not sure which building, though, or the price. But record price sounds promising :)





 

Shelby, you mean this comment from Facebook?

"our building just had a record price listing for a unit"

A price listing is very different to a sale.

In the same posting there's this comment on Facebook.

" I’ve been doing real estate in the area for years and lived there for 38 years.. Rental rates are def down, so are sales."

This grasping at straws is crazy. In 3-5 years, the downturn will revert. So no need to really worry.

Like I said before, this will be great for younger folks to be able to buy something at a lower price point. Like for those who were able to afford to buy in JH after the last recession when prices plummeted.
« Last Edit: September 16, 2020, 06:39:07 PM by abcdefghijk »
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Offline Shelby2

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Re: Current Real Estate Market
« Reply #34 on: September 16, 2020, 07:40:22 PM »
Quote from: abcdefghijk on September 16, 2020, 06:32:31 PM
Quote from: Shelby2 on September 16, 2020, 05:19:21 PM
Quote from: ljr on September 16, 2020, 02:20:36 PM
Alphabet person is hilariously determined to spread gloom and doom as far as possible. Facts would include actual quick sales at high prices. An apartment in my building closed in June at the price it was listed at before the pandemic. This is not wishful thinking
--this is a fact. I have no doubt that sale prices overall will go down, but it's not as dire as you depict, not necessarily.

Someone on the JH FB group posted that his building just had a record price for a unit. I'm not sure which building, though, or the price. But record price sounds promising :)





 

Shelby, you mean this comment from Facebook?

"our building just had a record price listing for a unit"


Yes, that's the one, and you're right, I thought he was referring to a closing price.
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Offline Matt

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Re: Current Real Estate Market
« Reply #35 on: September 30, 2020, 09:47:53 PM »
I can only speak about co-op apartments - I'm noticing that those sellers that are willing to reduce their asking prices are selling their apartments and those that are defiantly sticking to pre-pandemic pricing are not. 1 bedrooms in desperate need of a renovation shouldn't be asking over $400,000 in Jackson Heights now and I'd argue that they shouldn't have been last year. I think the market got ahead of itself.

Most apartments that sold in the second quarter of this year likely were in contract pre-pandemic. An apartment in my building went into contract in October and did not close until May. I'm guessing there were other factors that delayed the closing, but the pandemic definitely didn't help. I was surprised by the relatively high price that apartment sold for. A similar apartment in my building closed in August for about 20% less. I'm not sure when that one went into contract.
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Offline abcdefghijk

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Re: Current Real Estate Market
« Reply #36 on: October 01, 2020, 09:44:50 AM »
Quote from: Matt on September 30, 2020, 09:47:53 PM
I can only speak about co-op apartments - I'm noticing that those sellers that are willing to reduce their asking prices are selling their apartments and those that are defiantly sticking to pre-pandemic pricing are not. 1 bedrooms in desperate need of a renovation shouldn't be asking over $400,000 in Jackson Heights now and I'd argue that they shouldn't have been last year. I think the market got ahead of itself.

Most apartments that sold in the second quarter of this year likely were in contract pre-pandemic. An apartment in my building went into contract in October and did not close until May. I'm guessing there were other factors that delayed the closing, but the pandemic definitely didn't help. I was surprised by the relatively high price that apartment sold for. A similar apartment in my building closed in August for about 20% less. I'm not sure when that one went into contract.

20% decrease sounds about right.
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Offline JH3525

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Re: Current Real Estate Market
« Reply #37 on: October 01, 2020, 10:42:20 AM »
First time buyers of coop's who purchase studios and 1 BR's are gone.  I listed my 900 SF 1 BR 56 days ago and have reduced the price 4 times.  My realtor has not received even one phone call.  I'll lower it again next week for the 5th time.  I have no idea where the bottom is.  We could be returning to prices prior to 2016. 


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Offline CaptainFlannel

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Re: Current Real Estate Market
« Reply #38 on: October 02, 2020, 09:41:08 AM »
^do you think it possible the closing on the apartment was delayed due to the pandemic and the price reflects a pre-pandemic offer? I'd be curious what someone knowledgeable about real estate contracts would say about if Covid could be a legit reason to break a contract and get a deposit back?

An apartment in my coop sold in July for a price that reflects closing prices from early this year. I wonder if the offer was made in Feb/early March or possibly earlier. I recall it took us a good 3+ months to go from offer being accepted to closing on our apartment.

Quote
An apartment in my building closed in June at the price it was listed at before the pandemic.
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Offline JH3525

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Re: Current Real Estate Market
« Reply #39 on: October 02, 2020, 10:08:15 AM »
Captain Flannel:  If the listing you mentioned in July was in streeteasy.com, visit the website, enter the address of the building and click "Past Sales".  Click on the apartment (scroll down) and the listing will indicate the date it was listed, contract date and closing date. 
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Offline CaptainFlannel

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Re: Current Real Estate Market
« Reply #40 on: October 03, 2020, 06:25:50 AM »
^thanks for the tip. It wasn't on StreetEasy, but I did find it listed as sold on another site with less than 80 days on the market. So if closing date was in July, I guess that means it went on the market some time in May-ish.
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Offline r

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Re: Current Real Estate Market
« Reply #41 on: October 04, 2020, 07:03:31 AM »
It might be a long time before studios and one bedrooms become easier to sell. People need space, and separate rooms to use as offices.
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Offline abcdefghijk

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Re: Current Real Estate Market
« Reply #42 on: October 04, 2020, 01:54:15 PM »
There are 3.4 million apartments in NYC.

At least 1/3 would be 1 bedroom or studios. (Maybe up to 1/2?)

What people might need and what is available in NY are two very separate things.

My opinion. There's a recession. Prices drop. Sellers must adjust their expectations.

People looking for space, (real space not an extra few square feet)  leave (and have left or are considering leaving) the urban environment of NY. Which definitely includes JH. 

Anecdotally, pals of mine (30's) who may have previously bought 1 bedrooms in NY,...including JH... have decamped to buy big cheaper properties in non urban areas. Where they do have real space for an office. And kids. Etc. They are the market for NY 1 bedrooms...starter apartments... (or 2 bedrooms) and they are leaving...


« Last Edit: October 04, 2020, 02:05:03 PM by abcdefghijk »
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Offline lindsey

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Re: Current Real Estate Market
« Reply #43 on: October 09, 2020, 02:37:34 PM »
Quote from: abcdefghijk on October 04, 2020, 01:54:15 PM
Anecdotally, pals of mine (30's) who may have previously bought 1 bedrooms in NY,...including JH... have decamped to buy big cheaper properties in non urban areas. Where they do have real space for an office. And kids. Etc. They are the market for NY 1 bedrooms...starter apartments... (or 2 bedrooms) and they are leaving...

How common is the practice of combining adjacent studios or 1-bedrooms to make a more family-sized unit? I've heard of it happening a few times but if this could become more common, maybe would make it easier for families to buy and stay in the neighborhood.
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Offline abcdefghijk

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Re: Current Real Estate Market
« Reply #44 on: October 09, 2020, 04:48:43 PM »
Quote from: lindsey on October 09, 2020, 02:37:34 PM
Quote from: abcdefghijk on October 04, 2020, 01:54:15 PM
Anecdotally, pals of mine (30's) who may have previously bought 1 bedrooms in NY,...including JH... have decamped to buy big cheaper properties in non urban areas. Where they do have real space for an office. And kids. Etc. They are the market for NY 1 bedrooms...starter apartments... (or 2 bedrooms) and they are leaving...

How common is the practice of combining adjacent studios or 1-bedrooms to make a more family-sized unit? I've heard of it happening a few times but if this could become more common, maybe would make it easier for families to buy and stay in the neighborhood.

I know it does happen but I imagine that two maintenance charges per month (one from each unit) becomes prohibitive pretty quick.
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