Real Estate Bust in NYC? Where? (appointed, sales, real estate market)

[Guywithacause]

This sale price was just about the record for the Longwood area in the South Bronx, and probably the entire South Bronx for that matter. Beautiful 3 family home, but unrenovated! Yikes. Prices continue to escalate here....

949 E 156th St, Bronx, NY 10455 | Zillow Real Estate

Sale was completed June 6, 2008.

[Fred314X]

It's true; nobody knows what to charge any more. I recently saw a listing for a house in Brownsville, and they were asking $495,000. It seemed to me that if you could come up with almost half a million, you wouldn't have to restrict your search to that part of Brooklyn!

[Wild Style]

real estate bust

here, here and here (broken link)

[Guywithacause]

interesting article...but seems that there is a glut of condos/co-ops...whereas if you want a brownstone home, that number is fixed...which would explain why this one sold for $650,000 in Longwood. There also seems to be more of an equalization of pricing in the boroughs...which would explain the strong price in Longwood as well..people venturing to new areas and equalizing prices.

Nonetheless, I no doubt see the slowdown, but when a building in the South Bronx is sold at this price, in such a "slow" market...that goes against what the news/hype is...and it is certianly indicative of what is happening in the Mott Haven, Melrose, COncourse, and Hunts Point areas (South Bronx). How things have changed.

[jackson92186]

interesting article...but seems that there is a glut of condos/co-ops...whereas if you want a brownstone home, that number is fixed...which would explain why this one sold for $650,000 in Longwood.

very, very true. They should build more brownstones, people love them way more than these new condos. At the prices they sell at today, you can afford to put in the craftsmanship and detail that make them so desireable and still make lots of profit. Where can this happen in nyc? they should rezone the rockaways for this type of development, and re-open the abandoned LIRR connect to the proposed one seat ride to lower manhattan, making the commute under half an hour from Manhattan to the underdeveloped Rockaways.

People love the old neighborhoods of NYC. They feature some really nice architecture and collectively make extremely nice streetscapes and generally nice places to live. i am disappointed to see that many developers don't follow this tradition, although some do very nicely (like some of the new apartments found in University heights in the bronx.) It makes no sense to me why developers don't invest a little more into their buildings in terms of appearence as it will increase the value of their property.

[Wild Style]

Originally Posted by Guywithacause

interesting article...but seems that there is a glut of condos/co-ops...whereas if you want a brownstone home, that number is fixed...which would explain why this one sold for $650,000 in Longwood. There also seems to be more of an equalization of pricing in the boroughs...which would explain the strong price in Longwood as well..people venturing to new areas and equalizing prices.

Nonetheless, I no doubt see the slowdown, but when a building in the South Bronx is sold at this price, in such a "slow" market...that goes against what the news/hype is...and it is certianly indicative of what is happening in the Mott Haven, Melrose, COncourse, and Hunts Point areas (South Bronx). How things have changed.

Guy you have to remember this. I am going on record here. This is how it started in Miami.First the condos took the beat down. Then it spread to other sections of the real estate market. NYC will be no different. You will still have a few idiots buying absurdly priced properties, but as things get worse that too will come to a close. Anyone want to look into a crystal ball from NYC? Go look at what has happened in Miami over the last year and change.

[Guywithacause]

Yes I agree Wildstyle...but just because something has occured in the past does not mean it will happen the same way int he future. Recessions as of late have been short, not deep and drawnout like prior decades...for example. Nonetheless, I don't think either of us KNOWS what will happen, I am just providing evidence supporting my position: That RE in NYC is still in demand, and prices are holding up, and even still insanely high, even in areas like the South Bronx. I can also tell you I have seen houses in my neighborhood lingering on the market, with multiple price cuts and still not selling, and they are usually the old, wooden 3 family homes in bad condition, with the same pricing as these beautiful historic brownstones...so no surprise why they are lingering on the market.

As I stated, however, prices remain high and are being supported even here...which goes against the doom and gloom as of late.

[Classicalguy]

There is a terrible housing shortage in NYC - not true in miami. I don't think you can compare the two places. Prices in NYC are terribly high - it's certainly possible that they will drop. But I sincerely doubt we're going to have the kind of crash that Miami or Las Vegas has.

[Wild Style]

Again,

NYC is not immune, again this has happened before. Time will show you guys, that's all i have to say. Oh that and yet another show of whats to come link

[Guywithacause]

Wildstyle...so basically you are saying that prices have escalated about 100% in 5 years (and more in other areas), but you are worried about the "inevitable" 5% decline? 10% decline? That would be very healthy and normal....point being, the phenomenal gains are not going to be erased and we are not going to 2001 pricing of $100,000 brownstones in Harlem. But hey you never know..crazier things have happenend.

However, I believe there will be small declines, as people balk at the super high prices in the city, however as a result they will also be chasing the very discounted prices in places like the Bronx. Of course this is my prediction, but it is based on the recent sales in my neighborhood, including this one, and another for a single family home for $350,000 bought by 2 white lesbians.