House of the Day: 326 10th Street
326 10th Street was an Open House Pick when hit the market in early May with an asking price of $1,180,000. It looks pretty attractive to us, which makes it a little surprising that it’s already gone into price-cutting mode. Do you think the new price of $1,125,000 will bring out the buyers? 326 10th…
326 10th Street was an Open House Pick when hit the market in early May with an asking price of $1,180,000. It looks pretty attractive to us, which makes it a little surprising that it’s already gone into price-cutting mode. Do you think the new price of $1,125,000 will bring out the buyers?
326 10th Street [Prudential Real Estate] GMAP P*Shark
Sheep be careful to bad reporting. 90 day delinquency % is below the current foreclosure %. Problem with reporters are that they are generally idiots and need drama to sell advertising.
If you read the actual report and have a brain you would conclude Boston (along with Atlanta and Denver) are in trouble, NYC is not. They specifically point to this data.
The market is not rotting within. Brownstone brooklyn (non war zone) is not immune to market fluctuations, but there is no new alarming data, nor new alarming trends……..
Before the housing crisis S&P had NYC’s “months to clear” shadow inventory at 30 or 40. in NYC metro. They don’t mention in this study what “current liquidation rates” are, not how NYC may differ from say Phoenix. I suspect it is not what most people think.
S&P: “We found the differences in inventory trends to be far more telling of the relative levels of inventory buildup and potential future price movements”
NYC has been peaking at its current level for 2 years now. Look at the Charts! They point this out specifically!!! And we know where the current foreclosures have occurred.
S&P: “However, although inventories for these MSAs (i.e. NYC) also reached new highs in early 2008, with another slight rise in early 2009, they appear to be maintaining these peak levels overall (see chart 3).”
Atlanta, Boston, and Denver is where S&P is highlighting for price issues with peak shadow inventory.
I see no alarm bells. If you do, show me the data.
my immediate thought was a bunch of white paint= total reno job.
It does look like they just slapped some white paint/cheap tile and called it a day. Good enough for a renter, not for a million dollar price tag.
You’re welcome, Pigeon. It’s a week old. I don’t know how I missed. Oh well – better than missing a payment.
***Bid half off peak comps***
Lovely kitchens and baths….but maybe not in this configuration. It’s three apartments in a two-family house.
It’s not funny at all, Snappy. Debt slaves gotta do what they gotta do. Every month that peak comped mortgage says, “F*** you pay me!”
***Bid half off peak comps***
BHO,
Thanks for the link to the interesting WSJ article.
Legal 2 family? Funny, cause I count 3 kitchens.
“Do you think the new price of $1,125,000 will bring out the buyers?”
Nope. But the shadow inventory will.
Shadow Problem: Home Price Declines May Land in Cities That Largely Avoided Them
http://tinyurl.com/2crmf8u
“At the top of the list: the New York City area, where at the current rate it would take 103 months to clear the shadow inventory of loans that are more than 90 days delinquent or in foreclosure. That’s nearly 3.5 times the national average…”
Did you read that? TOP of the list, not just up there, TOP! Almost 9 freakin years of inventory!
“…’The big problem of course in the New York metro area is that we have not had the re-pricing that the West Coast has had,’ says Daniel Alpert, managing partner at Westwood Capital LLC, an investment fund. ‘This is very similar to what happened in the early 90s where the crisis moved regionally from one area to another.’…”
Half off in SF and LA metro. Eventually half off in SF and LA proper as we double dip. NYC? Fugettaboutit! “Look, ma! No hands!”
“…Nationally, foreclosure timelines have swelled over the past two years as lenders deal with rising piles of delinquent loans and as they are under pressure to modify those loans and avoid foreclosures. But so-called ‘judicial’ states that require banks to get a court order in order to foreclose, including New York, New Jersey and Florida, have seen foreclosure timelines grow even larger.”
including New York…including New York…including New York…even larger…even larger…even larger…
Enjoy that “free rent”, boys and girls. You know who you are!
***Bid half off peak comps***