Some housing news from New York from Inman News:
Buyer’s market emerges in New York
Sales of existing single-family homes in New York fell by double digits between July 2005 and July 2006, while home-price growth slowed to a more normal pace, according to preliminary single-family sales data accumulated by the New York State Association of Realtors.
There were 9,392 sales recorded statewide in July, a decrease of 11.3 percent from the 10,681 homes sold in July 2005, according to the preliminary data. Last month’s sales total was down 7.6 percent from June’s level of 10,166 sales.
Year to date, 54,932 existing single-family homes have sold, down 2.8 percent compared to the 2005 record-setting market total of 56,495 for the same period.
The statewide median selling price rose 3.7 percent in July to $269,700, compared with the $260,000 median recorded in July 2005. The July 2006 median price, however, was down by 3.3 percent compared to the previous month, which recorded a median sales price of $279,000.
“Buyer’s market”
Thats a bunch of hogwash. This is the new battle cry for these knucklehead RE agents trying to seduce some joe six pack or the uninformed. Its still a sellers market. A 20% deduction in this market ain’t shit.
SAS
NICE!
Twisting and spinning a way of life for these starving grubbing manipulating thugs.
Looks like now is the time to buy:
http://tinyurl.com/e4so5
We’re definitely in a “buyer’s market”!
Buyers are just ‘sitting it out’. Prices & Rents are still ridiculous especially in the Jersey City area & most of Hudson and Bergen counties.
Forget about the 5 boros in NYC unless you make more than $250,000 a year
A tiny one bedroom apartment starts at over $1,500 a month in the bad parts of JC. Heat, Hot Water & Cooking gas are NEVER included either. That ads another $300 to the monthly rent during the winter months assuming an average winter.
Prices for condos are still ridiculous. Can’t find anything in the entire region for less than $300,000 which require at least 20% down + another few hundred every month in RE Taxes & Condo fees.
Sure buyers market for the wealthy. Sort of like — leave no millionaire behind.
And a landlords market in the 5 boros of NYC, Long Island & NNJ with vacancy rates at 40 year lows and rent increases the greatest in 16 years.
And a landlords market in the 5 boros of NYC, Long Island & NNJ with vacancy rates at 40 year lows and rent increases the greatest in 16 years.
Someone posted here a while back that “nobody is buying and nobody is renting.”
Tent-living must be popular among Grim’s fans here!
Landlords are making out like bandits. Either pay the “greedy grubbing” seller, or pay your “greedy grubbing” landlord.
Take your pick…but it isn’t pretty either way for you.
“Take your pick…but it isn’t pretty either way for you.”
Or live virtually rent-free from the interest earned on money NOT spent on massively over-priced houses.
Sitting underwater for a decade on an overpriced house: not pretty!
http://tinyurl.com/e4so5
Positive cash flow: very pretty!
A 40% lower mortgage in 2 years than the fool who bought last year: very pretty!
Same town, same street, same schools, 40% lower mortgage!
“Take your pick…but it isn’t pretty either way for you.”
8/31/2006 05:17:29 PM
It’s pretty for me. Sold, put a ton of cash in other areas that are appreciating much more than RE. Now watching massive over supply, very little demand and higher interest rates. One negative, I don’t have granite counter tops.
BC Bob
Landlords everywhere are smiling. They win either way.
Plenty of landlords running NEGATIVE cashflow!
And these will be the chumps to start the stampede out as they realize they will be underwater.
Lots of RE Tycoon wnat-a-bees going to get stiffed.
I know sold to a few about 1-2 years ago.
heheheheeeeee
How about all those trapped flippers turned landlord. They receiving positive cash flow???? It will really start to hurt soon.
BC Bob
I’m not talking about flippers. I’m talking about long-term owner-landlords.
These guys aren’t going to sell in a panic because prices are going lower for a while. They’re going to hold onto what they have, and buy more as prices go down.
The tax laws are on their side, too.
One of my 20-something kids just rented an apartment in a three flat. The owner has 17 other three family houses, all rented to 20- and 30-somethings.
She hopes this housing price slide lasts for a while. She says she’s never seen so much demand for her rentals.
Trust me, she’s smiling. Underwater? Far from it.
Don’t believe me? Ask your own landlord how things are going these days.
It’s pretty for me. Sold […]
You mean..you actually made money in real estate? Heavens! What an idea!
Oh, but you weren’t one of those greedy grubbers everyone talks about here, were you? You gave your place away at a bargain price out of the goodness of your heart, I’m sure.
“Landlords everywhere are smiling. They win either way.”
The point isn’t about being “anti-landlord” it’s about being “anti-debt slavery.”
anon 8/31/2006 06:42:36 PM
I’m not talking about flippers. I’m talking about long-term owner-landlords.
30% of home buyers in the last couple of years were ‘investors’ aka wanna-be landlords. Do you consider these landlords long term?
It’s good to see sellers complain. The slowdown must be driving them crazy. As someone said the other day “we are ahead of schedule” on this bubble.
Anonymous said…
It’s pretty for me. Sold […]
“You mean..you actually made money in real estate? Heavens! What an idea!”
Remember that was then, this is now.Yeah never had intentions of selling. The frenzy/absurdity of the market moved me to the sidelines. Can you imagine, 5 buyers got into a bidding war. I didn’t set the “greedy” price the market did. Now the market is set to taketh. When real estate trades like a commodity, I am happy to take the other side of that trade. Yeah, I guess there’s something wrong with me, I like to buy low and sell high. Today’s buyer have it backwards, like their upside down mortgage.
BC Bob
“‘There’s been a significant pullback in activity by flippers,” said Mike Ela, former president of DataQuick. ‘Flippers are changing their quick-flip mentality. They may be hanging on a little longer in hopes of averting a loss.’”
Anon 7:03, I am not sure that the “investors” wanted to be landlords per se, not with the negative cash flow they must have even in this strong rental market. They probably wanted to sell again in a year or two and make a quick 25%. Now they are stuck.
BC Bob: I am not sure I understand why you think today’s sellers are greedy and you weren’t. Like most sellers, you wanted to get top dollar for your property. You had the benefit of clearer market signals. Honestly, I am surprised at the solidarity of sellers in NOT lowering their prices more quickly, but it’s their choice. Is it greed if they never get their price or just delusional?
Today I put an offer on a townhome on the shore. Offered 20% off the asking price. My clueless realtor told me his office normally wouldnt even present an offer this low. Mind you this area of the shore has a 28 month inventory on the island and the builder cant finish the project without selling a unit. When will the effects of the Kool Aid wear off?
20% , i would go to 30%
easy or no deal.
the properties are not
going anywhere.
Why is buying a house “the American dream”? I’ve never understood that. Do people in other countries not enjoy buying homes? Are we the only people in the world who like to own a house?
Anonymous said…
8/31/2006 08:23:01 PM
By the way, today’s sellers are unrealistic, out of touch with the market.
There is a major difference. I was set to sell at the market. I realized no one gives a shit what I think my property is worth. I knew the buyer determined this. I placed a market order. I was not greedy, trying to get 20% higher.I sold to the market. In contrast, today’s seller is looking to get 10,20 30% or more than the market. You can call it what you want. They are placing a limit order out to the market with no chance of it getting hit. I was not greedy to the market, they are, or delusional, and will be. Big,big difference. Your defintion of greed is profit, my definition of greed is being piggish to the market. That’s why I profited and they will be slaughtered. I learned a long time ago to plan your trade and make sure you trade your plan. I wonder if all the trapped homeowners have planned a trade??
BC Bob
Anon 8:39,
My offer was exactly 30% off the OLP. Have not yet heard back from my realtor. Hope he hasn’t talked it down to the seller. LOL.
Oh, please, Bob…it’s “greedy grubbing” when the other guy does it. When you do it, it’s brilliant market timing.
Why didn’t you just accept the first offer at full price on your house, and move on, instead of letting “5 buyers get into a bidding war” ?
Because you wanted to maximize the $$ in your pocket, the same as today’s sellers.
Do you expect them to chop 40% off the last comparable sale just because there’s a lot of inventory around?
You should hear yourselves crowing on this board about your cash hoards and how you’re going to take no prisoners in aquiring “assets.”
So who’s greedy–the “old geezer” who’s owned his place for 25 years, or the folks on this board, rubbing their hands together in glee?
Anon, there’s nothing wrong with being a “greedy seller” — more power to them, if they can find a Greater Fool.
I’m a greedy buyer, and when I sell, I’ll be a greedy seller.
Many sellers are simply “testing the market” to see if they can land a Fool, while others are pricing accordingly to actually move the house.
We tend to mock the tone deaf sellers who still think it’s July 2005.
Anyone who makes an “anti-debt slavery” move, be it a greedy seller cashing out, or a buyer swooping in near market bottom, has my respect.
Debt is for losers. Buy low, sell high.
“Oh, please, Bob…it’s “greedy grubbing” when the other guy does it. When you do it, it’s brilliant market timing.”
It has nothing to do with brilliant timing. I didn’t buy with that purpose. However, the market created the mania, not me. By the way, I did not create a bidding war. Strictly their decision. Also, I am not smart enough to time real estate. I reacted when I saw a market that was extremely/outrageously mispriced, one that was so far out of touch with its own fundamentals. You missed my point. I sold at the market. If sellers sold at the market today we wouldn’t have such a huge over supply. Remember no one is greedy in making a profit, that’s free enterprise, the way capital markets work. I don’t call anybody else greedy who is looking to profit. However, I call them greedy when their expectations are so far out of line with market conditions.
For example, I sold Cisco at 62. I could have been greedy and held out for 80. I was not greedy in taking a profit. The individual that held on looking for 120 is greedy. Many of them continued to hold down to the teens and lower. The same scenario is unfolding today. Yes, there is a big, big difference in taking a profit and being greedy to the market.
By the way, I never talk about taking “no prisoners”. I try to keep the discussion centered on the topic. Unfortunately, some anon posts that everybody on this board is just jealous because they want to be a wannabe. Not true at all. When the trade makes sense, I will go against the masses of the asses anytime. I guess I will never be a wannabe. I’ll leave that for someone else. By the way, when I become a buyer, I will be a greedy buyer.
BC Bob
You mean a greedy, equity mooching, grubber?
“I’m a greedy buyer, and when I sell, I’ll be a greedy seller.”
Statement of the week! Thanks for the smile, unrealtor!
Bottomfeeder said…
Today I put an offer on a townhome on the shore. Offered 20% off the asking price. My clueless realtor told me his office normally wouldnt even present an offer this low. Mind you this area of the shore has a 28 month inventory on the island and the builder cant finish the project without selling a unit. When will the effects of the Kool Aid wear off?
8/31/2006 08:33:20 PM
You tell that manipulating grubbing realtor you will fire them or else. Tell them to put the damn bid in or you are FIRED!
Know a friend back in 1993 wanted to put in a bid for $95k for a house asking $135K. The realtor said she would not accept it. He told her to put the bid in or you are fired. He ended up getting the house at $107k after a little back and forth bidding.
Anon 09/01/6 9:01:54 am
Thanks for the advice. Fortunatley for us we have yet to hear from our realtor friend…it has been 2 days. I fear we have been dumped! What will I ever do without my greedy, grubbing realtor friend? Did I forget to mention that he is a flipper in the town I made the offer on? His property has yet to sell. He is STILL trying to make a profit even as his $4000/mo. arm bleeds him dry. Perhaps my lowball offer hit a little too close to home. Maybe its a conflict of interest. Maybe he could no longer take the pressure. Maybee….
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