Note: These posts are a part of our weekly email updates that we send to our exclusive buyer and seller clients, weeks in advance of posting them here. If you would like to be put on our exclusive distribution list, please send me an email:dbrennan@brennanrealestate.com.
Just about a year ago I observed strong demand (in advance of the lagging quarterly reports) for 2-family properties. I blogged about it here. Now, 12 months later at the front end of the listing season, demand is as strong and possibly stronger than it was back in March 2011. A sample of recent listings supports my observations:
355 Henry Street, asking $3,850,000, or $1,400 per sq ft, this half completed project entered contract after only 28 days on the market and is now reported to be closed.
455 ½ Henry Street, asking $2,695,000, or $1,123 per sq ft, reported to have an accepted offer after only 7 days on the market.
208 Warren Street, asking $2,950,000, went into contract and closed after only 4 days on the market.
This is obviously not great news for buyers in general, but it should provide you with confirmation that while making a commitment to a brownstone purchase is indeed intimidating, there is follow-on demand that should support your purchase price and necessary improvements. If not immediately after your purchase then soon thereafter. It is my opinion that while supply may increase due to the price points being achieved by current sellers it will still remain constrained as it relates to overall demand. So while there may be a few more homes to choose from there appears to be less time to make your decision. We are here to help you get comfortable with opportunities that meet your needs and provide you with enough information to act with confidence. Don’t hesitate to contact us now via email: dbrennan@brennanrealestate.com or telephone: (917) 568-6525
