Recharger, who lives in a hovel chewing Snausages and digging dirt, absolutely loves what some in-the-know real estate people are calling a “buyer’s market.” You’ll recall that in mid-July, CNNMoney.com declared that the “soaring supply of homes for sale means nearly flat prices and longer waits for sellers.”
Since then, according to lenders and realtors, it has turned into buyers nirvana. Not only is winter a crappy time for sellers, but housing inventory hasn’t sunk enough to help. This means fewer buyers.
It gets better. Analysts claim that although price drops have been drastic—10% in New York—the decline has been steady for more than six months, and it will get worse before it gets better, with housing prices predicted to drop another 6-8% by August next year.
Oh, so that’s why a two-bedroom condo in DUMBO with $860 common charges and $40 taxes just sold for a measly $949,000.
-- Feliks Gitsin