The Market has changed!
June has provided a wake-up call for Brownstone Owners. It has been quite a while since we’ve seen almost every listing make it through a whole month without selling, and yet that is exactly what happened.
6 Brownstones have been listed since May, with one – YES ONE – sale. One has been cancelled outright. Two others were cancelled and relisted at new prices. Every single one has experienced a price reduction.
What does this mean for our value?
Values in the Brownstones are coming back into the listing price range from February/March. This means when you eliminate the over-inflated multiple offer sale prices from that time period, the value for a nicely updated Brownstone still remains in a very attractive price point for both Sellers and Buyers in today’s market.
To compound the struggle for some units to sell is the fact that many of the listings have come from the 500 block which has been issued a significant special assessment. This assessment, along with the overall market climate, has lowered interest in those units, even with many owners willing to pay the full amount of the assessment. It has also affected the other Brownstone listings as well, since it has created a concern that other corporation units will become subject to an assessment. My research into this concern has uncovered that, at this time, it is simply not true.
Experience matters now more than ever, Contact us today to help create a vision and a plan for your Brownstone Real Estate needs.