Thursday, April 27, 2006

Downtown for Sale

Something is amiss in downtown JC. There's 8 houses or condos for sale on my block alone. I saw dozens of "For Sale" signs today when I went to have coffee with my pal Jessica over in Van Vorst Park (I live in the Hamilton Park area).

But I only saw one "Sold" sign.

Is it the rise in property taxes? That's what squashed JC's last run-up, in 1988. Interest rates? Or is it just that the insane value increases (my place tripled in value since I bought it in late 2002) that has everyone trying to take profits? No one knows. There will probably be some kind of shake-out over the next several months and we'll have some answers by autumn.


Steve Buccellato said...

Are they way expensive?

Marie said...

Yes and no. I mean, they're all too expensive for ME. You know, million dollar brownstones and $350,000 condos. But if you think about the space and proximity to Manhattan, it's a good deal when compared to places in Manhattan. Or San Francisco. The little gingerbread houses on my block go for cheaper, usually in the $700-$850k range.