Oh the weather outside is frightful, and the real estate market isn’t any better.

Homes in Babylon

  • Total: 72
  • Babylon School District: 45
  • BSD and Under 600K: 26
  • Condos/Coops:10

The new year is upon us and sometimes it feels like the Red Queen’s race in the real estate market. The faster we go, the further behind we get.

Pickings are slim, as you might expect. Not a lot of sales since the last MLS report. 72 homes may be a record low, since I started looking at these numbers, but that’s probably due to more people pulling their homes off the market in hopes of better times in the spring. That’s a pretty futile hope, from where I stand.

I drove by 401 Park and I noticed that the Realtor sign was gone and a FSBO sign had been erected in its place. That’s a sign(heh) of desperation. Even if they plan to rebate to the buyer the entire 6% they were planning to pay a Realtor, I don’t see how that gets it done in this market.

Our usual suspects are still on MLS, waiting for some buyer with more money than sense to swing by and take the property off their hands. Our old friend, 43 Strong is still there, of course. The ask on that one is down 100K from their initial ask. At $399,000, it’s still way overpriced. Back in 2007, when I first saw the place, I thought it might be worth $375K, now I think they’d be hard pressed to get $325K for it.

As for me, the hunt begins in earnest in 2009. Debra wants us in a house before the baby is very mobile, so we won’t be waiting for the absolute bottom. Get ready for the lowballs, people.