For 34th St., the most wonderful time of the year (to sell?)
700 block of 34th Street. Photo courtesy of Results 1 Realty.
Thanksgiving to New Year's is not a big time for home buying. Some sellers just take a break and try again later. Who wants to be marketing bricks and mortar when most people have food and presents on the mind?
Residents of Hampden's 34th Street, that's who. Two owners on the "Miracle on 34th Street" stretch -- the one lit up to high heaven and decorated to a fare-thee-well -- put their homes on the market this month.
One listing notes its location on the "WORLD FAMOUS 34TH STREET." The other points out, "Here's your chance to live on 34th Street in Hampden!"
I chatted with Sharon Burke, who owns the latter property, pictured above, and she said she thinks this is the best time of year to put a home on that street up for sale.
"We have approximately 45,000 people that come through 34th Street during the holidays," she said. "That's the estimate by the police. It's so many people on the street. More people get a chance to see it, I think, ... than we would be able to do during the regular [home buying season of] April or May."
Her son put his 34th Street house up for sale during the holiday season four years ago. He opened it up for people to come through the weekend the street was lit up, "and the following weekend, he had two bids," she said.
That was a very different sort of housing market, of course. But sales had just begun to slide in the Baltimore metro area at the end of 2005. The holiday timing, Burke is convinced, "was probably the biggest thing that helped him get his sale."
Burke has lived on 34th Street her whole life, minus a few years, and she's not moving. She's selling a second house. (Both are decorated.)
What she likes about life there: "It's a quiet neighborhood."
Not counting the end of the year, of course. But she said she really enjoys that, too.
Are there any other streets or neighborhoods you think benefit from a winter setting?
Categories: For sale, Housing market experiences
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Comments
Union Square is charming during the holidays. Visitors to their annual Christmas Cookie House Tour get a chance to meet the neighbors and experience what a tight knit community it really is.
Posted by: Jamie Mason | December 22, 2009 10:22 AM
Agents would be wise to suspend showing homes in most of these areas until after the snow on the streets and sidewalks has all melted.
Parking is tough enough in clear weather.
Posted by: MrRational | December 22, 2009 11:42 AM
With the economy the way it is right now going for anything that is out of the norm to sell a house, one has to do what one has to do. I would suggest to the owners of both of the houses to offer to leave the Christmas lights. The new owners are going to need them.
Posted by: DCMerkle | December 23, 2009 8:39 AM
It doesn't make sense to sell anything unless you are the bank stuck with a foreclosure on your hands. Any normal person will have to drop their price significantly in order to sell their home so they can compete with the bank owned REO's. Home prices are still too high and prices will dip again once the Fed stops buying Mortgage Backed Securities and the tax credit expires. These subsidies from the Gov't are to help "inflate" the housing bubble once again. If you let the free market take over prices would continue to go down, as they should. Rates are at historic lows. What happens when rates go up? I am pretty sure your debt to income ratio also goes up. What does that mean? You can't afford the same price home. In other words, you are qualified for a lower loan amount. It will be a shock for many people who are buying on these subsidies with a 3.5% down payment when they become upside down on their home. Unfortunately, it won't happen until these subsidies are gone, which could take another year to happen. I would continue to wait to buy since rates will most likely go to 7% when the Fed stops buying these Mortgage Backed Securities. They already allocated $1.25 TRILLION to buy mortgages and that money will run out by the spring of 2010. It is possible the Fed will increase that amount, but it won't be indefinitely. You can't inflate a housing bubble with low rates and very little skin in the game only to use the same tactics to re-inflate the bubble. Housing prices have to keep falling to pre-bubble levels that keeps pace with inflation. Appreciation of 5% a year is what anyone should expect. The days of your home going up 30% a year are over. Back to reality people.
Posted by: Frank Rizzo | December 23, 2009 9:13 AM
lol at the Union Square comment. it could have only been made by a realtor or someone who has never been there.
Posted by: jarjarbinks | December 27, 2009 5:46 PM
also, there should be a rule that realtors should identify themselves as such, especially when touting terrible, crime-ridden neighborhoods like Union Square. i work 3 blocks east of there. take my word for it, it is anything BUT charming. unless you consider being the victim of a violent crime charming.
Posted by: jarjarbinks | December 27, 2009 5:49 PM