Property Grunt

Sunday, September 18, 2005

Status report from the open house front: BUYER BOHICA NO MORE?

Turnout at the Grunt’s open houses has been lower than turn out at a Pro FEMA rally in New Orleans. Ok. That was bad. But you get my drift.

While I have been waiting for the trickle of buyers I have been pondering the reasons for today’s atrocious results. One could argue that it was due to the traffic created by the Mexican Day parade but I have to disagree. As I have stated before in my previous experiences that I have seen people come through all types of weather and parades to come to open houses. Besides, everyone loves Mexicans. They make the best soap operas.

This is week two of the open house drought and in a previous entry I stated my concern and hoped that this was fluke but it doesn’t look like it. I have heard from one broker who was previewing the open houses in that area that turnout has been low. One of the few buyers who came by made the observation from looking at the major real estate brokerages that there has been more inventory and prices have not increased. This buyer was also just looking. BUYER BOHICA BE DAMNED!

Perhaps what I am experiencing is isolated and other open houses fared better than mine. I can’t go into details of the locations of the opens houses without compromising the sellers but the open houses were held on the east side below 50th street.

I would like to take this opportunity to get as much feedback about today’s open houses. Whether it was in my area or the Upper Westside. Whether you were holding them or you were attending them, any input would be helpful. Either put it in my comments box or send me an email.

Please, do not take this as an opportunity to play “My open house was better than everyone else’s and you all suck.” Or “Grunt, you are a big a**hole trying to scare people.” This isn’t pissing match. This isn’t me stirring s**t up. I am experiencing this first hand and all I am trying to do is help people get a better idea of what the hell is going on.

If this is an anomaly fine, I will be happy. But if this is the sign of the bubble bursting, if this is game over for the market I think everyone has a right to know.