A Rising Tide for Brooklyn Economy?
Brooklyn’s doing just fine, if you believe yesterday’s bullish article in Crain’s: In the first six months of the year, almost 25,000 borough residents found work, more than 200,000 square feet of commercial space was rented and retail rents began to stabilize. Why? Brooklyn’s such a desirable place to live now. Certainly, for anyone under…
Brooklyn’s doing just fine, if you believe yesterday’s bullish article in Crain’s: In the first six months of the year, almost 25,000 borough residents found work, more than 200,000 square feet of commercial space was rented and retail rents began to stabilize. Why? Brooklyn’s such a desirable place to live now. Certainly, for anyone under 30, Brooklyn is now their first choice and not their second choice, says Doug Steiner, president of Steiner Studios and not totally unbiased given his interests in real estate development (80 Met). Let’s hope Crain’s is onto something!
Brooklyn Feels the Love of Rising Economy [Crain’s]
Or just wait ’til prices come down to you range and employment becomes stable. Nothing wrong with that either. In fact, something very wrong without that if you’re not wealthy.
***Bid half off peak comps***
Our economy is slowly dying, it is kept alive artificially. No one is proposing a solution because no one has the slightest idea of why it is happening and many have vested interest in the present system. However an objective observation of the phenomenon can help us understand it and provide us with an innovative solution. Of course we can’t solve the problem with the tools that brought us there in the first place and we need a new ideology.
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– Do you feel that your ideology pushed you to make decisions that you wish you had not made?
– Well, remember that what an ideology is, is a conceptual framework with the way people deal with reality. Everyone has one. You have to — to exist, you need an ideology. The question is whether it is accurate or not. And what I’m saying to you is, yes, I found a flaw. I don’t know how significant or permanent it is, but I’ve been very distressed by that fact.
– You found a flaw in the reality…(!!!???)
– Flaw in the model that I perceived is the critical functioning structure that defines how the world works, so to speak.
– In other words, you found that your view of the world, your ideology, was not right, it was not working?
– That is — precisely. No, that’s precisely the reason I was shocked, because I had been going for 40 years or more with very considerable evidence that it was working exceptionally well.
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An Innovative Credit Free, Free Market, Post Crash Economy
A Tract on Monetary Reform
http://post-crash.com/credit-free.html
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Heather, I believe there may be some little pockets where you can find a two bedroom apartment in an area with decent schools for $300,000 or so. I am thinking of Jackson Heights, maybe some of the areas further out in Brooklyn such as Bay Ridge, maybe Inwood (not familiar w the schools there), etc. Or just rent. Nothing wrong w that.
“The problem is that most of the buyers right now are first time and they CANNOT afford it. That’s why there’s a need for FHA status for Toren/Oro/etc. Most buyers profiled here (3rd & Bond, Adam Dahill saving every penny, etc) and in the Times are barely scraping up the down payment to overpay for still historically and fundamentally overvalued assets on risky credit and little skin in the game. You have your well heeled buyers but even they are taking a hit in this unofficial but real depression and can afford, or are only willing to pay, lower prices.”
This. I mean, I think that this is true. I’ve stopped actively following the market because it is too damn depressing that a three-person family making what we make can’t actually afford anything that isn’t in a really poor area. And even then, we’d be leveraging it all to hell.
By lincolnlimestone on September 21, 2010 3:46 PM
No clear answer, and yes, I dislike mosr modern architecture, but it’s the color and materials on this building, I just think its hyper-frivolous, hyper-synthetic. Yes, its just my opinion (unless it falls down, in which case, I will consider myself a psychic)
Couch, if the Toren is so bad, what is an example of a good building?
“I’m not a trust fund baby – in fact I was broke through a messy divorce just a few years ago.”
I figured you weren’t a Hilton or a Johnson. Just a side note about overpaying for a depreciating asset whether you’re wealthy or not. Divorce sucks. Cheaper to keep her (him too ladies). Congrats on your recovery (evidently a real one!).
Bad assumption, fsrq. Like you said, shorting the markets like Henry Paulson requires timing (but you didn’t mention leverage). Near impossible and dangerous for outsiders like myself in this rigged, manipulated, maximum overdriven, man against machine, supercomputer, frontloading, HFT casino we call the capital markets. Even the right call too early could lead to a deadly margin call. Deleverage is a biotch. I value my marriage. I’ll be happy to preserve cash (hedge a little with metals/commodities) and let prices come down to me.
Look for me right here on brownstoner.
***Bid half off peak comps***
By lincolnlimestone on September 21, 2010 12:43 PM
Maybe, but for the moment, I am content to impart some conservative-ish thoughts into the Liberal-Leftist BORG of NYC and Brooklyn–didn’t Reagan win NY?
BHO I am going to assume that should your prognostications occur you are going to be rich, I mean super-duper rich; Warren Buffett George Soros kinda rich – cause if you are this sure, this absolute in your beleifs I have to assume that you are putting your $ where your mouth is – I fo one have none of your type of hubris and so while I have a view on RE and the economy in general, I learned a long time ago that my predictions can as easily be wrong (especially on timing) as right and so I might change the weighting of my exposures based on personal beleifs I’m not going to bet the farm one way or another.
You on the other hand seem to ridicule even the possibility of being incorrect or too one-sided, therefore after the market collapses I will be looking for you in the pages of Forbes.