Rental of the Day: J Condo Two-Bedroom

90% of the sales and rentals on the nestseekers website are fake.. call them up and they'll pull the usual 'oh that just rented, but I have this other one that you might like that's half the size and double the money'. DO NOT trust that company!

Posted by: guest at September 21, 2007 12:45 PM

Since when is DUMBO "Brooklyn's most coveted neighborhood"?

And the living area with *very* open kitchen doesn't seem idea to me. And WOW! Those are Manhattan prices, prime ones at that!

Posted by: guest at September 21, 2007 12:45 PM

thats way to expensive

Posted by: guest at September 21, 2007 12:51 PM

Few things frustrate me more than an illegible online floorplan. Blow up your freakin' floorplans realtors!

I hate to say it but I think $4.2K is reasonable for that area and building. At least for now. I think we have a rental bubble that will deflate behind the price bubble. That's what happened last bust. Rents went down too.

Posted by: guest at September 21, 2007 12:54 PM

Unfortunately "What", most people in New York are not paying 50% income on rent or mortgage. There is ALOT of money out there and these prices are very affordable to a large segment of the population.

Posted by: guest at September 21, 2007 12:59 PM

ridiculously overpriced. Then after paying a year of rent, you get to shell out what - probably 1 mil + for the honor of owning that awkward apartment? In DUMBO?

Posted by: guest at September 21, 2007 1:04 PM

And contracts are ABSOLUTELY guaranteed to close.

Posted by: guest at September 21, 2007 1:05 PM

you're a idiot, 1:05.

Posted by: guest at September 21, 2007 1:10 PM

Blow me 1:10.

Posted by: guest at September 21, 2007 1:14 PM

"And contracts are ABSOLUTELY guaranteed to close."

Yup. Just ask the homebuilders.

Posted by: guest at September 21, 2007 1:18 PM

I think the point is someone is obviously interested and seriously buying at these prices, regardless if it is in the small percentage that dont close - someone wants it and is willing to pay.

Posted by: guest at September 21, 2007 1:21 PM

Then why the lease w/ OTB, 1:21 PM?

Posted by: guest at September 21, 2007 1:26 PM

Just want to share an epiphany I had last night returning home after a business trip to the deep south.

We flew into LGA from the south and for those of you who have had that flight path you know what I am talking about.

Flew accross Coney Island with views of all of Brooklyn, Prospect Park, Red Hook and downtown. Then came up the Hudson and over the Bronx to the sound and landed.

The whole time I was looking at the amazing sprall of lights, excitment, activity and life. Could even see times square flashing and glowing.

Anyhow, the point is I kept thinking what an amazing city we live in and how truly attractive it is to people everywhere. That and the fact that there was no land left to build - Only Up.

For those of you who push the "Implosion" agenda for whatever reason, you need to look out of the window from a plane and realize this is New York City - The center of the country...There arent going to be insane bargains and dramatic real estate losses. People will always want to be here.

Posted by: guest at September 21, 2007 1:35 PM

What's the percentage of signed contracts that don't close? maybe 5%?

Somehow twisting a signed contract to fit your agenda of convincing the world no one is buying property any longer is bitter, jaded and really ignorant to say the very least.

Posted by: guest at September 21, 2007 1:36 PM

Ha!, hard work is wealth huh?

You must be really working hard as a broker in Bed Stuy these days...

I guess posting on message boards to scare people into selling could be considered hard work in some circles.

Posted by: guest at September 21, 2007 1:38 PM

No one EVER admits being wrong on here which is ridiculous.

I believe most people last week said that the 3.4 million Berkeley Place townhouse was overpriced.

Guess what...it also has a signed contract after 2 weeks on the market.

Posted by: guest at September 21, 2007 1:39 PM

"For those of you who push the "Implosion" agenda for whatever reason, you need to look out of the window from a plane and realize this is New York City - The center of the country...There arent going to be insane bargains and dramatic real estate losses. People will always want to be here."

Posted by: guest at September 21, 2007 1:35 PM

Barbara Corcoran! Welcome back to the apple. I just love your 'look out of the window from a plane' real estate analysis. You are a genius. We don't need hardcore fundamental evidence to show that prices will continue their upward spiral. Just cop a plane ticket.

Posted by: guest at September 21, 2007 1:58 PM

"What's the percentage of signed contracts that don't close? maybe 5%?"

Outdated statistic calculated when credit, oh I'm sorry, money, was plentiful.

Posted by: guest at September 21, 2007 2:00 PM

Hey 1:58 - Nice try at dry wit.

I am just offering my view of NYC from a different perspective - never said anything about offering real estate analysis or that prices will spiral upward.

Not a broker or Barbar Corcoran as you suggest. Just a regular Brooklynite wondering what is in store for the future.

Guess anyone here who doesnt accept the view the anyone who buys or owns in NYC is doomed to poverty and broken dreams is automatically considered a broker - interesting...

Posted by: guest at September 21, 2007 2:03 PM

What - I just got a loan commitment for a jumbo at 6.825%. What rate sheet are you looking at?

Posted by: guest at September 21, 2007 2:06 PM

Somehow I doubt someone spending 3.4 million a home gives a rats ass about an additional percentage point on their home.

Especially given the fact that it was literally on the market for 2 weeks, so it's not like as if the potential new owners thought about it for weeks or months on end.

They saw it, they liked it, they bought it. End of story.

Every single comment you make, 2:00 is laced with insane amounts of jealousy. Could you try to be a little less transparent?

Posted by: guest at September 21, 2007 2:08 PM

"Ha!, hard work is wealth huh?"

Duh. It's called physical labor. Something that we, in this service economy, have all but forgotten about with the exception of construction workers. Without illegal immigration, this country wouldn't have produced shit. African slaves practically built this country. That's wealth like a muthafuckah. They may not have owned it, but they damn sure produced it.

Posted by: guest at September 21, 2007 2:09 PM

Today's Rates: SEPTEMBER 21, 2007

Product Interest Rate APR Total Points

Jumbo - loan amount greater than to $417,000
($625,500 in AK and HI)

40/30 Fixed-Rate Balloon1 7.000% 7.141% 1

30-year fixed1 6.875% 7.030% 1

15-year fixed1 6.500% 6.749% 1

5-year ARM1 6.750% 7.127% 1

3-year ARM1 7.625% 7.418% 1

Current Jumbo rates from Wells Fargo today -

Posted by: guest at September 21, 2007 2:15 PM

The real problem here is that so many people have become SO entitled that they just can't fathom the fact that 35% some odd percent of New Yorkers own property. That's been about steady through the years.

So that means that 30 some odd percent of people who owned property before the uptick in housing and held onto it made a TON of money. Add that to the people who MAKE a TON of money and there are a lot of people in this city with a TON of money.

Just because you don't have it, doesn't mean it isn't out there.

You should get used to it, because even if everyone loses 20% of their homes value there is still a TON of money in this city.

Get a 2nd job or work a little harder at your first if you'd like to play with the bug boys.

Otherwise, accept it and move on.

Posted by: guest at September 21, 2007 2:16 PM

"No one EVER admits being wrong on here which is ridiculous.

I believe most people last week said that the 3.4 million Berkeley Place townhouse was overpriced."

Rate of change my friend. Rate of change. The rate of things flying off the shelf at prevailing prices has slowed immensely and will continue to do so until prices correct by -25 to -50 percent (real terms). 2005 activity and 2007 activity don't even remotely compare to eachother. Before you know it, we'll be in the red.

Greenspan says double digit depreciation on the horizon. Coming from someone who said, "no housing bubble, just a little froth", that's BAD! The majority of you are blinded by the slow nature of the real estate game. It takes years, not months, to see change. Month-to-month comparisons mean nothing. Aint nothin' upward about the long term trend (5 to 10 years). Read some history - http://tinyurl.com/mythk
.

Posted by: guest at September 21, 2007 2:29 PM

Good grief. I can't be the only one who thinks that "The What" is a complete idiot.

Posted by: guest at September 21, 2007 2:40 PM

Nope, I'm with you 2:40.

Posted by: guest at September 21, 2007 2:46 PM

we are all with you, 2:40.

trust me.

he likes to hear the sound of his own voice.

period.

Posted by: guest at September 21, 2007 2:49 PM

What - My loan commitment and rate lock are dated 9/18. The banks fees are only $1,100.

Not sure what switch you think will be pulled, but The good faith estimate, truth in leanding and 60 day lock terms all seem pretty air tight to me.

Oh btw my Fico is over 720 but I only put 10% down.

Ciao

Posted by: guest at September 21, 2007 2:49 PM

2:29. your information is inaccurate at best.

Posted by: guest at September 21, 2007 2:55 PM

Keep up the moronic posts, The What!

Posted by: guest at September 21, 2007 8:15 PM

Pretty consistent with what I have been seeing lately BKLove -

Not sure wtf "The What" is talking about with 9.5% rates, but he claims to be a broker so god help us if he is steering buyers into brokers giving those rates!

Posted by: guest at September 21, 2007 9:59 PM

What's in the water today? The Yankees tied the game!

Posted by: guest at September 21, 2007 10:21 PM

eat shit

Posted by: guest at September 22, 2007 12:07 AM

What the what will never understand is that some of us bought our place years ago and are up 50, 100 even 200+ percent on our apts or buildings. I put 40 percent down and took out a 15 yr loan. I can accept a big drop cause I'm up so much and would look it as an opportunity to buy a second place.

"You need for those programs 720 fico clean credit report and 20% down. Read the fine print!"

Good that is how it should be.

Posted by: guest at September 22, 2007 10:03 AM

I agree with the poster (2:08) who suggested that someone spending multi-millions on a home couldn't care less about the mortgage rates. It's likely that they don't even need to finance this.

Posted by: guest at September 22, 2007 9:42 PM

2:55,

Inacurate? Why? Break it down please.

And why would your information be accurate. Oh, wait! Where is your information?

Posted by: guest at September 27, 2007 9:34 AM