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December 13, 2007
Six Months Later: Open House Picks 6/15/07
Interesting.
Open House Picks 6/15/07 [Brownstoner]
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Yeah, all that doom and gloom in the times is really coming along ...
NOT
Posted by: MrHancock at December 13, 2007 11:09 AM
I posted this shit last night. Here is a re-post of it.
Note: You assheads need to get your arms around this. Banks around the world will not loan money to each other. The system is loocked, stucked and fucked. Ka-Boom coming soon! If every thing is so fine and interest rates are low, Why are they pumping billions of dollars in the system???!! I tell you why, WE ARE FUCKED FUCKED FUCKED and FUCKEY FUCKED!
People there is a fucking crisis going on. Yeah I know, I'm trying to blow shit up, The Central Banks of this planet are trying to prevent a credit meltdown. Banks have stopped loaning each other money and the secondary market for Mortgage Backed Securities are FROZEN, DEAD and KAPUT.
More write-downs are coming down the pike in 2008. You need to be very careful when it comes to you Pension, 401k and Money Market accounts.
There are so many Lis Pendens being filed in the clerks office it will make your head swim. And guess what? There banks are NOT reporting this shit because, they don't want a run on their bank.
Hey Assholes get a fucking clue. WE ARE FUCKED!
The What
Some ay this war is gonna end...
Plus with the link on the end...
http://www.nytimes.com/2007/12/13/business/13fed.html?hp
Posted by: guest at December 13, 2007 11:09 AM
See,
The majority is right. PLG, Crown Heights and Bed-Stuy are losing propositions. Everyone said so and everyone was right!
Posted by: guest at December 13, 2007 11:10 AM
Future Forclosures LMMFAO!!
See everything is fine NOT!
The What
Someday this war is gonna end......
Posted by: guest at December 13, 2007 11:11 AM
What this post doesn't show is that 50-75% of the HOTDs are STILL ON THE MARKET.
Doom.
Gloom.
Posted by: guest at December 13, 2007 11:11 AM
Is The What right?
Posted by: guest at December 13, 2007 11:12 AM
What is it 50 or 75? not the same thing AT ALL.
Posted by: guest at December 13, 2007 11:13 AM
Very impressive.
Real estate is the last real security for the normal person.
The US dollar is becoming increasingly worthless.
Posted by: guest at December 13, 2007 11:14 AM
50% of these sold for over ask. One 80K over ask.
What exactly is the doom and gloom about?
Did anyone actually look at the posting?
Posted by: guest at December 13, 2007 11:17 AM
The What has been right with every single thing he's said. Look it up. The shit has hit the fan and there's rioting in the streets as bands of thugs (former Wall Street Traders) in raggedy suits roam from house to house beating the living shit out of anyone who keeps them from foraging for crackers and diet coke. If you don't see it, you're not looking out your boarded up windows in this teeming cesspool hellhole you call home.
Go outside if you dare, but bring your assault weapons and brylcreem because it's gonna be a clusterfuck of violence like you've NEVER imagined. I mean it already is, sorry. Has been since The What first warned of it and it only gets worse with each warning. Those warnings are not warnings, they are TRUTH. It's out there. Look at it. LOOK! Stupid asshats.
Posted by: guest at December 13, 2007 11:17 AM
I agree with 11:14
Posted by: guest at December 13, 2007 11:18 AM
I agree with 11:17
Posted by: z at December 13, 2007 11:21 AM
I disagree with 11:18.
Posted by: guest at December 13, 2007 11:22 AM
11:17 makes for a good play....is there more?
Posted by: guest at December 13, 2007 11:27 AM
The What is the hippy dippy weatherman of this blog. It was an old george carlin routine. He would predict that towards evening the day would get progressively darker followed by a period of total darkness.
Posted by: guest at December 13, 2007 11:29 AM
Does that mean I should have Mr.B post a house in his site if I wanted sold. How much commission do you charge Mr.B? is the price negotiable?
Posted by: Denny Henriquez at December 13, 2007 11:36 AM
So producer prices are going up and the Fed keeps lowering the interest rate. If that isn't a recipe for financial disaster -- it's a shell game so people can keep buying. Unfortunately, it will all hit the fan during the next -- Democratic -- administration and they will be blamed for the mess. Isn;t this waht happened in Argentina?
Posted by: guest at December 13, 2007 11:39 AM
let's all leave "the what" alone.
he no doubt lives in some ghetto apartment. he has a right to be angry. in fact, i think it would be a nice gesture this holiday season if the brownstoner community held a fund raiser for "the what" so he has the means to get out of his crack den.
Posted by: guest at December 13, 2007 11:40 AM
Not even close to what happened in Argentina.
Since subprime loans are not being handed out as easily anymore, the lowering of interest rates will still only allow truly qualified buyers to enter the market. That is perfectly fine, and I do not foresee any huge run to go out and buy homes with the lowering of this rate in any way.
Posted by: guest at December 13, 2007 11:41 AM
This is all very interesting, but in least two of the cases the houses must have had offers in early summer, before the subprime mess had come front and center, right?
Posted by: tinarina at December 13, 2007 11:46 AM
The subprime mess began in early July. All three of those that have closed did so well after the subprime meltdown.
Posted by: guest at December 13, 2007 11:51 AM
This was a very interesting post, Mr. B. I hope you'll do more of these (maybe one a month) as a reality check.
My non-scientific survey is to look at brownstones in my neighbhorhood, see what they're selling for, and compare them to what I paid for mine (contract 11/07) plus the small amount of renovations I did (about 3-4% of the purchase price). The asks for comparables are houses that I don't like as much as mine, and the ones I like as much as mine are asking 15-20% over the total I paid. So in my admittedly non-scientific, taste-subjective view, the market is considerably up from a year ago.
Posted by: ProfRobert at December 13, 2007 11:52 AM
Wow! 11:17, that was great. Made me laugh out loud and prompeted me to write a comment even. Thanks! :-)
Posted by: guest at December 13, 2007 11:54 AM
Someday this war is going to end. What a load of crap. My god how many times can this guy post the same drivel.
After him being so confident in his predicitions for so long at some point he's going to have to fess up if the world really doesn't end.
My predicition (one anon post is worth as much as any other) is that things won't go up at the pace they have been and they may come down, but in the longer term (say 10 years) if you buy today you'll be better off than renting over the same period.
Everything else is just navel gazing
Posted by: guest at December 13, 2007 11:54 AM
In Argentina the former first lady was elected president.
Oh wait,
Never mind.
Posted by: guest at December 13, 2007 11:55 AM
Hence ProfRobert, the market can only continue to do the same things because, in life things either stay the same, or get better.
Posted by: guest at December 13, 2007 11:57 AM
The Carroll street property is nice, wonder what it went for.
Posted by: guest at December 13, 2007 12:12 PM
The guy who always ends his post with "someday this war is gonna end" is the biggest pathetic loser in the pathetic loser club. His posts are like a bad joke that you keep hearing and hearing.
Posted by: Boerum Hill at December 13, 2007 12:17 PM
"What is it 50 or 75? not the same thing AT ALL."
Go do your own research. Point is - OVER HALF of the HOTDs from the past six months HAVE NOT SOLD.
Posted by: guest at December 13, 2007 12:17 PM
where is your proof, 12:17??
the proof above is that 3 of the 4 properties have sold.
so where is your proof?
Posted by: guest at December 13, 2007 12:20 PM
11:17 here. I can't stay long because I'm currently in a safehouse at an undisclosed location several levels below terra firma. It's only a matter of time until we're discovered, so I'll just say this. In the last seven minutes I have heard FIFTEEN explosions. I can only assume that 4th Avenue's gas stations have been detonated and that Park Slope--along with the SouthSouth Slope, Boneyard Heights and Ratnerville are being engulfed by a rolling ball of hellfire.
Those that survive will spend their remaining days sifting through the rubble of PC Richard and Son for shards of steel with which to gouge their eyes out, lest they bear witness to the "Post What" apocalypse.
Some will foolishly hunker down in the charred carcasses of some of the more prestigious Brownstone addresses, surviving on dogflesh and Doggie Beach water... hoping against hope and praying to a non-existent God that this never-ending daymare will subside, allowing them to claim (through eminent domain) these properties as their own. And yes, rebuild.
To them I say: Someday This War Is Gonna End... but it won't be in your lifetime, mine--or anyone's for that matter. Rebuilding shall be for the woodland creatures who have, like me, sought refuge 'neath the crust of our once-beloved Borough.
Alas, the footsteps I hear above are the footsteps of doom. I must sign off... until next time. If there IS a next time...
To all of you, if indeed ANYONE is still alive, I wish you the only thing any of us have left: luck.
And of course, the best to you and yours during this Holiday Season.
11:17
Posted by: guest at December 13, 2007 12:20 PM
11:17 is the new black.
Posted by: guest at December 13, 2007 12:26 PM
*applauds*
Posted by: z at December 13, 2007 12:27 PM
"where is your proof, 12:17??"
As I said, do your own research. Look at previous HOTD posts. Click through to the listings. Add up how many are sold and not sold.
Posted by: guest at December 13, 2007 12:27 PM
I've done that already, 12:27.
More have sold than not.
I don't understand your point.
Posted by: guest at December 13, 2007 12:29 PM
Two places I depend on for my council, The What and Hollywood. AVP R... I AM LEGEND... CLOVERFIELD... HAROLD AND KUMAR 2.. BROWNSTONER...
TOGETHER THEY PREDICT A DARK FUTURE FOR MANKIND.
Posted by: guest at December 13, 2007 12:31 PM
LMAO, 12:20! Excellent.
Posted by: guest at December 13, 2007 12:31 PM
suggestions for registered username for 11:17:
SNAKE PLISSKEN!
Posted by: Jimmy Legs at December 13, 2007 12:32 PM
11:17 will be worthless once AY is built.
Posted by: guest at December 13, 2007 12:32 PM
11:17 is the new green
Posted by: guest at December 13, 2007 12:37 PM
Cheese anyone?
Posted by: guest at December 13, 2007 12:43 PM
"The US dollar is becoming increasingly worthless."
...on the approach to the coming Greater Depression. During this depression, the USD will become increasingly valueable. Don't get is twisted. The USD will rebound.
Posted by: guest at December 13, 2007 12:49 PM
...I guess no one has anything constructive to say?
Posted by: guest at December 13, 2007 12:55 PM
Here are some fun headlines to match the What!
+ Lloyd Blankein bonus $70MM
+ Dick Fuld bonus $35MM (just stock piece)
+ Lehman bonus pool +10%
+ GS bonus pool +25%
+ GS bonus pool bigger than Bear, Stearns market cap
+ Lehman CFO $6.5MM (just stock piece)
+ Lehman CAO $6.5MM (just stock piece)
+ Blackstone to start $1.3Bn fund to invest in distressed securities
+ Abu Dhabi invests $7.5n in Citigroup
+ GIC & others invest $13Bn in Citigroup
Its horrible what's happening to real estate in the US where spec buyers and others are getting crushed - however NYC real estate and the NYC economy march to the Wall Street drum. Look up the stats and/or consider why the city lavishes tax breaks on Wall Street firms to stay in NYC rather than move to NJ e.g. GS/JPM moving to WFC (no cynics - its not corruption its the fact that every Wall Steet job supports 3 other jobs in NYC)
If Wall Street dodges this bullet without mass lay-offs (not the paltry amount we're seeing now, I'm talking 90's style 25-30%) then NYC real estate dips and rallies hard. Don't listen to people like the What who are reading the newspapers - if its in the newspapers its already happened; people are salivating at the opportunities to make money. That is why they are where they are and the "What" is - well - wherever he is...
Posted by: guest at December 13, 2007 1:01 PM
"he no doubt lives in some ghetto apartment. he has a right to be angry. in fact, i think it would be a nice gesture this holiday season if the brownstoner community held a fund raiser for "the what" so he has the means to get out of his crack den.
Nope, that's why I have your Mom here for, she sucks off the transit workers for 5 bucks. So getting crack is no problem.
And to all the humpheads out there, I don't have to write anything else. We are in full meltdown. Yeah laugh mothersfuckers! While your Pension, 401k Plan or Money Market Fund is turning into shit. To watch the the movie "Enron: the smartest guys in the room". While the big boys was cashing out, the employees could not sell there stocks. When the smoke cleared, they was FUCKED! So keep on assholes, I will be laughing my ass off for years to come.
Please check your investments! Make sure there is no bullshit.
The What <--- Keep On Keeping On
Someday this war is gonna end....
Posted by: guest at December 13, 2007 1:04 PM
You guys are dicks, it's a shame that you ruin good websites like this.
Posted by: guest at December 13, 2007 1:17 PM
okay you financial whiz kids out there. what happens when (if?) china lets the baht loose from the dollar? will it be hyper inflation? if so maybe we should all be buying real estate after all.
Posted by: guest at December 13, 2007 1:19 PM
OMG - the What's right - just checked my investments:
S&P500 +85% in 5-years (+13% CAGR)
Dow +81% in 5-years (+13% CAGR)
How awful -
The What's an idiot who wouldn't know a SIV from a CDO!
Posted by: guest at December 13, 2007 1:21 PM
For those of you who have expressed concern and support, I am putting my life at INCREDIBLE RISK to acknowledge you and thank you for your kind words. As for 12:55, please save your finger-wagging schoolmarm act for another time... oh, say, when there isn't a FUCKING APOCALYPSE going on outside your window!!!
Moving on, my communication MUST be brief, but I will offer this Update:
Obviously, I somehow managed to fight off (with only my wits, guile, fists--and a U Haul Trailer hitch blown my way in an explosion), then outrun the bloodthirsty goons who exposed my safehouse.
Sadly, my protector Ludmila and her son Roderick were not so fortunate. It is a crime that she, who purchased her sub basement Jr. One Bedroom (Jerry Minsky, broker) back in 1997 with a no frills 30 year fixed (never even re-financed, the sweet woman) would one day find herself cold-bloodedly murdered at the hands of a heartless mob of madmen. Madmen whose brains are addled beyond recognition by oxygen deprivation, the horrific, yet inevitable result of years inside the RE bubble.
But I have no time to shed tears for fallen comerades. I can only hope to survive another minute, hour... or dare I dream: day.
At this point, despite all evidence to the contrary, I DO dare to dream. Fortune has shined upon me in the form of Shilpa, a Hindu healer who came Brooklyn just over a year ago, found a job waiting tables at al di la and signed a contract at NoVo (payment provided by her father the eye surgeon back in Cleveland Heights). While she awaited her dream home's completion, she sought shelter in a cozy one bedroom rental with decorative fireplace, stainless steel kitchen and updated bathroom on the corner of (undisclosed location) and (undisclosed location). It his here that I find myself--beaten, bruised and bloodied... being nursed back to health.
But for what? To fight to the death with marauding feral bankers over charred cans of smoked oysters amidst the rubble of Union Market? (note to self--check EAGLE PROVISIONS!) If I'd only listened to THE motherfucking WHAT earlier, liquidated everything into gold, purchased five years supply of food and built a rocketship--I wouldn't be bearing witness to the destruction of human civilization, I'd be riding this shitstorm out with him in sweet, sweet orbit. FUCK!
Well, there's no use in wondering "what coulda been?" Thanks to Shilpa and some of these excellent Ayurvedic spices, I'm living in the NOW. And hopefully that's going to be enough to give me the strength to get to Iceland.
More later.
Posted by: Eleven Seventeen at December 13, 2007 1:23 PM
Urrr..the bhat is thailand...the yuan is china...
'nuf said...
Can't help - the chinese lets the yuan loose they devalue their $20 Trillion of US$ assets - even they're not that dumb even if they dont know their bhat from their yuan. Even as the US$ has slid they have continued to pour money into US$ assets - ain't ended know ain't ending soon.
But then again sounds like you have never traded to defend a position you have built...
Posted by: guest at December 13, 2007 1:26 PM
I bet less than 10% of people on this blog could even name who ANY of the leaders of China are.
Without looking it up...
Posted by: guest at December 13, 2007 1:33 PM
OMG - the What's right - just checked my investments:
S&P500 +85% in 5-years (+13% CAGR)
Dow +81% in 5-years (+13% CAGR)
How awful -
The What's an idiot who wouldn't know a SIV from a CDO!
I glad someone bought this up. Allow me to blow up your argument.In 2001 the price of gold was about 300.00 ounce plus gas was 1.70 a gallon and the dollar was way more stronger then.
911 happen and Greensperm dropped the rates to 1%. The value of money dropped like a rock and people began to speculate on Commodities and Real Estate and the STOCK MARKET. The value of the dollar now is worth shit. If you look in real terms we are worse off today then 6 years ago.
American sheeple has lost purchasing power thru inflation ASSFUCKHOLE! I know this a bit much for you to understand but, take small bites.
The What
Someday this war is gonna end....
Posted by: guest at December 13, 2007 1:34 PM
So Brownstoner chose 4 HOTD that have sold in summer, what about the remaining 90%of HOTD & COTD still not sold. Care to do an update on those Brownstoner?
Posted by: guest at December 13, 2007 1:36 PM
I don't think 1:04 is really The What. He's too smart to drag our mother's into this.
Posted by: nosleeptil at December 13, 2007 1:37 PM
yep that old out of control inflation argument - avg 2.7% over 6-years (CPI all index)
dude if you're one of those freaky gold-bug people there are plenty of places you can go to rant against the black-helicopters
Posted by: guest at December 13, 2007 1:43 PM
Open House Picks for July 6, 2007
Park Slope
418 11th Street
Still on market.
Ditmas Park
706 Westminster Road
Price Dropped $200k. Still on market.
Sunset Park
361 Bay Ridge Avenue
Listing gone. No evidence of sale on Streeteasy or PropertyShark.
Crown Heights
996 St. John's Place
SOLD.
Posted by: guest at December 13, 2007 1:48 PM
hey brownstoner, i hope you're giving 'the what' a nice present for the holidays. without his baiting in the forums it'd be difficult to secure advertisers.
oh snap, what if 'the what' and brownstoner are the same person? cackles diabolically.
Posted by: guest at December 13, 2007 1:50 PM
"I don't think 1:04 is really The What. He's too smart to drag our mother's into this."
Yep, It's his Mom! She blow em without her dentures. LMMFAO!!!
"oh snap, what if 'the what' and brownstoner are the same person? cackles diabolically."
Nope, Not the same person. But I like to throw shit (yes real shit) at Brownstoner for my X-Mas gift. Hey Browine get that hooked up!
The What
Someday this war is gonna end....
Posted by: guest at December 13, 2007 2:03 PM
the What put all of its assets into gold on October 20, 1987, except for a small ramen reserve it keeps under its mattress. this is known as the "What and hold" investment strategy.
Posted by: BrooklynLove at December 13, 2007 2:13 PM
Never made a post on here. But seeing as how my house is profiled on here, and that i found out about this house on Brownstoner HOTD in the summer; I thought i'd add perspective without speculation, conspiracy theories and the word FUCK(oops).
So what about price ? inflation ? or depreciation ?
Speculate all you want , curse, degrade people. I come onto this site because the content is good. I found my house on here and love it. I don't care if the value of my neighborhood goes up margionally or down margionally. I am happy with it RIGHT NOW. It will always be better for a neighborhood to appreciate naturally, a better sense of community, not one dictated by trend or inflation.
This neighborhood is not trendy.
If you can afford a mortgage and are smart about planning your future, and pick the right place on how it feels 'right now.' You've got everything going for you. I don't look at my house as an investment, it is where i live.
My mortgage is roughly the same as my previous rent (this is offset by a garden rental in the building) but so much of what i do and put into this place is tax deductable. In the end, it is costing me less per month than my rent...and that rocks !
Thanks Brownstoner.
Posted by: guest at December 13, 2007 2:27 PM
these all sold before the credit crunch took effect. not sure where the person got July. sure, there were early signs of subprime being a problem, but credit didn't start to really lock up until around 2nd week in september. and people who were approved before then could have still kept this thing afloat for a couple months after that. let's do this again for stuff that closed in november and see if it looks the same.
Posted by: guest at December 13, 2007 3:31 PM
These were definitely BEFORE the credit crisis. I think the next month should reveal a better idea of what is truly going on, b/c those will have been places that closed in the Aug/Sept timeframe- the first time I think RE felt the effects of the credit mess.
I am anxiously awaiting hearing about some of the properties I have been tracking and have since sold. I know that one in particular, which was a gorgeous, gorgeous home in Prospect Heights, was listed at $2.4mm and closed for $2.1mm. That's an over 12% drop in price. It was later listed in at $2.275 and I think that's also a 7-8% drop.
We'll see.
Posted by: guest at December 13, 2007 5:09 PM
Just wanted to say that I hope you continue to post these Open House Updates. Very interesting.
Posted by: Carol Gardens at December 13, 2007 5:33 PM
Dear Mr. Brownstoner,
These discussions are not what they used to be. There are too many posts totally off topic. I would appreciate it if you could assist in bringing back the discussion and getting rid of the ranting.
Thanks,
Leah
Posted by: guest at December 13, 2007 5:40 PM
Crown Heights = The Place to Be.
Posted by: guest at December 13, 2007 5:49 PM
Prediction:
There will be no recession.
GDP will continue to grow quarterly into 2008 albeit on the smaller side (1-2%).
Housing "meltdown" will finally be contained into the 1st quarter of 2008 after banks take their write offs and the Fed continues to loosen the purse strings by lowering interest rates further.
The US economy will continue to move along creating new jobs, keeping inflation in check, maintaining low unemployment and with production increases across many sectors such as energy, health and manufacturing.
Dollar value will stabilize against foreign currencies at a reasonable level to continue producing good profits for the multi-nationals.
All the housing gophers hiding underground for the past 12 months will start to raise their heads and look around the landscape in Spring of 08 and exclaim: "I just missed another great buy in opportunity for real estate, now I'm priced out again."
Oh well, guess it doesn't pay much to listen to pessimists posting out of mommy's basement on a souped up commodore 64.
And people wonder why some make a million while others flip burgers by the billion.
Posted by: guest at December 13, 2007 6:31 PM
I'm leaving my safehouse now, 5:49.
Posted by: Eleven Seventeen at December 13, 2007 6:54 PM
6:31 - Wow. Put down the Kool-Aid. Seriously, your "predictions" are laughable.
Posted by: guest at December 13, 2007 6:59 PM
"The banks will likely need some more time before they are comfortable playing in the same sandbox again and who can blame them," said Kevin Giddis, managing director, Morgan Keegan & Co.
"Each day one more bank comes clean that the subprime issue is deeper, wider and hairier than they originally thought or were providing cash for."
Posted by: guest at December 13, 2007 7:03 PM
I'll be moving my safehouse there, 5:49.
Posted by: Eleven Seventeen at December 13, 2007 7:06 PM
1:48
You are right. However in your example, Westminster is a mess - way over priced. This softening is spreading to Brooklyn.
The solid yuppie neighborhoods (Brooklyn Heights, Park Slope...) with low inventories are doing okay. It seems that the more working class/fringe neighborhoods are going to have problems first. Sunset Park, Bay Ridge, Bed Stuy, PLG.
It seems to me that a lot of marginal properties in solid neighborhoods are on the market. Therefore there will be strong demand for the scarce blue chip properties...
Posted by: guest at December 13, 2007 8:29 PM
"Therefore there will be strong demand for the scarce blue chip properties..."
Not until prices drop. Which they WILL.
Posted by: guest at December 13, 2007 10:12 PM
The current financial mess is one created by bankers and it will be resolved by bankers. It is the fortieth such mess that has occured over the past eighty years. i'm not a banker, i don't want that life, it is too boring and stultifying, so i see no reason why I should worry a minute about it.
I will let the learned "The What" worry about such matters. I am glad he is on the case, better him than me.
Posted by: guest at December 13, 2007 10:16 PM
"Hence ProfRobert, the market can only continue to do the same things because, in life things either stay the same, or get better."
No, I didn't say that. The RE market will go up and down at various times. The entirety of my point is that things appear to me, highly subjectively, to be better than a year ago. That's all.
I suspect there will be a dip in the market, just like after 9/11, for example, but over a long period (i.e., 10 years or more), I think New York City real estate is a good investment. If it ever were to tank permanently, it would mean something Seriously Wrong had happened in other areas of the economy. I'm not saying that can't happen either (see, e.g., Crash of '29), but *if* that happened, I'd rather have my money in my house with an affordable mortgage than in the markets that would have melted down first. The upside for me of owning is *much* greater than the downside of putting my money in equity or debt markets while renting.
Plus, I love living in this house, pain in the ass though it may be at times.
Posted by: ProfRobert at December 13, 2007 11:33 PM
OK Prof Rob,
I hear you. You are probably right.
Posted by: guest at December 13, 2007 11:50 PM
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