House of the Day: 193 Washington Park Price Cut

Keep choppping. And this time, chop like you actually want to sell.

Posted by: guest at January 22, 2008 1:32 PM

lets wait another couple of months to see how much more they cut this

Posted by: guest at January 22, 2008 1:35 PM

What an insignificant price cut! Are you serious? Get real. The amount of that price reduction is a joke. I don't think they actually want to sell. Check the comps, greedy seller and broker. Check the comps...

Posted by: guest at January 22, 2008 1:36 PM

Doesn't make sense, this price...

L's house nearby was renovated to the tippy top of the chimney and was sold for less than this house which apparently needs some work...and no matter what, anyone going into a house has to count something toward making it suit his/her needs.

They would sell it quickly if it were at $2m

Posted by: guest at January 22, 2008 1:54 PM

zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz

Posted by: guest at January 22, 2008 1:54 PM

I shall purchase this house!!!!!!!!!!!*

*after I get done laughing at the broker and seller and they drop the price to 3mill

Posted by: guest at January 22, 2008 2:00 PM

According to Corcoran's calculator, a person in the top tax bracket making a 25% downpayment would have an after tax cost of over $19,000 a month between debt service and real estate taxes. Assuming you rented out 3 of the four units for an optimistic $6,000 a month you would still be paying $13,000 to live in a modestly sized apartment. Utilities and maintenace would be additional.
I love Ft Greene and this is a beautiful building but you would have to be brain dead to take on this building at that price! It would take MORE than a fairy tale version of the future to justify this silliness.

Posted by: guest at January 22, 2008 2:05 PM

I think 3 Mil might get it done - It will be really hard pychologically for the seller to accept this though. They no doubt are aware of the current climate, so maybe they are slowly coming back to reality.

3 mil in 6 months.

Posted by: guest at January 22, 2008 2:08 PM

204 Washington Park, listed at $2.8, never sold and was taken off the market.

181 Washington Park, the house that had a museum quality restoration and was pristine, sold for just over $3 million.

The price on this house makes NO SENSE in light of the comps. Seems they're just testing the market and have no real need to sell.

Posted by: guest at January 22, 2008 2:10 PM

$3 million WON'T get it done 2:08, because the perfect comp of 181 Washington Park sold for that amount. And there is no comparison in terms of quality of both houses. 181 Washington Park was gorgeous--perfect renovation and top-notch all around. No comparison.

Posted by: guest at January 22, 2008 2:12 PM

To the broker or seller: I can pay $2.2 million CASH for this house and can close immediately. If you are interested, you can email me at: re.1451@yahoo.com.

Posted by: guest at January 22, 2008 2:19 PM

Where is Ft. Greene?

Near Park Slope at all?

- Buyer from Manhattan looking in Brooklyn

Posted by: guest at January 22, 2008 2:21 PM

So, do brokers and sellers just not look at comps, then? Does everyone think they're sitting on something really unique?? I'm shocked. COMPS, COMPS, COMPS. Look at them.

Posted by: guest at January 22, 2008 2:23 PM

2:19, I am from Nigeria. I need to transfer 3 million dollars into your account for safekeeping. I just need you to first send me your daughter to sign the contracts. Please contact me at nigerianmanwithmoney@gmail.com

Posted by: guest at January 22, 2008 2:26 PM

Anyone watching this stock market today? How many downpayments are being frittered away?

Posted by: guest at January 22, 2008 2:30 PM

I'm on it 2:26. You'll be hearing from me shortly. Thanks.

Posted by: guest at January 22, 2008 2:30 PM

So, Abdul brought Anthony on board. Guess he thought it would help him sell this house. But it won't--only a major price cut will. Check the comps guys, check the comps.

Posted by: guest at January 22, 2008 2:32 PM

Rough estimate, 2:30? 239,282,337.

Posted by: guest at January 22, 2008 2:33 PM

Just asking here, but has anyone checked the comps?

Posted by: guest at January 22, 2008 2:34 PM

This is NYC. Comps are useless.

Did anyone see the sale at 15 Central Park West for $6700 per square foot??

Where are the comps for that?

And that neighborhood was looking a little down in the dumps about 7 years ago.

Posted by: guest at January 22, 2008 2:37 PM

Whatever their smoking hasn't worn off yet.

Posted by: guest at January 22, 2008 2:38 PM

2:37--you are a riot!

Comps do matter. And there are perfect comps for this house. Houses on the SAME BLOCK and the only one that sold was a PERFECT renovation and $675K less!! They just closed a few months ago. This price is arbitrary and not based in reality.

Let's also not forget that this house is split into 4 units, and has 1 kitchen per floor.

Good luck brokers. Hope you have a day job.

Posted by: guest at January 22, 2008 2:43 PM

First of all, there was no sale at 15 CPW for 6700 psf. Second of all, even if there were, it is irrelevant to this house.

Posted by: guest at January 22, 2008 2:45 PM

2:45....wanna bet?

****
A 6,000-square-foot penthouse in the under-construction 15 Central Park West has reportedly gone into contract for more than $40 million. That's about $6,500 a square foot -- more expensive, foot for foot, than a penthouse that recently sold there for $45 million. [3rd item] more [Post]

Posted by: guest at January 22, 2008 2:50 PM

Holy moly!! Brokers are now trying to justify the price of a Ft. Greene townhouse with prices of a luxury residential condo designed by Robert A.M. Stern ON CENTRAL PARK WEST?? Desperation! Desperation!

Posted by: guest at January 22, 2008 2:53 PM

2:50 - Still irrelevant, but thanks for trying. Next contestant, please.

Posted by: guest at January 22, 2008 2:54 PM

Nope...not trying to justify anything, 2:53.

Just showing you that it's not always about comps.

There are no comps anywhere on the UWS for anything near 6500 psf.

Even 2000 psf would be a stretch.

Special properties (like this one) don't need to go by the book on comps. It just needs to find someone who will fall in love with it. That's all.

Calm yourself.

Posted by: guest at January 22, 2008 2:56 PM

Hi, just strolling by and was wondering if there were any comps I could peruse?

Posted by: guest at January 22, 2008 2:56 PM

I thought I'd seen and heard it all. Comparing 15 Central Park West to a property in Manhattan itself is a stretch, and now you're going to try to somehow compare it to this house to justify its listing price? Why stop there? How about we do comps with the Plaza?

Posted by: guest at January 22, 2008 2:57 PM

Would rather live in this house than Central Park West or the Plaza, so what is your point, exactly?

Posted by: guest at January 22, 2008 2:59 PM

"Special properties (like this one) don't need to go by the book on comps. It just needs to find someone who will fall in love with it. That's all."

WRONG! That's my point. This house is NOT SPECIAL or unique? Do you understand that? The perfect comp, 181 Washington Park, was a superior property in EVERY WAY and it is just down the street. It closed for $3,037,500 on 6/25/2007, after being on the market for over a year at $4 million. Perfect interior RESTORATION, not just renovation. High-quality interiors. 5-story building, not 4-story like this one. Did I mention the interior was PERFECT and museum-like? Dream on brokers.

Posted by: guest at January 22, 2008 3:02 PM

I agree that the chop isn't going to get things done. The conventional wisdom (and we know how right that is...) says small cuts only whet buyers' appetites for more cuts. A 10% drop might send a more serious signal. having said that, this is a 25 footer in what appears to be pretty good shape. I'd personally love to live in it.

Posted by: guest at January 22, 2008 3:03 PM

So buy it at asking price, 2:59. Seems like you've found the perfect match for you at just the right price. The market has spoken.

Posted by: guest at January 22, 2008 3:05 PM

I don't much care for Ft. Greene, 3:05. Too many white people who think they are black, for my taste.

I already own a brownstone in Park Slope.

Thanks for the offer, though.

Posted by: guest at January 22, 2008 3:07 PM

181 Washington Park was 22' wide but had a full 5-th story that this place does not have--so it evens out. Also, the interiors of 181 were stunningly beautiful. It gave me goose bumps when I saw it. It was just amazing.

This house here is overpriced. It will continue to sit I guess, and it'll become that white elephant until the owner takes it off the market.

Posted by: guest at January 22, 2008 3:09 PM

I would need to see the rent rolls of this small apartment building to really determine if the price is too high.
Once a building like this has four units it really loses the sense of being a private house for the owner. I assume who ever buys this will not live there but rather will use it as income/depreciation investment.

Posted by: guest at January 22, 2008 3:35 PM

Im whites and I lives in Fawrte Greens.

Posted by: guest at January 22, 2008 3:37 PM

the guy who owns this paid 70K for it in the 70's...he also owns the house next door that he paid 75K for around the same time...even if it sells at 3mm his portfolio is worth 6mm...do you think he cares what all you morons have to say? how many of all you brilliant real estate mavens have 6mm net worth? (from just two buildings - he has more) oh yes and by the way, he's been ripping a 15%+ cap rate out of the property for the past 10-years...
you are all so f'ing sad and stupid...sometimes it's just better to hear the rantings of The What than self-styled stylings of the wanna-be rich and famous

Posted by: guest at January 22, 2008 3:40 PM

most people in these neighborhoods spent less than 100K on their homes, 3:40.

almost all my neighborhs in park slope bought their house 30 years ago for pennies.

why do you think you are special for pointing out one guy of thousands who have millions in equity.

i find most others more impressive, becasue they bought it as a place to raise their families and now have reaped the benefit of a home worth millions.

sounds more impressive to me than an investor who as you say "doesn't care"

that probably sums him up quite nicely.

Posted by: guest at January 22, 2008 3:46 PM

3:40--Hey Albert is that you? Or is it your spectacular broker duo?

This scenario sounds like it'll be a replay of 338 Clinton Avenue, which was recently taken off the market after BHS tried to sell it at a ridiculous price for almost two years. Same deal with owner having various houses in CH, being inflexible with price, etc.

Posted by: guest at January 22, 2008 4:01 PM

is it 6 yet?

Posted by: guest at January 22, 2008 4:05 PM

espresso anyone? how about a chocolate munchkin?

Posted by: guest at January 22, 2008 4:07 PM

Hey, Schminsky just put up the new and revised photos for that 242 Washington Avenue listing that was HOTD last week.

Posted by: guest at January 22, 2008 4:12 PM

too late.

Posted by: guest at January 22, 2008 4:13 PM

Another day at the brownstoner troll. A blog will not do anything other than waiste time. Talk talk talk talk talk talk talk talk. So the market is down. Big Shit already. EVERYONE KNOWS BROWNSTONER IS NOT WHERE BUYERS GO! Talk talkt alkt altkaltkaltalktlaklgtkalktlklaklktlklakkt

Posted by: guest at January 22, 2008 4:32 PM

75K was alot of money in the 70's. Good for him and I hope he gets his price.

Posted by: guest at January 22, 2008 4:34 PM

"EVERYONE KNOWS BROWNSTONER IS NOT WHERE BUYERS GO!"

I'm a buyer, and I read brownstoner. And last I remember from the brownstoner survey, there was a large percentage of readers who were in the market for a house.

Posted by: guest at January 22, 2008 4:35 PM

Browstoner is for Bloviating Palaver.
The Twat.

Posted by: guest at January 22, 2008 4:39 PM

plus in the 70s no one wanted to live in Ft Greene or brooklyn as a whole...

Posted by: guest at January 22, 2008 5:05 PM

CG,PS and FG this is not the time the sell...

Posted by: guest at January 22, 2008 5:08 PM

I was on my way home today and found a cute little shoppe that sells comps. Picked some up cheap. If anyone's interested, e mail me at ihavethecompsyouwant@compsman.com

Posted by: guest at January 22, 2008 5:16 PM

No thanks 5:16. It's easy enough to find your own comps. VERY easy. Fortunately, the information is out there for the taking.

Posted by: guest at January 22, 2008 5:19 PM

bloviating palaver...

i love the way that rolls off the tongue.

Posted by: guest at January 22, 2008 5:22 PM

Hey the buyer who reads brownstoner you got it all wrong you should read porn.

Posted by: guest at January 22, 2008 5:31 PM

Hey brokers, how about that stock market today? How are your clients feeling?

Posted by: guest at January 22, 2008 5:35 PM

Hey 5:35, the volatility of the stock market just goes to show what a great and stable investment residential real estate is.

Posted by: guest at January 22, 2008 5:37 PM

Damn it, where are my COMPS?? I left them right here on the end table, next to my cufflinks and now...? VANISHED!

Posted by: guest at January 22, 2008 5:41 PM

stocks = bad
overpriced houses = good

Posted by: guest at January 22, 2008 6:06 PM

ZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZ

Posted by: guest at January 22, 2008 6:11 PM

Jay-Z will buy it.

Posted by: guest at January 22, 2008 6:16 PM

totes

Posted by: guest at January 22, 2008 6:20 PM

5:37 is right. The value of real estate never plummets dramatically:

- http://www.investopedia.com/features/crashes/crashes4.asp

Posted by: guest at January 22, 2008 6:24 PM

heeeeeeeeeeeeeeeeeeeeeere compy compy compy compy.

Posted by: guest at January 22, 2008 6:27 PM

Hey 6:24, I don't see your point. That article references Florida over 70 years ago. No applicability. We are talking prime Brooklyn.

Posted by: guest at January 22, 2008 6:28 PM

6:28 - Consider yourself one of the "greater fools" referenced in the article.

Posted by: guest at January 22, 2008 6:32 PM

"...from 1986 to 1995, after the stock market crashed and the government eliminated some real-estate tax shelters, the price of the median co-op dropped by nearly half, from about $360,000 to about $200,000. Those who bought new pads in the mid-eighties were underwater for more than a decade (and weren’t talking about what a great investment real estate was)."

Posted by: guest at January 22, 2008 6:40 PM

Hey 6:32. I bet you wee making the same argument in 2004. You too 6:40. Damn renters.

Posted by: guest at January 22, 2008 6:48 PM

http://mysite.verizon.net/vodkajim/housingbubble/

Posted by: guest at January 22, 2008 6:50 PM

6:40 - that is true though, we knew several people who bought in the 80's before the crash and waited years til the market came back to that level. But as someone else was saying we were living here and raising our kids so it all worked out ok

Posted by: guest at January 22, 2008 6:53 PM

Charts in above link look nothing like Amazon at turn of decade. Prime residential in Fort Greene like this gem should be fine.

Posted by: guest at January 22, 2008 6:54 PM

http://mysite.verizon.net/vodkajim/housingbubble/new_york.html

Posted by: guest at January 22, 2008 6:57 PM

Sorry 6:57 pretty tame. Up 50% in 20 years is not exactly uh, like Coney's Cyclone.

Posted by: guest at January 22, 2008 7:00 PM

6:53 I believe the question being asked is not if you wait long enough will you survive being underwater in what is generally your largest financial investment. Time heals all wounds. Is this house worth the posted asking price? Not today it isn't. Maybe it could have been if the bubble continued and probably will be in five years, but not today.

Posted by: guest at January 22, 2008 7:01 PM

$3.6 million for a 4-family??? HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA

Posted by: guest at January 22, 2008 7:02 PM

There is so much skepticism it has got to be going higher.

Posted by: guest at January 22, 2008 7:10 PM

So here's a question for those who are renting....

Do you actually plan to take part in this bust? Since prices are going so low, does this mean you will actually get off your asses and buy something while the gettin is good?

Or does it simply mean you will continue bitching? And in another 5 years will you still be sitting on the sidelines, waiting for that perfect 400k Brownstone along Prospect Park West?

Just curious. I want to prepare myself.

Posted by: guest at January 22, 2008 7:21 PM

The significant cut in the prime rate is very favorable for the real estate business. It will help with the sub-prime problem.
The federal reserve's move can therefore be said to have a dual purpose: shore up stocks and help the real estate markets.

Next question?

Posted by: guest at January 22, 2008 7:22 PM

Yeah, whiners go home!

Posted by: guest at January 22, 2008 7:25 PM

7:00 Always save the best for last. The first two links were for those who think prices are either stable or still heading north. They are not. The first link has a link below the graph for the 115 year average.

http://mysite.verizon.net/vodkajim/housingbubble/shiller_graph.gif

Not sure what to make of this myself, but using the Cyclone is a good reference.

Posted by: guest at January 22, 2008 7:27 PM

http://www.urbandigs.com/

nice article on brooklyn real estate

Posted by: guest at January 22, 2008 7:30 PM

7:21 Answer: They will be renting then too. Renting from me and my investment properties.

Posted by: guest at January 22, 2008 7:30 PM

No matter what the market does, this house is waaay overpriced. That's the simple truth. It's overpriced in general, and it's overpriced based on comps in ALL of FORT GREENE! I'm a buyer, and since I'm looking to live in my house for a very long time, I'm NOT trying to time the market. However, this house doesn't even enter into my equation because it is so arbitrarily priced. And yes, Mr. Broker and Mr. Owner, I can afford this place. But I'm not a sucker. I've done my research.

-Manhattan buyer

Posted by: guest at January 22, 2008 7:37 PM

What's a comp?

Posted by: guest at January 22, 2008 7:39 PM

comp=comparable

Posted by: guest at January 22, 2008 7:41 PM

In another 6 months we'll be having a different conversation. Where is the bottom?

Posted by: guest at January 22, 2008 7:46 PM

Anyone spending $3+ million in Fort Greene better be getting a move-in renovated house, unless you get the Pfizer Mansion. For 600K less, you're better off with the new Corcoran listing at 275 Adelphi--5 stories, 22' wide, perfectly renovated with high-end everything.

Posted by: guest at January 22, 2008 7:48 PM

Geez, brokers are going bonkers on this thread. Totally bonkers. Shoo! Go away.

Posted by: guest at January 22, 2008 7:48 PM

The bottom is irrelevant, 7:46. This house was overpriced from the second it hit the market, and has a long ways to go before anyone bites. It doesn't even make financial sense for a developer.

Posted by: guest at January 22, 2008 7:51 PM

We won't know when the bottom is, 7:46. That's the point.

We might be at the bottom now.

Oftentimes, especially in NYC the bottom has come and gone before you even know it.

"Bottom" has nothing to do with this property, however. It is an expensive, large townhouse in a great neighborhood. It will always be expensive. Sure it might go for 3 million at the bottom, but the different between that and list price isn't going to make much of a difference to someone shopping for a brownstone in Ft. Greene.

NYC has become a world real estate market since the last recession.

Things ARE different now.

Posted by: guest at January 22, 2008 7:54 PM

Last chance for the brokers to reel one in. They know what is coming. Thier ilk outside of NYC are already going through it. A steep slide followed by a relatively flat period. They won't see this again for a few years.

Posted by: guest at January 22, 2008 7:55 PM

I for one will be looking for another second investment property as prices slide. I think a lot of people who have seen 200% equity in their homes will do the same.

Especially because most people know real estate in a city like NYC will always be good for the long-term.

Some of you will be my $3000 a month tenants by this time next year.

Posted by: guest at January 22, 2008 7:58 PM

Owner and broker are going crazy. No matter how much you post comments and try to pump, pump, pump, you're not going to sell this house to anyone with a brain. Get over yourselves. There are much better deals to be had as either investments properties or homes ALL OVER prime brownstone Brooklyn. This house here is not one of them, it will SIT for a long time.

Posted by: guest at January 22, 2008 8:02 PM

The steepest decline will occur within year one and we already stepped into it. No doom and gloom, no loss of all your equity, just a market correction due to an inflated market caused by an artificial increase in demand, namely mortagagees who shouldn't have been qualified in the first place and investors who now have lost thier incentive flip a house in 6 months (cause they will lose thier shirts now). Back to basics. Bottom is irrelevant 7:51? By your own price estimation, I am guessing 875K is irrelevant to you?

Posted by: guest at January 22, 2008 8:09 PM

Ditto 7:58. Just not the snakeoil these brokers are selling here. Take a peak at what the comps have done recently just outside of these areas and see what has already happened. "We may already be at the bottom" What an A-Hole.

Posted by: guest at January 22, 2008 8:14 PM

8:09 here. Meant 7:54 not 7:51.

Posted by: guest at January 22, 2008 8:17 PM

This house was so overpriced from the beginning that it would not have sold even in the most robust market. To see its price cut is not reflective of the market, but of an arbitrarily high listing price that does not attract buyers and needs to be adjusted, REGARDLESS of the market.

Posted by: guest at January 22, 2008 8:17 PM

"The significant cut in the prime rate is very favorable for the real estate business. It will help with the sub-prime problem."

Actually, the effect it will have on the sub-prime problem - if any - will be negligible.

Posted by: guest at January 22, 2008 8:21 PM

So, you are saying if we were still in 25% gain territory the seller wouldn't have waited until they got something close enough. Regardless of market? We'll see if that cut will be the last.

Posted by: guest at January 22, 2008 8:31 PM

Its not the brokers who are going bonkers its the rest of you motherfuckers.

Posted by: guest at January 22, 2008 8:47 PM

For 7:22:

* http://www.cnbc.com/id/22200749/

"As we all eagerly await the Fed decision at 2 pm today, I want to just clarify what exactly a rate cut will and will not affect..."

"Subprimers: Nope. Unfortunately if you have a subprime ARM it is more than likely pegged to LIBOR, which has moved in the opposite direction. Because of the liquidity issues in global financial markets, LIBOR rates have actually increased at the same time that treasury and other benchmark yields have been declining, so the Fed lowering rates today would not help too many subprimers."

Posted by: guest at January 22, 2008 8:47 PM

You are all going to lose this war!

The Scut

Posted by: guest at January 22, 2008 8:54 PM

8:47 = bonkers broker

Posted by: guest at January 22, 2008 8:54 PM

You are all going to lose this war!

The Scut

Posted by: guest at January 22, 2008 8:55 PM

Anyone defending this price is a broker or the owner. All of you self-described investors know that this price is arbitrary, and you also know you would never make your money back. And for a family looking to make a home, this would be like burning money, especially when there are many other options in the Brooklyn market.

Posted by: guest at January 22, 2008 9:01 PM

All this talk of comps. Don't you realize that comps with deals struck 3, 6, 9 months ago are entirely irrelevant. Read the paper. The marginal buyer is getting destroyed, financing is tough to find and rate cuts aren't getting through to borrowers as they are offset by the repricing of risk throughout the economy. Fringe neighborhoods like this will drop 25%+ from their peaks - and still won't be even remotely good value.

Posted by: guest at January 22, 2008 9:28 PM

One word: Tulips.

Posted by: guest at January 22, 2008 9:32 PM

Manhattan's going soft too.

Posted by: guest at January 22, 2008 10:17 PM

miss the old hoods of their youth?

like suburban cincinnati?

don't think so buddy.

you are a little out of the loop.

asians are especially averse to brooklyn?

what in god's name are you talking about??!

Posted by: guest at January 22, 2008 11:14 PM

Eclair anyone?

Posted by: guest at January 23, 2008 12:24 AM

I didn't think this thread would make it to 100+ comments. Started out slow...

Posted by: guest at January 23, 2008 12:59 AM

Hey 10:08, Are you the Grand Wizard of Brooklyn Heights?

Posted by: guest at January 23, 2008 7:07 AM

"Hey 6:24, I don't see your point. That article references Florida over 70 years ago. No applicability. We are talking prime Brooklyn."

What an idiot.

Posted by: guest at January 23, 2008 7:34 AM

"Hey 6:32. I bet you wee making the same argument in 2004. You too 6:40. Damn renters."

They probably were. That doesn't refute their argument. You are a sheep. No repeat after me, "Baaaaaggggghhhhh..."

Posted by: guest at January 23, 2008 7:37 AM

"http://mysite.verizon.net/vodkajim/housingbubble/new_york.html"

Yup. 50 percent drop coming our way folks. If you don't believe me, you must be a bagholder. Unload now or follow your equity into the ground.

Posted by: guest at January 23, 2008 7:40 AM

"So here's a question for those who are renting....

Do you actually plan to take part in this bust? Since prices are going so low, does this mean you will actually get off your asses and buy something while the gettin is good?

Or does it simply mean you will continue bitching? And in another 5 years will you still be sitting on the sidelines, waiting for that perfect 400k Brownstone along Prospect Park West?

Just curious. I want to prepare myself."

The former. Just so you know. BTW, I'm so sorry you paid full price.

Posted by: guest at January 23, 2008 7:43 AM

Damn, it is just too much fun getting people all riled up on this stupid blog.

Posted by: guest at January 23, 2008 8:10 AM

Try it. Make a damn comment and then let someone like 7:34, 7:37, and 7:40 unleash their wrath. Too funny having fun with morons who tke themselves and their intellectual superiority way too seriously.

Posted by: guest at January 23, 2008 8:14 AM

whoops, dumb not damn

Posted by: guest at January 23, 2008 8:15 AM

Congratulations another fine thread by Brownstoner. The intellectual forum of the hopelessly unemployed. As mentioend earlier NO BUYERS APPEAR FROM BROWNSTONER. Oh, except the one about 104 comments ago who defended it. Start pulling your ads.

Posted by: guest at January 23, 2008 8:31 AM

Hey, lighten up 8:31. I waste time in the office teasing brokers and other blowhards like yourself.

Posted by: guest at January 23, 2008 9:05 AM

yes, all the Brownstone buyers are reading the NY Post. Put your ads there.

idiot.

Posted by: guest at January 23, 2008 9:08 AM

I make fun of 8:31, but his/her conclusion is correct. This site is useless for sales. And please, don't post the standard BS about "all publicity is good publicity." It is not.

Posted by: guest at January 23, 2008 9:10 AM

This is pretty much the only site I like at for buying apart from the NYT online real estate.

Posted by: guest at January 23, 2008 10:10 AM

then you are a true moron, 10:10.

Posted by: guest at January 23, 2008 10:45 AM

From a renter to a broker: you may want to be careful with your rhetoric. As homes in "prime Brooklyn" go negative equity, you won't be getting much business from homeowners, who find they can't sell. Some renters on the sidelines have means to buy, but also prudence, and you will have to have all your powers of flattery at the ready to get their business.

As to the inane arguments over the future prices of these houses. Can you try, try, try to use your brain? The only way prices were able to decouple from fundamentals was the packaging and leveraging of mortgage backed securities. That business is dead forever. RE prices are going to recouple with incomes; Merrill just estimated a 30% reduction in prices. To the "it can't happen here" parrots, please: do you understand what is happening to the principle income drivers in NYC? The I-banks are potentially insolvent. Don't believe me? Ask George Soros.

To the "it's never gone down like that before" crowd. Where was your appeal to historical precedent on the way up? It's never deflated to that degree because it has never inflated to that degree. Lesson #1 in finance: it happens BECAUSE you can't imagine it.

Of course --some people with too much money are going to buy a house here and there over the coming months for untenable prices. Crow all you want, but you know what's happening to your business right now, and trust me, the chill is about to get arctic. So be careful how you voice your opinions to a --yes --renter, who by the way, can afford to buy this and any house you currently have listed in the borough.

Posted by: guest at January 23, 2008 10:49 AM

"Merrill just estimated a 30% reduction in prices."

Actually it said 30% for california, florida and the southwest.

20% for the Northeast. We live in the Northeast.

My home has gone up in value 250% in the last 4 years, so I will be fine with a 20% drop.

People still want to move to NYC, and while your predictions are certainly true for a lot of the country, New York City is America's only world city. If Bloomberg keeps this city healthy, creating new jobs and lowering taxes for businesses, people will continue to flock here.

The epicenter of this city is still an island you realize. Only so much you can build and a recession does not mean people no longer need a place to live.

Posted by: guest at January 23, 2008 11:06 AM

I think the NYC spring real estate market is going to be HOT!!!

All those people who want to get in on the downturn before prices start going back up in a few years.

And I'm excited...I'm refinancing this week with an incredible rate!!!

Posted by: guest at January 23, 2008 11:07 AM

11:06. Hope you can service your debt; hope you don't work in finance; hope you don't work for a law firm that services i-banks. And as to your price run-up, maybe, if you could sell it as these ridiculous prices. Prediction: your 250% is based on some ridiculous asking price. It's probably more like a straight two bagger, to which I say: watch as it goes back to your 2004 NOMINAL price. I'll let you do the math on what that means in inflation-adjusted terms. And if you want to tell me you'll be living there in twenty years, then I say --mazel tov! but I hope the misery index doesn't rise along with these budget cuts; in which case, come visit me out in the 'burbs, where my kids aren't getting shaken down on the way to school, and needles aren't collecting on my stoop.

Posted by: guest at January 23, 2008 11:36 AM

the burbs are over. everyone knows that.

the burbs are FAR more affected by the impending recession than nyc is.

prices in the burbs have already dropped 15% with another 30% on the way.

and new jersey is bankrupt.

enjoy your cable tv.

Posted by: guest at January 23, 2008 11:52 AM

11:36...You are truly sick in the head.

It's so obvious from your last line.

Posted by: guest at January 23, 2008 11:56 AM

I agree with 11:56... needles are collecting in 11:36's living room, not the stoop

Posted by: guest at January 23, 2008 12:37 PM

why I'm a moron? this site filters through the crap that you and your ilk put up elsewhere.

Posted by: guest at January 23, 2008 1:02 PM

Like the economy this site and the fools who subscribe to it WILL go away.

Posted by: guest at January 23, 2008 1:10 PM

because this site is for entertainment, not for actual information.

you think a bunch of screaming, over the hill anonymous hippies shouting that every house sold in brooklyn is a million dollars overpriced is valuable???

Posted by: guest at January 23, 2008 1:21 PM

THIS HOUSE IS OVERPRICED. It is a fantasy. No doubt about it. Any person who defends the price on this house is obviously connected to the house.

Posted by: guest at January 23, 2008 1:26 PM

"I'm a buyer, and since I'm looking to live in my house for a very long time, I'm NOT trying to time the market."

If that's your philosophy then you very well might be a sucker. Timing the market is not just for quick profits but also for minimizing holding costs that you will be stuck with for a very long time if you are financing your purchase as most buyers are. If you are paying cash, well you just wasted money by not waiting out this obviously declining market.

Posted by: guest at January 23, 2008 1:28 PM

"http://www.urbandigs.com/

nice article on brooklyn real estate"

Not really. It covers condos which are not directly relevant to this thread.

Posted by: guest at January 23, 2008 1:29 PM

more than half the comments here have not been directly related to this thread, 1:29.

i enjoyed the urbandigs article more than 99% of the comments here.

thanks for your debby downer post though.

Posted by: guest at January 23, 2008 1:33 PM

January 22, 2008 7:54 PM brilliantly exemplifies the meaning of euphoria.

Posted by: guest at January 23, 2008 1:33 PM

"I for one will be looking for another second investment property as prices slide. I think a lot of people who have seen 200% equity in their homes will do the same."

Not if they didn't sell, rent, then buy again. Equity's going BYE BYE.

Posted by: guest at January 23, 2008 1:35 PM

20% of equity is going bye bye.

Trust me on this one. My brownstone will never cost 400K again.

Posted by: guest at January 23, 2008 2:01 PM

Hey everyone, there is a new HOTD. Let's go make our senseless comments there and riducule the latest POS Brownstoner has dug up. Ready, break!

Posted by: guest at January 23, 2008 6:36 PM

"The only way prices were able to decouple from fundamentals was the packaging and leveraging of mortgage backed securities. That business is dead forever. RE prices are going to recouple with incomes."

A voice of reason. Thanks, 11:07 AM.

Posted by: guest at January 23, 2008 8:59 PM

"New York City is America's only world city. If Bloomberg keeps this city healthy, creating new jobs and lowering taxes for businesses, people will continue to flock here."

DA PLANE...DA PLANE...DA PLANE...!!! WELCOME TO FANTASY ISLAND...

"The epicenter of this city is still an island you realize. Only so much you can build and a recession does not mean people no longer need a place to live."

CONVERSIONS MY FRIEND, CONVERSIONS...AND WE'RE NOT TALKING ABOUT HOMES DISAPPEARING. WE'RE TALKING ABOUT PAPER EQUITY DISAPPEARING - POOF!

Posted by: guest at January 23, 2008 9:06 PM

"I think the NYC spring real estate market is going to be HOT!!!"

You mispelled the word 'NOT'.

Posted by: guest at January 23, 2008 9:08 PM

"20% of equity is going bye bye."

No, 100%. You will be underwater.

"Trust me on this one. My brownstone will never cost 400K again."

It already does. Price it in gold or oil you sheep. "Baaaggghhhh..."

Posted by: guest at January 23, 2008 9:15 PM

I saw this house out of sheer curiosity for what could justify this price. I am absolutely unimpressed and convinced the owner has no intention of seriously selling. The asking price is ludicrous. I had also seen 181 Washington Park, an absolute beauty of a house with an awesome restoration AND renovation--and that closed a few months ago for $3 mm. So, these guys can dream on...

Posted by: guest at February 1, 2008 11:38 PM