« Renovation Focus: The Vestibule Just Sold in Brooklyn »
February 29, 2008
Open House Picks 6 Months Later: 9/7/2007
Well, this almost seems like a zero-for-four batch, though 750 E. 21st allegedly has a firm offer (not in contract yet). The Cobble Hill house was originally listed at $2.9 mil; we caught it six months ago when the price had been chopped to $2.65. It's now been fully rented out and is still for sale at a slightly higher ask. 119 Bainbridge switched brokerages and was the subject of much chatter when it was House of the Day a few months ago. Brooklyn Properties now has it on their site at $1 mil.
Open House Picks 9/7/07 [Brownstoner]
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Comments
As someone mentioned earlier how about doing a six months follow up check on COTD as well?
Posted by: guest at February 29, 2008 12:08 PM
NY has always had it's own heart beat since the 18th century. Dont believe the media and the fools they employee to spread panic and mumbo jumbo numbers.
Posted by: guest at February 29, 2008 12:09 PM
What 12:09 said?
Posted by: guest at February 29, 2008 12:12 PM
WOW!! Prices raised not lowered on two properties...Is that for real? or are people living in La La Land.
Posted by: guest at February 29, 2008 12:13 PM
Ah yes, 12:09, clearly someone who doesn't know the difference between "its" and "it's" and "employ" and "employee" is the person to listen to, not the professional media.
Posted by: guest at February 29, 2008 12:15 PM
Why would people lower their prices. New York City has not experienced a decline in real estate prices. Maybe you are living in "la la land."
Posted by: guest at February 29, 2008 12:15 PM
zzzzzzz
Posted by: guest at February 29, 2008 12:15 PM
The crack is sweet and tasty.
Posted by: guest at February 29, 2008 12:16 PM
ah yes--the moronic strategy of raising the price when you can't sell a house. Brilliant. It's all about the psychology. And brokers think people are stupid and will fall for that.
Posted by: guest at February 29, 2008 12:16 PM
they fall for it all the time, 12:16.
ever heard of a little place called manhattan?
20 million, 30 million, hell let's ask 45 million...
and they get it.
Posted by: guest at February 29, 2008 12:18 PM
"New York City has not experienced a decline in real estate prices."
Wake up. It has. It is. More to come.
Posted by: guest at February 29, 2008 12:19 PM
Oh Man! I wonder where are the Housing Bulls at??!!! Brooklynlove, Rehab and that assfuck Investor Lou!! I don't hear from them, where are you??!! Warriors, Come out to playa.......
I bet they are getting Cornholed!! LMMFAO!! Come on The What is waiting for you. ; ^ P
The What
Someday this war is gonna end...
Posted by: guest at February 29, 2008 12:21 PM
I am awake. Real estate prices have not declined. Perhaps you should check your facts.
People have been calling for a decline in New York City real estate prices on this web site for two years. It has not materialized.
Posted by: guest at February 29, 2008 12:21 PM
It's tulip time, people.
Posted by: guest at February 29, 2008 12:22 PM
So, raising the Renken Realty Bed-Stuy house from 987K to 1 million, which means the buyer now has to pay mansion tax, in a f*&king fringe neighborhood, in a climate in which these neighborhoods are the ones feeling the most impact---awesome.
12:18--sorry to say this yet again. Brooklyn, and especially BED-STUY, is not prime Manhattan. Get over yourself.
Posted by: guest at February 29, 2008 12:23 PM
That's a brilliant observation.
I think I heard the same observation five years ago.
Posted by: guest at February 29, 2008 12:23 PM
there's a big diffrence between leveling and declining
Posted by: guest at February 29, 2008 12:23 PM
Brokers and sellers out IN FULL FORCE TODAY!! Fantabulous!
Posted by: guest at February 29, 2008 12:24 PM
Five years ago? You mean on the UP side of the bubble? Enjoy the falling knives.
Posted by: guest at February 29, 2008 12:25 PM
"I am awake. Real estate prices have not declined. Perhaps you should check your facts.
People have been calling for a decline in New York City real estate prices on this web site for two years. It has not materialized. "
I guess you mean actual dollar prices not-inflation adjusted? Because real prices have declined several times in NYC history, and they've never increased as quickly as they have over the last 5 years.
Posted by: guest at February 29, 2008 12:25 PM
Is it possible to have a civil conversation without resorting to vulgar language or or there just teenagers on today
Posted by: guest at February 29, 2008 12:26 PM
12.23 - that depends on the inflation rate
Posted by: guest at February 29, 2008 12:27 PM
blah, blah, blah.
Same old shite comments.
BUUUURRRP!!!!!
Posted by: guest at February 29, 2008 12:27 PM
bought my place for 625k in 2006.
sold it 2 weeks ago for 819k.
tell me exactly where the decline is?
Posted by: guest at February 29, 2008 12:30 PM
Apparently it is not possible to have a civil discourse without the use of vulgar language
Posted by: guest at February 29, 2008 12:30 PM
This is not 2006.
Posted by: guest at February 29, 2008 12:34 PM
It's not?
Posted by: guest at February 29, 2008 12:34 PM
The market for properties $1.25+ million is DEAD.
Posted by: guest at February 29, 2008 12:35 PM
It is? I just sold a property for over $1.25MM. Perhaps you are mistaken?
Posted by: guest at February 29, 2008 12:37 PM
says who, 12:35?
you??
an anonymous poster on a blog?
ok. i trust you.
Posted by: guest at February 29, 2008 12:38 PM
"12.23 - that depends on the inflation rate"
It certainaly does.... home prices were inflated at a fast rate and now these prices are leveling back to normal.
Posted by: guest at February 29, 2008 12:38 PM
Take the 12:30 PM example.
Lets say there is a 15% drop in prices in this area.
12:30 PM
Still got a tax break on intersest paid.
Still got great credit.
Still made money on the 625k.
All in two years!
Posted by: guest at February 29, 2008 12:39 PM
Lincoln Place townhouse sold for 250K over asking just a couple weeks ago.
Isn't 3 million over 1.25?
3rd Street townhouse sold for 3.6 million a couple weeks ago.
Still not over 1.25???
Posted by: guest at February 29, 2008 12:39 PM
Holy crap!!!!! Nothing is selling!!!! Ahhhhhhhh!!!!!
Posted by: guest at February 29, 2008 12:40 PM
12:35= the What
Posted by: guest at February 29, 2008 12:40 PM
12:30, I couldn't agree more!
Those people are as smart as a fuckin' infected ass pimple on a 300-pound sanitation worker.
Posted by: guest at February 29, 2008 12:40 PM
Didn't 12:35 use capital letters? Doesn't that prove the point?
When in doubt use capital letters or vulgar language.
Posted by: guest at February 29, 2008 12:42 PM
These are all crappy neighborhoods. If Park Slope had been included in that list, you would have had something in the sold column.
Posted by: guest at February 29, 2008 12:44 PM
I live close to the Bainbridge house and I was told it is in contract FSBO
Posted by: guest at February 29, 2008 12:45 PM
you are right about that, 12:44.
but you aren't supposed to bring up park slope.
people don't like it.
the moronic ones, anyway.
Posted by: guest at February 29, 2008 12:47 PM
i heard bainbridge sold too.
to the city.
for a new methadone clinic.
Posted by: guest at February 29, 2008 12:48 PM
Please...has Bed Sty really changed much?
http://www.smoinge.com/media/1614/_A_Taste_of_Bed-Stuy/
Posted by: guest at February 29, 2008 12:49 PM
yes cobble hill is clearly fringe section
Posted by: guest at February 29, 2008 12:52 PM
Prices in many parts of Brooklyn are going down.
http://www.nysun.com/article/72033
Posted by: guest at February 29, 2008 12:58 PM
cool video about bed stuy.
Posted by: guest at February 29, 2008 12:58 PM
i just sold a property for $500 million dollars so the market is healthy
Posted by: guest at February 29, 2008 12:59 PM
I wouldn't exactly call these increases. Both "Alleged" increases are under 2% and they represent only an "Asking Price". The gains we were seeing year over year previously were serious double digits and those were real selling prices not someone's hopes and dreams. What they actually sell for is the only thing that matters. That they are still availble 6 months later speaks for itself. I am not doom and gloom, just realistic. The demand side of this equation was artificially inflated. Many of the buyers over the last 5 years would not qualify today? You don't need to be a mensa society member to predict that either prices come down or supply must come down to equal the current demand to hold up prices. It hasn't disappeared, but we are back to basics. You need your down payment, you need your documents verified, had better have a good credit score with enough equity and assets to qualify today. Nothing wrong with this. Definately a buying opportunity for anyone who stood by the sidelines during this recent mania, just got around to being ready to jump in, or was just waiting while sitting on some equity :) and wants to buy in low. I don't expect any quick returns either but am not looking for a flip. Using the traditional method of paying down a mortgage and building equity still works you know. There is nothing wrong with that. Using your equity for an investment piece and have the tenants pay down your mortgage while you write everything off on your taxes is even better. I don't buy Mr. What's total conclusion of depression gloom, but I do remember the late 80's. If you don't or if you believe it will continue to climb, well then go pay them thier asking price. Just remember, Real Estate brokers are lower than whale shit and that sinks to the bottom of the ocean. Offer them 70-80 cents on the dollar and if they get insulted tell them to piss off.
Posted by: guest at February 29, 2008 1:01 PM
12:30, What was the alleged value of that property in Q2/Q3 2007?
Posted by: guest at February 29, 2008 1:04 PM
"These are all crappy neighborhoods. If Park Slope had been included in that list, you would have had something in the sold column."
Park Slope does NOT define the real estate market in NYC.
Go back under the rock in Park Slope. Come out when you're ready to face the facts.
Posted by: guest at February 29, 2008 1:04 PM
1:01....
almost all of the 6 months later properties highlighted over the past few weeks DID sell and some for more than asking price. at least 3 of the 4 highlighted most weeks. if not all 4.
you've taken this crappy batch of 4 properties and applied it to the entire market at large?
nope. you certainly are not in the mensa society.
Posted by: guest at February 29, 2008 1:05 PM
inferior complex much, 1:04?
no one said park slope defined the market.
they simply said that had there been a property on this list in park slope, it would have already sold.
that's probably true.
are you ok??
Posted by: guest at February 29, 2008 1:06 PM
OK 12:44 Park Slope homes are just selling away like Montgomery Place, 590 2ND STREET, 3rd Street
Posted by: guest at February 29, 2008 1:09 PM
DEAD, DEAD, DEAD. That's what Brooklyn RE market will be come Spring.
Posted by: guest at February 29, 2008 1:10 PM
1:09, if we made a list of unsold properties in bed stuy, there would not be enough room on this page.
what is your point?
3 homes for sale in a neighborhood of 70,000 means there is a glut?
wow...you're a GENIUS!
Posted by: guest at February 29, 2008 1:15 PM
1:05 You own property? Are you old enough to vote?
Posted by: guest at February 29, 2008 1:18 PM
Brooklyn RE market is dead.
Someone find the numbers of sales for last year and prior years and post them. I don't have time. I'm busy looking for a bargain house to buy.
Posted by: guest at February 29, 2008 1:18 PM
1:18.
i do own property. a co-op.
and you?
and i've been old enough to vote for about 5 years now.
still renting, huh?
Posted by: guest at February 29, 2008 1:23 PM
Good Luck 1:18. Alot of these people still believe they are living in yesteryear.
Posted by: guest at February 29, 2008 1:23 PM
ohhh someone gets mad everytime you talk about PS... There are many homes and more condos, co-ops that are sitting in PS... Please give me all the list of the BS homes I am really looking over there and I don't see that many...
Posted by: guest at February 29, 2008 1:24 PM
You aren't looking very hard then, 1:24.
You might want to give the foreclosure list a try. There are PLENTY of those in BS right now...
Posted by: guest at February 29, 2008 1:26 PM
The NY Sun article is worth a read. There is a big glut of condos in Brooklyn that are selling real slow, a lot of which are not even on the market yet. And boy does Park Slope have a lot of condos coming to market.
Posted by: guest at February 29, 2008 1:31 PM
I'm 1:18
I am so sick of these posts. All of a sudden, everybody is an authority on the real estate market.
I don't care if you own, rent, or a hermit in a cave.
Prices have dropped. In some neighborhoods more than others. In some neighborhoods, I think they need to drop more.
And you assume things about me, because????
Posted by: guest at February 29, 2008 1:34 PM
enough with the parkslope smoke screen already.
Posted by: guest at February 29, 2008 1:34 PM
I've said this before but will say it again, since the NY Sun article confirms this: the real estate market in NYC right now is 2-tiered. Quality properties in truly prime areas (and in NYC, blocks matter so in a neighborhood like PS, there's a difference between 14th st bet 4/5 and lower numbered/named streets closer to park) continue to sell well since there are not many on the market and they remain desirable. However, properties that are "ugly ducklings" even in good areas, shoddy new construction, or in fringe areas are suffering. If you're looking for a deal, hold out for a place in the latter category. If you're in it for the long haul, you probably will be OK buying in the former category, if you can afford it. I would not be surprised if even prime properties see price declines in the coming 1-2 years, but I suspect they will not be as drastic as the declines in the more fringe properties. NYC really is not totally immune from national housing trends, but it also will not follow them to the T. Then again, no one really knows!
Posted by: guest at February 29, 2008 1:41 PM
Well excuse me i guess you're the only authority here. So tell me again how dead is the Brooklyn RE market.
Posted by: guest at February 29, 2008 1:45 PM
"And boy does Park Slope have a lot of condos coming to market."
yeah, it has a few. it's a fraction of the amount coming online in downtown brooklyn, williamsburg, clinton hill and prospect heights.
good try though.
most of the new buildings going up in park slope are at least 50% sold.
and the only place these buildings are going up is on 4th avenue...
barely even in park slope.
but you already knew that, right?
Posted by: guest at February 29, 2008 1:47 PM
The Brooklyn real estate market IS dead.
But only for the renters.
Sorry guys. You've missed the boat.
Again.
Posted by: guest at February 29, 2008 1:48 PM
That boat is named Titanic.
Keep rearranging those deck chairs, kids.
Posted by: guest at February 29, 2008 1:55 PM
"Real estate prices have not declined. Perhaps you should check your facts."
New York down 5.6%. Check!
http://tinyurl.com/3c8gkc
Posted by: guest at February 29, 2008 2:02 PM
All of these fake posts about people who allegedly bought two years ago and sold last week doubling their money are absurd. If it's true, they should identify the property, so we could check the records. It's all public anyway. According to the public statistics, prices in NYC are falling. Case/Shiller average (even for NYC) is plummetting.
Posted by: guest at February 29, 2008 2:02 PM
damn 2:02. you are right. they are falling. so far i guess 5% right? that's what people are saying, no?
so do you think i'll lose out on the other 195% in appreciation i saw over the last 5 years too?
Posted by: guest at February 29, 2008 2:04 PM
"Sorry guys. You've missed the boat."
What, that boat that's getting sucked into the Abyss. Or is it a submarine as it is "underwater". Don't feel sorry for us. Many a rentals getting stockpiled on the market everyday.
Posted by: guest at February 29, 2008 2:05 PM
The Brooklyn Real Estate market for existing homes is certainly not dead. However banks are no longer giving construction loans for new projects. Those are dead. We have hit a plateau of sorts. Nice properties on nice blocks are still in demand on the upper end of the spectrum. However properties on sketchy blocks are languishing. It is a funny market. The moneyed class still has plenty of money. more than ever. and they like to buy real estate. Everyone else is waiting in the wings for prices to drop but it takes a long time in NY for sellers to accept reality. It has always been that way. It is the NY mindset.
Posted by: sam at February 29, 2008 2:06 PM
2:05 - the vacancy rate in new york city is less than 1%.
And please see 2:04.
Posted by: guest at February 29, 2008 2:07 PM
I agree the fringe market is losing steam. If these bed-stuy prices were dropped 30%, they'd still be twice what they were 4 years ago. So far, blue chip areas not affected. Maybe they will be, maybe they won't be. Henry St is over-priced. Would sell qucikly at 2.25
Posted by: guest at February 29, 2008 2:07 PM
A townhouse on my block in prime north PS recently sold for over 4 million, I was told by a neighbor today. Believe it never actually hit the market, but was bought by someone in the neighborhood. Sounds like what 2:06 is true to some degree.
Posted by: guest at February 29, 2008 2:09 PM
Excuse me, have any have seen the following? Brooklynlove, Rehab and that assfuck Investor Lou!! I'm looking for them.
If you see any of them, tell em to report to the flogging station! The What want to see them ASAP!
The What
Someday this war is gonna end...
Posted by: guest at February 29, 2008 2:12 PM
"so do you think i'll lose out on the other 195% in appreciation i saw over the last 5 years too?"
If you don't cash out before bottom, absolutely.
Posted by: guest at February 29, 2008 2:13 PM
Hiya, The What. I wasn't "getting cornholed"--ya know, some of us have other things to do than debate the same issue over and over on Brownstoner.
That having been said: Regarding the state of Brooklyn real estate, please allow me to issue a colossal "WHATEVER" from up here in Chez Rehab.
I'm lucky and grateful enough to own a nice brownstone in a beautiful neighborhood. I planned ahead and saved. I made some good real-estate deals. I bought a house that I could afford, have piles of equity in it, and enough money in the bank to make the payments on it for, I dunno, five years, easy, even if I don't work a day for those five years. I got really lucky, what can I tell ya.
So, while I'm sympathetic to anybody who gets "cornholed" by this market, I'm less sympathetic to people who panic. Markets rise and fall, and you're the rare person who correctly times them. Save some money, buy a house you can afford, maintain the house well, and you'll be fine.
Here's a question for you, What: Who, exactly, are you LLYMFAO at? If you're enjoying a little schaadenfreude at the expense of flippers and speculators and arrogant hedge-funders who have driven the market so crazily high, I can sorta understand. But if you're taking pleasure in the fact that nice, hardworking people who pour blood, sweat and tears into fixing up dilapidated buildings, you should really see a shrink.
Posted by: Rehab at February 29, 2008 2:14 PM
2:06 is spot on. Just like the tech bubble, NYC is "different".
Posted by: guest at February 29, 2008 2:15 PM
2:02: Case Schiller info you give isn't really that useful for NYC proper as this report defines NYC as a large metro area--including Long Island and NJ burbs.
Posted by: tinarina at February 29, 2008 2:15 PM
"A townhouse on my block in prime north PS recently sold for over 4 million, I was told by a neighbor today."
Nice ripe cherry.
Posted by: guest at February 29, 2008 2:16 PM
"The president of W Financial, Gregg Winter, said: "Mediocre projects — uninspired designs thrown up in ho-hum locations — are now justifiably suffering and selling at a pace akin to Chinese water torture." Haven't we been looking at these on this site for months. Buyers, like God, don't like ugly. Who would buy those hideous white boxes? Maybe people will pay more attention when they chose to build speculatively.
Posted by: guest at February 29, 2008 2:17 PM
What I meant was: If you're taking pleasure in the misfortune of nice, hardworking people who pour blood, sweat, and tears into fixing up buildings, you should really see a shrink.
Posted by: Rehab at February 29, 2008 2:17 PM
Hey Rehab!! The first fuck on board. Hey shitstain how is Real Estate doing now!! Hey bitch I'm calling you out!! Take a look at the market, the end-game is here.
The What (1 down 2 to go)
Someday this war is gonna end..
Posted by: guest at February 29, 2008 2:21 PM
Ahhhhhh!!!! It's sinking!!!! Ahhhhhhhh!
Posted by: guest at February 29, 2008 2:22 PM
"2:02: Case Schiller info you give isn't really that useful for NYC proper as this report defines NYC as a large metro area--including Long Island and NJ burbs."
I strongly disagree. That metro data encapsulates NYC proper. As the boom began in the prime areas and spread to that of the fringe and suburbs (the escape for those priced out), the crash should take the same path in reverse.
Look at the index at the beginning of the boom. It must have been largely affected by the NYC proper market as that is what took off first.
Posted by: guest at February 29, 2008 2:23 PM
The What, sweetie, can you calm down enough to read?
Yeah, the Dow is down--so what? Over here in smart-investor land, we call that a buying opportunity. Markets rise, markets fall. Yawn.
Again, who are you LYMFAO at? Me? I have enough coin in the bank to pay this mortgage for years; hell, to get another one for a weekend place, maybe. Or do you enjoy seeing working people foreclosed upon and tossed into the street?
I hope you're in therapy, dude--but it doesn't look like it.
Posted by: Rehab at February 29, 2008 2:27 PM
"If you're enjoying a little schaadenfreude at the expense of flippers and speculators and arrogant hedge-funders who have driven the market so crazily high,"
Real funny! You could not talk to the assfucks until recently!
I can sorta understand. But if you're taking pleasure in the fact that nice, hardworking people who pour blood, sweat and tears into fixing up dilapidated buildings.
No it wasn't "blood, sweat and tears" Asshat, it was greed, greed and greed. Now the turd is hitting the blades, I'm suppose to feel sorry for them. Fuck them! I hope their financial future is a pile of smothering rubble!
", you should really see a shrink"
What??!! We are in the greatest asset bubble know to man and I should see a shrink???!!! How about the assfuck who believed in this shit line up for the psych ward at Kings Country for Kool-Aid detox!
The What
Someday this war is gonna end...
Posted by: guest at February 29, 2008 2:31 PM
"Just like the tech bubble, NYC is "different"
i dont get?
Tech bubble = ecommerce sites with shaky business models having money thrown at them by punters only to find out that the business models were yes, shaky.
NYC Real Estate (Prime) = Expensive property values that have had a huge run up, but because of their location (which will never change) will only go higher. But definitely not as fast.
Posted by: guest at February 29, 2008 2:36 PM
NY is different. I believe that the weak dollar has made Manhattan real estate irresistable to European and Middle Eastern buyers. The Manhattan market in turn drives the Brooklyn market. As long as Euros and Pound Sterling keep washing ashore, the expensive end of the market will remain strong.
Posted by: sam at February 29, 2008 2:37 PM
2:36 Manhattan real estate prices decreased 30-40 percent in the early 90s (google it--it's not hard to find). I'm not saying it's definitely going to happen again in the near future, but to say prices can only go up is to live in fantasyland.
Posted by: guest at February 29, 2008 2:49 PM
Is Neverland is for sale?
Posted by: guest at February 29, 2008 3:05 PM
A financial crash of the major European economies would cause a crash of NYC real estate. Fortunately that seems unlikely as the EU is going full steam. Our economy is much more reflective of overseas markets than of markets in say, Philadelphia or Atlanta.
We are only technically part of the USA.
We are more like the EUSA.
Posted by: guest at February 29, 2008 3:12 PM
Mr. The What, I disagree with the poster above who recommends a psychiatrist. Psychiatrists are for people without friends. You have friends. You can talk here. Tell us what's really bothering you.
Posted by: Hal at February 29, 2008 3:13 PM
"'Just like the tech bubble, NYC is 'different' '
i dont get?"
Sarcasm, 2:36, SAAARRRCASM!
"Tech bubble = ecommerce sites with shaky business models having money thrown at them by punters only to find out that the business models were yes, shaky."
Deja Vu a la hedge funds, SIV's, CDO's, securitization, bogus AAA ratings, mark-to-models instead of mark-to-markets, etc., the list goes on.
"NYC Real Estate (Prime) = Expensive property values that have had a huge run up, but because of their location (which will never change) will only go higher. But definitely not as fast."
Were they not already expensive relative to other cities before the run-up? No. That factor was already built-in before the late 90's and CANNOT account for the 200% increase. Sorry. It cancels out.
Posted by: guest at February 29, 2008 3:15 PM
You are late to that party, 2:37, that is the decoupling argument of Europeans saving Manhattan real estate. That doomed theory is slowly fading. One world, one economy.
Posted by: guest at February 29, 2008 3:20 PM
wait, so if the worst case is nyc real estate going down 20-30%, i ask again, what will i do with the other 170% appreciation i saw in the last 5 years?
please explain.
Posted by: guest at February 29, 2008 3:22 PM
"Is Neverland is for sale?"
The White House is in contract with the Chinese.
Posted by: guest at February 29, 2008 3:24 PM
The White House is in contract with the Chinese.
They re-paint it with lead paint.
Posted by: guest at February 29, 2008 3:32 PM
"what will i do with the other 170% appreciation i saw in the last 5 years?"
If you paid $100 in 2003, assessed $270 in 2008, sell for $189 after a NOMINAL 30% drop, subtract holding/transaction and inflation costs, how do you get to keep "170%" in appreciation? Please explain this to me like I'm a 5 year old, 3:22.
Posted by: guest at February 29, 2008 3:33 PM
$300 in 2008. So let's say the $270 is inflation-adjusted. Still, after subtracting all other costs, where's the 170% in appreciation?
Posted by: guest at February 29, 2008 3:38 PM
i only do fsbo.
Posted by: guest at February 29, 2008 3:53 PM
Well, hope all ya want, What, but I'm sittin' pretty, personally. And I intend to be sittin' pretty in this pretty house for decades. Renovating my kitchen right now, top-of-the-line--meeting with contractors tomorrow. Next year, restoring the fence and facade. Look around you, dude--there are still lots of people investing in their property here.
Markets rise, markets fall. Yawn. I'm gonna call my broker and ask if we should go shopping for some cheap stock--woo hoo!
You're wrong about most of the people who live and work here, and who read this blog looking for help and ideas on restoring houses. Besides, what's wrong with a little bit o' greed? What, you don't have any? Or are you too full of envy to make any space for ambition? Silly little man.
Posted by: Rehab at February 29, 2008 4:22 PM
same here FSBO is the way to go.. I think REA are creapy and greedy...
Posted by: guest at February 29, 2008 4:25 PM
"I'm gonna call my broker and ask if we should go shopping for some cheap stock"
Like he/she's gonna say no. This says a lot about you. What a sheep.
Posted by: guest at February 29, 2008 4:39 PM
Greed is what keeps this game going! The higher the price tag, the more brooklyn and the rest of the home owners benefits.
If you people dont like it.... you should go do something else with your lives like teach blind kids. Fly little pelican fly.
Honestly the neighbors of each of these homes should be outside with pom poms rooting for the contracts.
Posted by: guest at February 29, 2008 4:43 PM
4:39, you're obviously a real Wall Street titan.
Posted by: Rehab at February 29, 2008 4:51 PM
"4:39, you're obviously a real Wall Street titan."
You're obviously not. Such individuals don't fall for the broky-doke. Win or lose, the broker gets a commission. When will he/she tell you not to go shopping for "cheap" stocks.
Posted by: guest at February 29, 2008 5:12 PM
Luv me some cheap brownstone stock mmm mmm good.
You wall street jokers are at the wrong blog. please go thatta way ------------>
Posted by: guest at February 29, 2008 5:20 PM
5:12, sounds like you need a better broker. Mine's been counseling me to keep a certain chunk of cash in the money market fund for the past four months until we think the market has dipped about as far as it's going to dip. It's probably not there yet. And the other stocks he's put me into have consistently grown even as the market has dipped.
I'd give you his name.... but you sound kinda douche-y. :)
Posted by: Rehab at February 29, 2008 5:20 PM
119 Bainbridge is in Contract
Posted by: guest at February 29, 2008 5:38 PM
wow, rehab, you sure are impressive and you make it all seem so easy. you just make me wanna scream "sprezzatura!"
Posted by: guest at February 29, 2008 5:40 PM
"Is Neverland is for sale?"
No, but Shangri-la is. It's in Park Slope, but I guess you could have guessed that.
Posted by: guest at February 29, 2008 5:43 PM
I loved the Stuyvesant Heights house just did not have the money for it :0(
Posted by: guest at February 29, 2008 5:43 PM
Stuyvesant Heights is a pretty little neigborhood... beautiful brownstones...
Posted by: guest at February 29, 2008 5:47 PM
Yeah 119 Bainbridge is in Stuyvesant Heights not Bedford Stuyvesant... We don't call Prospect Heights Park Slope come on get it right...
Posted by: guest at February 29, 2008 5:48 PM
market is only gonna level off nothing more. Floks this is NYC the center of the univerese there is no place better. The cobble hill house looks like a steal.
Posted by: guest at February 29, 2008 6:04 PM
Interesting that the tWhat did not post on the story related to actual sales. I guess the sky isn't falling there but it is here.
The tWhat is a renter.
Posted by: guest at February 29, 2008 6:45 PM
5:48 - Stuy Heights is part of Bed-Stuy, you asshat.
Posted by: guest at February 29, 2008 6:46 PM
REBY stats show uptick in house prices in 2007. Sounds like a soft landing in NYC to me on the housing front. sorry prophets of doom and gloom, no misery for you to gloat upon. boo hoo.
Bed-Stuy seems to be in a standoff between sellers that won't give the brownstones away and buyers desperately waiting for that crash. Time will tell.
Posted by: guest at February 29, 2008 6:58 PM
Impressive, Rehab. You are a mighty player.
Posted by: guest at February 29, 2008 9:23 PM
1:23 posted in response to 1:18
"i do own property. a co-op."
A co-ooperative apartment isn't real property but shares in a corporation. If I'm not mistaken, you filed a UCC-1 and pay a maintenance based on SHARES OWNED. Also, FWIW, if your building's underlying mortgage tanks you will be in a bigger financial hole than someone who owns a house - real property.
Sandy
Posted by: guest at March 1, 2008 12:36 AM
Endless fields of tulips swaying gently in the breeze.
Posted by: guest at March 1, 2008 3:30 PM
As long as the dollar is depressed, NY real estate will be fine. When the dollar starts strengthening - we're gonna have real problems in our real estate market - then the fun begins!
Posted by: guest at March 1, 2008 6:29 PM
Open houses today were DEAD!!!
It appears after a busy January that the Brooklyn market is beginning to feel some pain - open houses have slowed down considerably and there is a major glut of condos just starting. Hold your breath, folks, it's gonna be a tough run.
Posted by: guest at March 2, 2008 2:52 PM
2:52 = bitter renter who never got out of bed today, much less to an open house.
Posted by: guest at March 2, 2008 7:03 PM
OHs we saw were pretty slow. noticeably lighter than january and first week of feb. don't know what's happening in the market, or if it's temporary. maybe fact that mortgage rates are higher?
Posted by: guest at March 2, 2008 9:12 PM
Went to a few open houses today...two in Park Slope and one in Ft. Greene.
We were shocked at how busy they were. Two of them had over 30 people on the sign in sheets.
Is this normal for winter? Thought it would have been slower.
Posted by: guest at March 2, 2008 10:30 PM
uh huh.
Posted by: guest at March 2, 2008 11:40 PM
You know, it's quite normal for brokers to sign-in fake names to create the illusion of high traffic. Happens all the time--part of business.
Posted by: guest at March 3, 2008 12:07 AM
I went to an OH and there were 148 sign-ins, but nobody else there while we were there for 15 minutes! Do you think maybe the broker signed in some fake names?
Idiots.
Posted by: guest at March 3, 2008 7:37 AM
119 Bainbridge is in foreclosure. The house was bought for 805k 1.5 years ago and they stopped paying the mortgage last July. The owners have this place listed at different prices with any brokerage that will take the listing in hopes of bringing in more buyers. They are hoping to leave with a little bit of money in their pockets, hence the ridiculous asking price. I heard that they will accept an offer much less than the asking price provided you hit them off at the closing table - which is illegal. Total crackpots.
Posted by: guest at March 3, 2008 8:34 AM
That is exactly what I have been thinking.
"As long as the dollar is depressed, NY real estate will be fine. When the dollar starts strengthening - we're gonna have real problems in our real estate market - then the fun begins!"
Posted by: guest at March 3, 2008 9:21 AM
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