House of the Day: 64 Prospect Place

Yep, I made it to the open house. Not too many sign-ins when I arrived, about 1 hour after it started. And only one young couple visited while I was there.

The house is nice, but feels small. It has some detail, but nothing special. There is a huge 4- car dilapidated garage attached to the left side of the house, which certainly detracts from the curb appeal. Behind the home's backyard is a church parking lot, so I'd be wary of the potential development plans for that lot. I think the price is high for this 16 footer.

Posted by: guest at March 17, 2008 1:42 PM

This house is a flip-job. It traded for $2 million on 1/3/2007.

Posted by: guest at March 17, 2008 1:44 PM

We were there and thought it was quite beautiful. Especially the light coming into the home.

My friends who also came with us are most likely putting in an offer.

Posted by: guest at March 17, 2008 1:45 PM

good for them 1:44

they will certainly sell it for close to ask, so anyone who says you can't make money in real estate anymore are ignorant.

Posted by: guest at March 17, 2008 1:46 PM

$910/sf. Really?

Posted by: guest at March 17, 2008 1:48 PM

If this house was in carroll gardens it would be reduced to $1.99 mil.

Posted by: guest at March 17, 2008 1:53 PM

Come ya'll sing with me!!!!!!!!!!

Johnny mathis & Deniece williams-Too Much Too Little To Late

http://www.youtube.com/watch?v=IM39yIKoSo4

[Johnny:]
Yes, it's over, call it a day
Sorry that it had to end this way
No reason to pretend
We knew it had to end some day, this way

[Deniece:]
Guess it's over, the kids are gone
What's the use of tryin' to hang on
Somewhere we lost the key
So little left for you and me and it's clear to see

[Both:]
Too much, too little, too late to lie again with you
Too much, too little, too late to try again with you
We're in the middle of ending something that we knew

[Johnny:] It's over

[Deniece:] Oh, it was over

[Both:]
Too much, too little, too late to ever try again
Too much, too little, too late, let's end it being friends
Too much, too little, too late, we knew it had to end

[Deniece:] Ah, it's over

[Johnny:] It's over

[Deniece:]
Guess it's over, the chips are down (whoa)
Nearly all our bridges tumbled down

[Johnny:]
Whatever chance we try, let's face it why deny
It's over (It's over)
It's over

[Both:]
Too much, too little, too late to ever try again
Too much, too little, too late, let's end it being friends
Too much, too little, too late, we knew it had to end

[Johnny:] And it's over

[Deniece:] And it's over

[Johnny:] And it's over

[Both:]
Too much, too little, too late to ever try again
Too much, too little, too late, let's end it being friends

RIP Mutant Real Estate Bubble

The What

Someday this war is gonna end...

Posted by: guest at March 17, 2008 1:54 PM

"This house is a flip-job. It traded for $2 million on 1/3/2007. "

what's your point?

Posted by: guest at March 17, 2008 1:55 PM

It will depreciate @ $220,000/mo. Are you aware of what's going on out there?

Posted by: guest at March 17, 2008 1:56 PM

Anyone ARE ignorant? QED.

Posted by: guest at March 17, 2008 1:57 PM

love the stretched-out Corcoran photo. The house is 16.6 wide.

Posted by: guest at March 17, 2008 2:01 PM

So, let me understand this you need in excess of 3,000 square feet to live "comfortably"? Bizarre.

Posted by: guest at March 17, 2008 2:04 PM

Love the person who said her friend is putting in an offer. Sure. If that were the case, you'd be saying the place is a dump and discouraging others. Clearly, you're invested in driving up the price -- ie. the broker.

Posted by: guest at March 17, 2008 2:08 PM

The What is big into Johnny Mathis.

Posted by: guest at March 17, 2008 2:08 PM

The parking lot (instead of a building) probably allows for great light. Trade off.

Posted by: guest at March 17, 2008 2:09 PM

I would rather live in the garden apartment for $2,200 a month, than live in the rest of place for $14,000 a month in interest.

Posted by: guest at March 17, 2008 2:10 PM

Hey The What... please tell me you just cut-and-pasted those lyrics.

Posted by: guest at March 17, 2008 2:12 PM

"The parking lot (instead of a building) probably allows for great light. Trade off."

Sure, it's a great thing until that lot gets sold. Churches are selling off their properties and empty lots left and right. Once that lot is sold, you'll most likely have a real ugly large building blocking your light.

Posted by: guest at March 17, 2008 2:12 PM

1:45 and 1:46 = Frank or sellers. NO ONE would ever jeopardize their "friend's" deal and drive up the price by boasting about an offer. So transparent. Now for the obligatory "I'm not the broker or seller" response...

Posted by: guest at March 17, 2008 2:15 PM

1:45 if you and your friend both loved it, would you get into a bidding war with each other?

Posted by: guest at March 17, 2008 2:17 PM

I heard a Bear Stearns exec put in an offer.

Posted by: guest at March 17, 2008 2:17 PM

2:12...

I thought everyone was saying the world is coming to an end, so there will be no more development, ever.

isn't that right?

no worries about the church lot.

Posted by: guest at March 17, 2008 2:18 PM

"1:45 if you and your friend both loved it, would you get into a bidding war with each other?"

I own the house 3 doors down. I'm alright. Thanks.

Posted by: guest at March 17, 2008 2:19 PM

2:17 and he is paying with Bear stock

Posted by: guest at March 17, 2008 2:20 PM

Real ugly, maybe, cause it's north of the histric district, but R6B has a 50-foot height limit.

Posted by: guest at March 17, 2008 2:21 PM

This one will be sold by the end of the month.

Posted by: guest at March 17, 2008 2:25 PM

$1.85mm tops.

Posted by: guest at March 17, 2008 2:30 PM

JPMorgan Chase, which has agreed to buy Bear Stearns for just $240 million, expects to cut about half of Bear's 14,000 employees, CNBC has learned.

That should totally help with offers.

Posted by: guest at March 17, 2008 2:37 PM

My entire building of 1 bedroom apts. a couple blocks from here each rent for over 2K per month.

3 for 2500K.

Posted by: guest at March 17, 2008 2:39 PM

Question for the garden apartment renters out there:

In this place, someone is going to have to walk through your apartment once/mnth to read the meters in the celler (no other access). Are you cool with that? Should the landlords charge less?

Posted by: guest at March 17, 2008 2:40 PM

2:37...

How many of those live in Brooklyn??

2?

3?

Won't help with offers in Montclair or Greenwich, that's for sure.

Posted by: guest at March 17, 2008 2:40 PM

1/4 of this place rents for $2200 a month.

That means the fair value of this place should have a carrying cost of no more than $10,000 a month. (4 x 2200)

Once you factor in interest, taxes, heat and upkeep -- the fair value of this place is around $1.1 million. (8% interest, w/ deduction)

People wake up. You can't count on short-term appreciation any more.

Posted by: guest at March 17, 2008 2:42 PM

wow only $13,000 per month for a mortgage with 20% down and 2,200 in income, great deal.

Posted by: guest at March 17, 2008 2:43 PM

Lehman down 35%. Party's over. Buy this (or like it) for high six figures in two years.

Posted by: guest at March 17, 2008 2:46 PM

Can you tell me why you think you'll be able to get this place for high six figures in 2 years, when even homes in assraped places like las vegas and tampa are still selling properties for 2 and 3 million.

you think because the economy slides that all of the sudden, some of the nicest housing stock just goes down 50%?

doesn't work like that.

the worst case scenario is a 7% drop in prices in NYC metro.

not 70%.

Posted by: guest at March 17, 2008 2:51 PM

2:51 I assume that the doubling and tripling of values in the last 5 years is the "normal" state of affairs. Get real!

Posted by: guest at March 17, 2008 2:59 PM

Why has every authority figure in US finance stepped forward to publicly announce we're facing the biggest crisis since the Depression? Because, presto change-o, in ten minutes everything will be back to normal? Because Ben Bernanke opens up the Term Auction Facility? Are you alive? They know the score: insolvency. Buy a nice house now, for 2 and change, that's your prerogative, certainly, but I'd be investing in non-dollar assets and reducing debt with both hands.

(But who cares. You're friend is putting in an offer. Full ask, no doubt.)

Posted by: guest at March 17, 2008 3:07 PM

Is this like two people and a broker just talking back and forth and trying to make it sound like there are actually other people who agree with you, so you can feel like a supported human being??

Posted by: guest at March 17, 2008 3:09 PM

I imagine this is what an insane asylum sounds like. lot's of people here who refuse to believe in the reality of March 2008.

Posted by: guest at March 17, 2008 3:11 PM

i love how people on this blog think that every single person is tied to wall street.

it's 10% people. and that includes the people who don't work ON wall street but are in some way affected by those jobs.

what's wrong with the other 90% of you??

all the sudden your boss stopped paying your salary because bear dropped dead?

yeah, didn't think so.

life goes on.

stop being so melodramatic. it's so ignorant.

Posted by: guest at March 17, 2008 3:15 PM

so how about we imagine that price drops 10% by next year this time (I think this is a conservative estimate) and now buyer needs to sell for some unforeseen reason (this is an unprecedented period in history-be cautious).
$265,000 lost with depreciation
$132,000 broker fee to sell
Lost: Mansion tax, mortgage tax all other costs associated with buying, not to mention interest payments if you take a mortgage.
From a non Wall Streeter who is generally hoping people protect themselves. Botton line....nice house, terrible risk....

Posted by: guest at March 17, 2008 3:18 PM

I've passed by this building a million times. I think it's lovely, and the front staircase is remarkable. I don't know what that would say about the current or future value, but my guess is the drama of the building is worth something to somebody.

Posted by: guest at March 17, 2008 3:19 PM

I have no idea about the house or the price. But I live in a 5-story single family home and I haven't been up to the top floor (pretty staff rooms) in months.

It is great at Christmas when I have loads of family in, otherwise, eh.

This is why I think a straight price psf is pretty meaningless. If I had to value a home, I'd look at t the first 2500-3000 sq ft (three floors) and then price the rest as maybe 1/2 market. Unless you have a really large family or some crazy antique collection, the stairs make up/down living hard. Who wants to have their bedroom up all those stairs?

Posted by: guest at March 17, 2008 3:20 PM

3:15
I don;t work on Wall Street. I am also not worried about my job security. But, I do not kid myself....the real estate market in NYC is very much driven by Wall Street. The economy in general is very much driven by Wall Street. Why else would the Fed make an announcement of a bail out on a Sunday night? That is a big deal as far as I am concerned.

Posted by: guest at March 17, 2008 3:22 PM

Thank you 3:19.

Some people do still buy houses because they love them, want to raise a family in them and do have the money to afford them.

Because one measly dlist bank went under does not mean that there are not others who are not prospering.

Posted by: guest at March 17, 2008 3:22 PM

Saying that no one wants to buy expensive houses anymore means you also think that no one will buy expensive cars anymore either, right?

So everyone will start buying Nissan's or BMW's will cost 10K by next year.

Which is it?

Posted by: guest at March 17, 2008 3:25 PM

I love how when wall street is booming people say that the investment banker's dollars will of course drive up the market, so buy now. And when it's falling, they say, oh, it's not tied to wall street. Can't have it both ways.

Posted by: guest at March 17, 2008 3:28 PM

Re the 3:15pm poster. While I assume that your 10 percent comment is correct in that maybe only 10 percent of readers of Browstoner or 10 percent of NY'ers direclty or indirectly work on/for wall street, the more relevant fact is what percentage of people who can afford this place work on/for wall street. I bet that percentage is a much much higher.

Posted by: guest at March 17, 2008 3:29 PM

3:22 dlist bank?
..other banks prosper?
have you picked up a newspaper, turned on the radio or t.v. today. Markets all over the world are reeling from this event.
Money to afford does not equal sound investment.

Posted by: guest at March 17, 2008 3:29 PM

3:25
Isn;t fact that nobody is buying expensive houses right now in Park Slope at least? Have houses been selling? Seems to me that the same houses are having open houses again and again.

Posted by: guest at March 17, 2008 3:31 PM

D-list? It was the fifth-biggest investment bank on Wall Street.

As for the cars comparison, that's genuinely stupid -- do you people even stop to think before you post? Just about anyone with a reasonable salary in NYC can afford to buy or lease a BMW -- the gap in price between a BMW and a Nissan is just not that big. The gap in price between paying $2500 a month to rent and $8000 a month to buy, plus the $700K down payment, is immense.

And, in any case, car sales are down sharply over the past year, if you'd bothered to look.

Posted by: guest at March 17, 2008 3:32 PM

It is not just Wall Streeters who are nervous about job security. I work at a law firm and many law firms are expecting layoffs.

Posted by: guest at March 17, 2008 3:34 PM

ah yes. Brokers who use Wall Street to justify high prices, but then deny Wall Street's existence when it can mean lower prices.

Posted by: guest at March 17, 2008 3:38 PM

Wall Street is overrated.

I hope the whole thing crashes and burns.

They can all get jobs at the burgeoning retail scene on 5th Ave.

Saw that flight001 is hiring!

Posted by: guest at March 17, 2008 3:42 PM

There sure does seem to be a lot of houses on the market in Park Slope. You think this one will sit unsold for as long as that Sterling Place house has been sitting. The Sterling Place house is even cheaper per sq. ft. than this place. I imagine this will have to come down in price quite a bit before it moves.

Posted by: guest at March 17, 2008 3:42 PM

STOCK MARKET IS UP OVER 115 POINTS.

Posted by: guest at March 17, 2008 3:42 PM

A few months ago it was all about how wall street folks are buying up all the houses.

Posted by: guest at March 17, 2008 3:43 PM

I agree - it's like talking to people in an insane asylum - HOW can you be in denial right now about prices on real estate dropping? It boggles the mind - as to the comment "wall streeters" don't buy in brooklyn. Well, that may be true (although I don't think it is), but they buy in manhattan, and when they stop doing that, prices will drop there and MANY MANY MANY people would rather stay in Manhattan. Voila - end of run up in Brooklyn.

Posted by: guest at March 17, 2008 3:47 PM

3:43...those were brokers talking.

i'd LOVE to know how many wall streeters were ACTUALLY buying up all the homes.

Especially in Brownstone Brooklyn.

Posted by: guest at March 17, 2008 3:49 PM

I can buy this with my euros. You people are still being paid in dollars? suckers

Posted by: guest at March 17, 2008 3:52 PM

seems plenty big enough to me unless you are a Mormon family or want to run a boarding house. In a year or so it will be more affordable.

Posted by: guest at March 17, 2008 3:52 PM

The What is from Lodi, New Jersey. Loser.

How many of you asshats actually work on Wall Street?

Get a life people. All of these banks will be bailed out and the pain will be spread among all of us tax payers. There is no housing collapse in Brooklyn.

This site has the biggest drama queens outside of Chelsea.

Posted by: guest at March 17, 2008 3:55 PM

"Analysts who cover broker Lehman Brothers Holdings Inc. are watching closely from the sidelines Monday, loath to add to market speculation that the firm may be the next major brokerage to falter."

Posted by: guest at March 17, 2008 3:58 PM

falter does not mean fail, 3:58.

you are the queen bee of the drama queens.

keep cutting and pasting thought. really helps your case.

Posted by: guest at March 17, 2008 4:07 PM

Falter is a BIG deal, 4:07--keep up your denial.

Posted by: guest at March 17, 2008 4:11 PM

Just like "falter" did not mean "fail" for Bear Stearns on Friday.

Buzz buzz!

Posted by: guest at March 17, 2008 4:14 PM

"There is no housing collapse in Brooklyn."

Jim Cramer, is that you? Just last week you said, "No! No! No! Bear Stearns is not in trouble."

Posted by: guest at March 17, 2008 4:16 PM

I agree with 3:20. The 4000/4500 sf houses out there that are held up as the gold standard on this site were designed for extended families with more children, grandparents living in, etc. than is typical today.

Posted by: guest at March 17, 2008 4:16 PM

are your brains so small that you don't realize that because one thing happens, it does not mean that every situation plays out identical to that one.

or do your pea sized brains not have the capacity to decipher that?

Posted by: guest at March 17, 2008 4:17 PM

http://www.inmoneytoday.com/2008/03/17/southeast-asias-biggest-bank-cuts-off-lehman-stock-down-25-in-pre-market-2/

Get a clue. Lehman is next; then Katie bar the door.

FYI all you potential buyers out there; we know from several sources brokers are essentially disallowing price cuts suggested by anxious owners. Be patient, the dam is about to burst.

Posted by: guest at March 17, 2008 4:20 PM

to those who are potential buyers (but believe prices are coming down), why not bid low and see if sellers agree? What would happen if all houses on the market in Park Slope received bids well below asking price? Would anyone bite? Perhaps this is already happening.

Posted by: guest at March 17, 2008 4:24 PM

The New York economomy is more or less driven by Wall Street. It is to us what the entertainment industry is to LA.

Wall street does not seem to be riding too high right now. $2 a share for Bear Stern stock? It was at $160 a share a year ago. Is that just a minor stumble or leg-breaking fall?

Our currency is in trouble, our banks and insurance companies are in trouble, I think there may be a lot of houses and condos coming on the market in the next year. I can't believe anyone is buying right now except for the most wealthy or for those who are getting foreclosure deals.

Posted by: guest at March 17, 2008 4:25 PM

Yes, I have a friend who is dying to lower her price but other brokers will have a fit if she does so she has been holding steady. But price cuts are coming.

Posted by: guest at March 17, 2008 4:25 PM

We're going down, down, down...

Posted by: guest at March 17, 2008 4:27 PM

4:20
I don't doubt that this is the case. But, I think some brokers are encouraging sellers to take lower offers and sellers are still hoping for a biddng war.

Posted by: guest at March 17, 2008 4:27 PM

It's very odd that people don't seem to understand that when people on Wall Street make lots of money, they spend it on goods and services, and then the providers of those good and services spend it. I don't know how much it makes housing prices drop, but it's odd that people don't get that.

Posted by: guest at March 17, 2008 4:28 PM

"I can't believe anyone is buying right now except for the most wealthy"

People purchasing 1 million and up homes are the most wealthy in the nation. You are just immune to that from living in NYC.

Come back to reality now. 225 is the average u.s. home price.

Anyone buying in nyc, IS wealthy!

We will not be affected to any significant degree.

Posted by: guest at March 17, 2008 4:29 PM

4:25
Who is in control of a sale, seller or broker? That sounds crazy to me. The broker is hired by seller. Why would your friend not do what she wants/needs to do?

Posted by: guest at March 17, 2008 4:32 PM

down, down, down, down, doooowwwnwnnnn

Posted by: guest at March 17, 2008 4:32 PM

4:32...you've been saying that for 5 years.

even a stopped clock is right twice a day.

Posted by: guest at March 17, 2008 4:35 PM

Drama queens!

Even if housing prices in Brooklyn drop 10%, that is not a collapse. There will be a softening and a correction, but not a collapse.

These places are not going to go for under $1 million ever again. But you can keep on renting. btw, your rents are decreasing by 10%. You can count on that.

Posted by: guest at March 17, 2008 4:38 PM

are not decreasing by 10%

Posted by: guest at March 17, 2008 4:39 PM

Sure, lots of these places are not going to go for under $1 million again. So what? I think few people are expecting that. The question is are they going to go for $1.5 million or $2.6 million. You may think the difference between those two prices is small, but most people, even most wealthy people, would disagree.

We're not looking at a 10% drop. It's going to be a 25% drop, minimum That means your $2 million property is actually worth $500K less than you thought it was.

Posted by: guest at March 17, 2008 4:46 PM

I don't think it is necessarily the most wealthy buying these over-inflated properties. I think it is people with some money and good credit who are overextending themselves and relying on rental income to make ends meet. These folks may be in deep doo-doo if their house price drops below the outstanding amount on their mortgage. This would not be an unheard-of scenario. It has happened repeatedly over the last seventy years. I think it will happen again in 2008. I'm not a pessimist but people are owing a lot of money out there and when it comes due, you just can't sell your stamp collection.

Posted by: guest at March 17, 2008 4:46 PM

I found The What:

- http://www.badmovies.org/movies/beneathapes/beneathapes7.jpg

Posted by: guest at March 17, 2008 4:48 PM

You know, until I started reading this forum/blog, I thought I was the only one out of work!! Do none of you assholes have a job???

Posted by: guest at March 17, 2008 4:50 PM

We all used to be investment bankers.

Posted by: guest at March 17, 2008 4:53 PM

i hope this means no more bank branches opening up.

Posted by: guest at March 17, 2008 4:55 PM

I really like this house. I do wonder about price like the rest of you. Slightly off, but related topic. Still curious about the house on Carroll. If that house could sell for deeper discount than 10% recently (and before recent negative economic news), seems plausable that this house could sell for less. They had roughly the same asking price (now carroll is much higher). And how about houses for sale by owner on Lincoln. Rumor is that they will also sell much lower than ask.

Posted by: guest at March 17, 2008 5:17 PM

what Carroll and Lincoln houses are you referring to, 5:17?

Posted by: guest at March 17, 2008 5:21 PM

Many of the Wall Streeters live in exactly the places many posters here hate. Brand-new gigantic houses in the exurbs. These guys do not mind a two hour communte each way if they can have their big McMansion with pool and all the trimmings. Very few of them appreciate the finer points of Queen Anne detailing. They want big rooms, bit home theaters, big SUV's, and big breasts on their women. They're Wall Streeters! The Hedge Fund guys are a little more genteel, but not much.
It is the attorneys and the guys in investment banking and insurance firms that buy in Brooklyn. Well some of them.

Posted by: guest at March 17, 2008 5:28 PM

Now "the guys in investment banking" don't count as Wall Streeters? What the hell.

Posted by: guest at March 17, 2008 5:46 PM

5:28 Im with you! But we all like big Breastasis.

Posted by: guest at March 17, 2008 5:48 PM

I prefer a big schlong myself.

And a nice round bubble butt.

Like two Virginia hams...RESTIN ON THE BONE!

Posted by: guest at March 17, 2008 6:00 PM

Not worth it i would rather move to Cobble hill or Carroll Gardens or Brooklyn heights. Just my take

Posted by: guest at March 17, 2008 6:57 PM

4:20 "Get a clue. Lehman is next; then Katie bar the door."

Lehman is next. Really????? Have you seen their liquid asset base (And I don't mean their minimal exposure to dodgy debt a la Bear Stearns (BS for short! ;-) ) I am just pissed I was on Jury Duty today and not able to buy their stock today when it hit $20.25 and then closed at $31.75 - could have made a killing!

Oh well I suppose I'll sit back in my Brooklyn Townhouse tonight knowing that even with a 50% drop in value (based on NYC Council property tax valuation) I'll still be ahead from what I paid in 2005 - and knowing that my mortgage is still easily manageable despite the turmoil on Wall Street.

Posted by: guest at March 17, 2008 7:15 PM

just THREE days ago, the Bear Stearns CEO was saying, with a straight face, that all was well with his bank...

Posted by: guest at March 17, 2008 7:26 PM

you are an idiot for believing him, 7:26.

are you 5?

Posted by: guest at March 17, 2008 7:31 PM

This whole financial mess, and it is a huge mess, is directly tied to the ridiculous run-up of real estate prices over the past five years. A total bubble. Liar's mortgages, sub-prime mortgages, nothing-down mortgages. Everything is starting to implode.
Let's just have it done with so we can move on. New York has held out on pure hype. That is our principal natural resource. But even the NY hype is only good for so long.
You paid how much for that delapidated hundred and thirty year old house in Clinton Hill? Sorry.

Posted by: guest at March 17, 2008 7:36 PM

I'm pretty sure that most of these places will go for under a million soon. It may be years and years before the peak 2007 prices are reached again, I mean twenty or thirty years.

Posted by: guest at March 17, 2008 7:48 PM

it will be 2010, 7:48.

keep renting though.

i'll love to see what your rent is in 20-30 years.

10k for a studio, you'll be what, 65, still a renter and starting to incur some health problems...

sounds SUPER fun.

Posted by: guest at March 17, 2008 7:55 PM

I think the house will go over ask.

Posted by: guest at March 17, 2008 8:06 PM

7:55,
you should never, ever, speak of health problems as being someone else's concerns.
That is not only very bad form but also bad karma. Anyone can have health problems at any age whether they rent or own. Your statement was so stupid and callous that it is a bad refection on your mental health.

Posted by: guest at March 17, 2008 8:12 PM

7:55... you got some bad juju coming your way.

Posted by: guest at March 17, 2008 9:03 PM

7:55
Major bad juju.

Posted by: guest at March 17, 2008 9:17 PM

Renters = fucknuckles

Posted by: guest at March 17, 2008 9:31 PM

I think the house will grow wings and fly.

Posted by: guest at March 17, 2008 9:37 PM

Interesting that the majority of contributors on this post just speak in economic terms - basically, just short term investors. There are social and other terms to consider. What we're going through is a natural correction - just like when you turn forty - the "oh, shit" period. If you were looking to flip - then worry - if you are settled, then relax - it'll be ok. Our ancestors didn't get from buying houses for pennies to us buying for millions w/o alot of these moments in the past. The trust fund babies did not get those downfalls from great grands who did not take risks. It's all good. Stop ranting so much - take time to think and reflect a little. Stop ranting - PLAN and THINK!

Posted by: guest at March 17, 2008 9:39 PM

In response to 8:02 - the guy who sold house to current owners in 2007 buys brownstones and renovates them to sell. So it is unlikely that these owners did anything, definitely not the major kitchen and bath renos - he'd have done them already. Maybe they planted a garden.

Perhaps they just see that (maybe) the market is up, and (maybe) they can make a nice profit by selling, or maybe they fear that the market will go way down, as others on this forum seem to think, and figure they'll get their equity out now.

Or maybe they are moving away for reasons completely unrelated to real estate prices - it happens.

Posted by: guest at March 17, 2008 10:13 PM

Absolutely love this house...so much more interesting than most of the brownstones...and yet, I DO think a lot of the posters are correct about the price and the really uncertain shape of the economy.

Those who can afford a 2.6 million dollar home didn't get rich by throwing away money. Unless you're superrich and this is just a drop in the bucket, you've got to take into account that uncertainty.

This would be a great house to track. I'd be surprised (but not shocked) if it sells for over 2.2 million, if only for its unusual design.

Posted by: guest at March 17, 2008 10:48 PM

i'd don't understand how it's bad juju to mention that you don't want to be renting in your old age because it would be good to be as stable financially as possible when inevitable health problems arise more frequently, but it's not bad juju for 90% of people on this blog to take pleasure in the fact that some people are losing major value in their homes across this country, are foreclosing, and in some cases becoming homeless.

think about that next time you gloat that the world is coming to an end.

it's fine to be realistic that we might be in for a price correction, but don't sound so excited about it, or your juju is just as fucked.

Posted by: guest at March 17, 2008 11:07 PM

s
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Posted by: guest at March 17, 2008 11:18 PM

what the f*#k is "juju"?

Posted by: guest at March 17, 2008 11:30 PM

it is only valued at 1.3M by the city.

Posted by: guest at March 18, 2008 12:14 AM

12:14 - using the city's "market value" is meaningless - Property Shark says as much. That said, I can't understand how the sellers justify a jump of $600K in one year in this uncertain market. The house does look pretty but the school zone is not great, and since this looks like a family place (with a rental so presumably the buyers would not be ultra-rich), I wouldn't automatically assume a family moving in would want to do private school.

Posted by: guest at March 18, 2008 12:24 AM

Ill pay 1.3 million for it. HOPE HOPE.

Posted by: guest at March 18, 2008 12:46 AM