The Waiting Game

wow this is a surprise.

who could have possibly seen this coming?

the ny times right on top of the latest

Posted by: guest at March 10, 2008 10:09 AM

so ....... markets are back to normal. OK, it is more of a buyers market. At least your don't have to bring a check book to an open house.

Posted by: guest at March 10, 2008 10:15 AM

Multimillion dollar brownstones are selling out in one hour and this is slow down? A slow down in South Beach and Las Vegas does not mean there will be slow in NYC, its that simple.

Posted by: guest at March 10, 2008 10:17 AM

Property markets are cyclical. This same thing happened in the early 90s and I can remember looking for co-ops. We saw apt. after apt. being sold by a desperate couple with two kids itching for more space. Yes, the truth is they might have lost money, but they also bought their next apartment or their house for less money as well, and by the mid-nineties things were taking off again. We bought our current house at the absolute height of the market (summer 2006) but I'm not panicking because a) we've refinanced twice since then and our mortgage has decreased considerably and b) we intend to live here for a while, hopefully riding out the downturn. People need places to live, so houses will always, eventually sell.

Posted by: guest at March 10, 2008 10:18 AM

10:09 - Agreed. NYT is late to the party, but maybe their article will prove a bit of a wake-up call to sellers out there with unreasonable asking prices on their apartments who refuse to entertain reasonable bids if they are below the price point their broker told them was possible.

As a ready, willing, and able buyer I feel no pressure whatsoever right now to settle for anything less than an apartment that meets my budget. I've done my research and have a good idea of recent comps. I'm not overreaching. I've put in three bids in the last two monts, none more than 10% below ask, and been rejected each time. The apartments that I bid on are still on the market. Well, I'm in no hurry - my rental is adequate and cheap, and my down payment money is earning some modest interest. They have to sell eventually, but if they come back to me I'm lowering my price even further.

Posted by: guest at March 10, 2008 10:21 AM

10:17

NYC is significantly overvalued. Do the financial math.

The correction will come soon enough. The financial system is in distress and massive layoffs will be announced. Lines of business like structured credits, leveraged loans etc. accounted for over 50% of wall street earnings. Those businesses are dead (for now and maybe for quite a long time/forever) and the heads will role. Leverage fueled the bulk of earnings growth (for firms and individuals) over the last few years. Sustainable earnings going forward are much lower than they have been. Firms realize this and will "right size".

Posted by: guest at March 10, 2008 10:28 AM

the only hitch 10:21 is that things do seem to be moving at close to asking, just more slowly.

this article had people selling within a couple of hours, a guy who painted and changed light switches and is selling at close to asking (with no place to live short-term). 10% below ask is still a lot if they have other interest. If they didn't I'm sure they would have countered.

Posted by: guest at March 10, 2008 10:29 AM

Multimillion dollar brownstones are selling out in one hour and this is slow down? A slow down in South Beach and Las Vegas does not mean there will be slow in NYC, its that simple.

This is one story. There's also stories of places sitting and not getting there price. No matter what way you see the market it's foolish to draw broad conclusions from one story in the Times.

Posted by: guest at March 10, 2008 10:31 AM

10:29 - For now things, in general, are moving at close to asking, but more slowly. But I see no sign of a big pickup coming any time soon. As I said, I can wait. However, I may be more motivated now that my bank says I can get a lower jumbo rate. But not motivated enough to bid at an asking price that has been artificially inflated by a broker's desire to get a listing.

Posted by: guest at March 10, 2008 10:37 AM

10:21-
I have had a similar experience. I put in 2 offers of 10%-12% price cuts and was immediately rejected by both. and both are still sitting on the market 2 months later. I have recently had an accepted offer at about an 8% price cut on a 3rd apartment.

The problem with the first two that rejected me were brokers who thought their units with GE Profile "stainless steel" appliances and beige craptastic bathroom tiles are the hottest shit in Brooklyn. where else could i possibly find that kind of awesomeness!!??

so i decided it would be better to make an offer on a place owned by regular people and NOT owned by a real estate company or a developer, and the offer was accepted.

Posted by: guest at March 10, 2008 10:39 AM

"This is one story. There's also stories of places sitting and not getting there price. No matter what way you see the market it's foolish to draw broad conclusions from one story in the Times."

"There is no place like home". "There is no place like home". "There is no place like home". "There is no place like home". "There is no place like home".

Yep, keep repeating that shit.

"Multimillion dollar brownstones are selling out in one hour and this is slow down?"

Are they closing now? That's the real question.

There are massive margin calls going on right now! You will give back the gains for the last couple of years. Here read this.

Hedge Funds Reel From Margin Calls Even on Treasuries

http://www.bloomberg.com/apps/news?pid=20601087&sid=aqcXY9R7AbkY&refer=home

"While lenders are most unsettled by credit consisting of real estate and consumer debt, bankers are now attempting to raise the rates they charge on Treasuries, considered the world's safest securities, because of the price fluctuations in the bond market."

Rates are going up for all kind of debt. The is the De-Leveraging of markets including Real Estate. RIP MREB!

The What (Tick...Tick....Tick....)

Someday this war is gonna end....

Posted by: guest at March 10, 2008 10:43 AM

10:31 - yes, this is one story in the ny times, but it's incredibly similar to my situation. i'm closing this week on a co-op we listed a couple months ago; had one open house and had two offers at asking price within an hour. i feel sorry for buyers like 10:21, why would we have even entertained an offer 10% under? good thing you're comfy in your rental.

Posted by: guest at March 10, 2008 10:55 AM

The people paid 1.5 3 years ago and now appear to have sold for 2.5 million. If this is a "less frenzied" market, I'll take it.

Posted by: guest at March 10, 2008 10:56 AM

10:55 - Um, please define "listed a couple of months ago." When did you go into contract? 10:21 made clear that the aprtments he/she bid on are still on the market. A lot can and has changed in a "couple of months." Of course NYC was slower to feel the real estate pain than other markets, but the downward cycle here has not even come close to bottoming out. And with no prospect of things getting better for sellers any time soon, my guess is that 10:21, and buyers like him, will do just fine by waiting for the right price.

Posted by: guest at March 10, 2008 11:03 AM

There's always --always --a jackass who buys AOL at 300, watches it go to 400, and crows. Always. Feel free to be that jackass in Brooklyn real estate.

Posted by: guest at March 10, 2008 11:08 AM

I bought my place in 2006 for 250K.

Put it on the market Feb. 1, had one open house, 3 offers, 2 over ask.

My asking price was 339K.

Sold it for 345K.

How is the market slowing?

(btw, i did NO work to the place)

Posted by: guest at March 10, 2008 11:14 AM

The NYC market is overpriced if you get paid in American Dollars, if you get paid in Euros, it's about right.

Posted by: guest at March 10, 2008 11:14 AM

11:08 - to gratuitously extend your metaphor, it seems that in Brooklyn real estate, the jackasses not only crow about their "AOL" hitting 400, they refuse to read the writing on the wall and take their profits at 375 even though the asset is tanking and will be at 200 by the end of next quarter.

Posted by: guest at March 10, 2008 11:15 AM

10:31 - yes, this is one story in the ny times, but it's incredibly similar to my situation. i'm closing this week on a co-op we listed a couple months ago; had one open house and had two offers at asking price within an hour. i feel sorry for buyers like 10:21, why would we have even entertained an offer 10% under? good thing you're comfy in your rental.

Are you buying something else, moving away, what's your story? My point about it being one story in the Times is that people read too much into one particular experience or in your case, your own experience, and tend to block out anything that contradicts there views.

Posted by: guest at March 10, 2008 11:16 AM

The tWhat is a bitter renter with a GED.

This war will end and you will be homeless.

Bye bye tWhat

Posted by: guest at March 10, 2008 11:34 AM

I bought my place in 2006 for 250K.

Put it on the market Feb. 1, had one open house, 3 offers, 2 over ask.

My asking price was 339K.

Sold it for 345K.

How is the market slowing?

(btw, i did NO work to the place)

Are you buying something else? Please tell.

Posted by: guest at March 10, 2008 11:45 AM

"Are you buying something else?"

I found a 1 bedroom fixer (fsbo) in the North Slope, which I purchased for 387K. I plan to do most of the work myself...needs minor, cosmetic things...sanding of floors, some stripping, new tile in the bathroom, etc. I think renovated, it's maybe worth 475K or so. It was a deal.

My sale was a studio (which I also sold fsbo)just around the corner from the new place. I love the area.

Posted by: guest at March 10, 2008 11:50 AM

Hi Terry!

Posted by: guest at March 10, 2008 11:53 AM

10:55 here. yes, in contract on a larger place now. btw, i'm not the same person who listed at 339k and sold for 345k. and to 11:03 - by a few months i mean our buyer was in contract in december.

Posted by: guest at March 10, 2008 11:55 AM

Same exact pattern as 1989. Sellers refusing to budge until the reality sinks in. Nothing new.

Posted by: guest at March 10, 2008 12:04 PM

In 1989, everyone and their mother (europeans, chinese, south americans, celebrities) did not want to own a place in New York City.

Now they do.

Whether the market falters a little bit or not, 12:04, that has no bearing on the fact that since 1989, New York has become one of the greatest cities in the world.

You underestimate that fact.

Posted by: guest at March 10, 2008 12:22 PM

Lets all sing along asshats, fucktards and assrockets.

The Great Pretender

Oh yes, I'm the great pretender
Pretending that I'm doing well
My need is such; I pretend too much
I'm lonely but no one can tell.

Oh yes, I'm the great pretender
A drift in a world of my own
I play the game; but to my real shame
You've let me to dream all alone.

Too real is this feeling of make believe
Too real when I feel what my heart can't conceal.

Oh yes I'm the great pretender
Just laughing and gay like a clown
I seem to be what I'm not; you see
I'm wearing my heart like a crown
Pretending that you're still around.

The What

Someday this war is gonna end...

Posted by: guest at March 10, 2008 12:39 PM

That's not cool to name someone just because you recognize them from their comments.

These are uncertain times economically but I am SO glad to be in NYC, and not a homeowner in the rest of the country, even in one of the other large cities. The most worriesome thing being in these other places would be that your home value would not only drop more but the region would lose more jobs than NYC will lose, on top of it. Sorry tWhat, but I worry more for my friends and family living elsewhere in the country than I am worried for myself.

Posted by: guest at March 10, 2008 12:42 PM

Another example of shoddy NYT reporting in the real estate section. The Cobble Hill deal hasn't even closed and they're trumpeting this as an example?!

"But [Seller] didn’t relax until the paperwork was signed."

Even with a cash buyer, I'm not sure why a seller would "relax" in today's market. Even more so if the buyer needs to get a jumbo mortgage.

Wonder why they're moving away from PS 29?

Posted by: guest at March 10, 2008 12:46 PM

The tWhat pretends to be an owner of real estate.

The tWhat pretends to know what he is talking about.

The tWhat pretends that he knows how to live in the hood.

The war is over tWhat. You lost. Now get out.

bye bye tWhat.

Posted by: guest at March 10, 2008 12:50 PM

12:42...I totally agree with you.

People I know in the rest of the country have been a LOT more affected by what's going on with the housing crisis, not to mention the price of gas, food and home heating.

We have this to some extent here as well, but New Yorkers are used to paying astronomical prices for things that can be bought cheaper elsewhere.

I know a lot of friends, even in Boston, San Diego and LA right now who are nervous about what's to come.

I don't get that sense here. People are still happy to be living here for the most part.

Posted by: guest at March 10, 2008 12:54 PM

they say gas will be $4 a gallon by June or July.

Thank GOD I don't rely on a car.

Last time I drove on a daily basis (1999) gas was 99 cents!!!!

Posted by: guest at March 10, 2008 12:56 PM

"they say gas will be $4 a gallon by June or July.

Thank GOD I don't rely on a car.

Last time I drove on a daily basis (1999) gas was 99 cents!!!!"

Yep that is true but, you pay higher cost on food, clothing and other products. The high price of gas infects everything we consume.

The What

Someday this war is gonna end...

Posted by: guest at March 10, 2008 1:02 PM

1:02...

That is true, but without a car, I save approximately

$400 a month car payment
$120 a month on gas
$120 a month on insurance

That's $640 a MONTH I save by living in New York and not driving. (not factoring in repairs to the car)

I spend $81 a month on an unlimited metrocard.

Posted by: guest at March 10, 2008 1:07 PM

"1:02...

That is true, but without a car, I save approximately

$400 a month car payment
$120 a month on gas
$120 a month on insurance

That's $640 a MONTH I save by living in New York and not driving. (not factoring in repairs to the car)

I spend $81 a month on an unlimited metrocard"

Yep but, You pay high cost for good that offsets your savings. High cost to service debt, food, clothing and other things.

Look at the value of money in 1999 and look at the value in 2008. You are losing big time in the war with inflation.

BTW There are other people that own a car (ME!). Why should I have to eat inflation fumes so a Asshat can get a overpriced condo? Gas 3.30 a gallon, Bread (Whole Wheat) 3.89 and don't talk about milk. You are seeing the effects of a crack up boom in Real Estate and Commodities.

The What

Someday this war is gonna end...

Posted by: guest at March 10, 2008 1:17 PM

The seller sounded a bit OCD to me. Who spends 5 months trying to find a broker? And why would she be that worried given that her research should've shown that prime BK real estate has not been affected?

Posted by: guest at March 10, 2008 1:24 PM

"Yep that is true but, you pay higher cost on food, clothing and other products."

Not true for me. I've lived in other large cities in the country and I actually spend less on these things here. In NYC you can find quality restaurants at a lower to moderate price range. In other cities there is often a big gap that goes from McDonalds to super fancy with nothing in between.

As for clothes, NYC has lots of options for lower priced quality clothing that most other cities do not have.

Posted by: guest at March 10, 2008 1:30 PM

We went to Al Di La (ranked the 4th best Italian restaurant in ALL of NYC) last week with someone from Miami and they commented that for the quality of food, the prices were HALF what they would be at a comparable place in Miami.

So yes, I have also found what you say to be true, 1:30.

Per usual, the What is talking nonsense.

Posted by: guest at March 10, 2008 1:40 PM

Gasoline in this country is cheaper than water.

Posted by: guest at March 10, 2008 1:46 PM

"We went to Al Di La (ranked the 4th best Italian restaurant in ALL of NYC) last week with someone from Miami and they commented that for the quality of food, the prices were HALF what they would be at a comparable place in Miami.

So yes, I have also found what you say to be true, 1:30.

Do you know why they are less expensive?? They have to eat the inflation on their bottom line. Businesses that manufacture food can't pass on the inflation because people will stop buying their product.

"Per usual, the What is talking nonsense"

Here we go!!!! What mother fucking planet you live on???????!!!!!! You are going to say there is no inflation and prices are the same from 1999???!!!! Stupid motherfucker thats why the crash is going the hurt. The clueless have no fucking idea whats going on!!!

The What

Someday this war is gonna end...

Posted by: guest at March 10, 2008 1:47 PM

1:30
i guess you don't pay city and state income tax...and the child care options are plentiful and the public schools are great where you are so you don't need to pay through the nose for decent childcare nor send the kiddies to private school. you may have some unique situation, but for the average person the fact remains that NYC is one of the most, if not the most expensive US city to live in (see salary.com cost of living comparison tool). To argue otherwise is not supported by the facts.

Posted by: guest at March 10, 2008 1:50 PM

honolulu and san francisco are more expensive.

and neither is a world city.

Posted by: guest at March 10, 2008 1:52 PM

See some data below...many other data points i could share. The fact is that NY is the most expensive North American city. It ranks around 15th - 20th globally when you factor all the costs in $s...the weak dollar makes NYC seem like a bargain relative to Moscow etc.

As 1:52 points out, NYC is a world city...but so what. That doesn't make it any less costly to live in.

Priciest U.S. towns
The five most expensive places to live in the United States

City Annual cost Percent above mean
Manhattan $146,060 137.9%
San Francisco $122,007 98.7%
Los Angeles $117,726 91.8%
San Jose $108,506 76.8%
Washington, D.C.$102,589 67.1%

Source: Runzheimer International

The study considered what a typical family of four earning $60,000 annually spends and compared the costs of maintaining that lifestyle in more than 300 U.S. locations of comparable quality.

In Manhattan, that family would need to spend $146,060, 137.9 percent more than in the average American town. This slice of the Big Apple topped runner-up San Francisco by more than $24,000 to earn the dubious distinction of being the nation's priciest place.

Posted by: guest at March 10, 2008 2:00 PM

That's a stupid study, 2:00.

They use Manhattan...not NYC!

I don't see them using Beverly Hills. They use LOS ANGELES!

New York City is all 5 boroughs. Take the WHOLE city and it's not as expensive as San Francisco and barely more than LA.

Think before you cut and past asinine data please.

Posted by: guest at March 10, 2008 2:12 PM

Agree completely with 10:28. Folks, wake up and smell the coffee. Ignorance is not bliss. Read
Timothy F. Geithner's (President and Chief Executive Officer of the NY Fed) speech from last week. Exercise some common sense and critical thinking. Have you heard about Carlyle Capital's margin calls? Do you think they were the only one's pursuing their trading strategy? The only reason they are news mis because it is a publicly traded vehicles. Many hedge funds are in the same boat, but dealing with their issues privately. The fact that they too are not on the front page of the WSJ and NYT doesn't make their troubles any less real. Majority of folks here have no clue how desperate things will soon be.

Posted by: guest at March 10, 2008 2:25 PM

We have a much bigger house here in Brooklyn than we could get for the same money in Los Angeles.

The problem with all those stupid indexes and stats on home values is they "average" everything and it's useless. Los Angeles county is massive. It averages out values for the houses way the heck out in some dumpy crap area by the airport with houses in Beverly Hills. Sorry, I'm not living next door to the airport or in South Central L.A. in a 900 square foot mud hut.

If I were to buy a historic house in funky Los Feliz or Echo Park, which would be the closest comparison to the neighborhood in Brooklyn we bought into, for $1 million we could get maybe a cute but tiny 1500 square foot 2BR 1BA house. If I were to buy a 1700 square foot 3BR house in West Hollywood in a little nicer area, that costs $1.3 million minimum even during this recession.

Posted by: guest at March 10, 2008 2:41 PM

2:12

Fact: NYC (brooklyn and the other boroughs included) is the most expensive city in North America. I can show you data that compares it directly to San Francisco, Chicago, LA and other expensive cities. NYC comes out on top. Many sources on the web - from mercer to the economist intelligence unit to salary.com and so on and on and on

Where is your proof that it is not?

Posted by: guest at March 10, 2008 2:41 PM

You know, I think I have identified what The What is and his motivation.

He is a bitter homeowner (or broker) out in the 'burbs of Long Island or Jersey who is trying to convince everyone investing in NYC is a bad idea.

This is the first time we've seen him defend living outside in the suburbs, and he's doing so ardently.

If his motives are to warn everyone about bad real estate investments, then why would he claim investing in the suburbs where all the foreclosures are, is a some really good idea?

It's illogical therefore it's all fake.

Stick to Jersey, tWhat. Nobody is going to follow you there.

Posted by: guest at March 10, 2008 2:47 PM

Jersey and the rest of the burbs have at least another 20% to go before they hit bottom.

No one with half a brain is moving to a suburb right now.

Posted by: guest at March 10, 2008 2:53 PM

There are houses all over LI for sale just sitting there with no interest from buyers at all.

Posted by: guest at March 10, 2008 3:08 PM

Thank you, 3:08.

Most do not realize the spin put on these Real estate related NY Times articles.

Can you not hear the desperation of those brokers in LI and elsewhere who welcome even the slightest mention of someone from New York moving to the burbs.

It's become so rare, they they will say or do whatever necessary to sell a few of these homes that are piling up.

The suburbs of Jersey have racked up inventory levels that would take 2 years to sell...even in a robust market (which this is not).

Some places around the country are racking up 3 years worth of inventory.

Here in NYC, we have 5 months worth.

That is why prices are holding steady, if not faltering just slightly.

Posted by: guest at March 10, 2008 3:17 PM

A glut of houses within commuting distance of NYC, that are already trading at prices well below NYC and falling.

Don't think that will have any impact on NYC prices. Nope. None at all.

Posted by: guest at March 10, 2008 3:19 PM

True, 3:17 and this is not the first time the suburban brokers have had a total "spin" piece put in the NY Times RE section attempting to diss Brooklyn.

d e s p e r a t i o n

Remember the piece a few months ago that was trying to claim everyone is choosing the suburbs and not Brooklyn? It's like dudes, we can see your massive lists of unsold suburban listings for ourselves. You can't lie about it.

Posted by: guest at March 10, 2008 3:24 PM

There's even more a glut of houses falling in value further out and in other states, 3:19.

The closer the houses are to NYC the better.

Posted by: guest at March 10, 2008 3:30 PM

3:24...you are correct. anyone with a brain can see right through it.

problem is...there is just not a lot of interest in the burbs right now. no amount of spin is going to change that.

Posted by: guest at March 10, 2008 3:31 PM

Do you have a job, tWhat? Didn't think so. Go get one.

Posted by: guest at March 10, 2008 3:36 PM

It's not just NYC. As close as you can get to San Fran, Seattle, etc are going to bode better than the more outlying areas.

Wake up and smell the coffee.. Urbanism isn't a fad!

It's becoming the way of the world.

Not everyone will live in cities, sure...but more and more people are getting sick of driving everywhere, paying too much for gas, 2 hour commutes, lack of social interaction with everyone spending more and more time online, etc.

It isn't a coinidence that the only retail in the burbs these days that seems to prosper are the "urban village style" complexes.

People are craving it.

Posted by: guest at March 10, 2008 3:39 PM

So how much of a premium is everyone here willing to pay to live in NYC?

Posted by: guest at March 10, 2008 3:46 PM

Is it not obvious, 3:46? Look around at this site, curbed, walk by real estate windows and you'll see how much we are willing to live here.

Lots of people live in one room studios now fetching upwards of 500K in Manhattan. Some approaching a million. Does that tell you anything?

It tells me that there are enough people in this country that value what New York City has to offer above other places.

I would not move to Texas or West Virginia, or Alabama or Ohio or North Dakota or South Carolina or Florida or Arkansas if you paid me 10 million bucks. I feel that way about many many states, although Austin is nice.

Still though...people like it here. It's the reason why we are twice as large as the next largest city.

We didn'd end up here by osmosis.

Posted by: guest at March 10, 2008 3:52 PM

I'll pay whatever it takes to not live in a suburb.

ANYTHING.

Grew up in a couple (both nice, upper middle class) and I would never go back.

I feel as though my life really began when I moved to NYC.

Posted by: guest at March 10, 2008 4:02 PM

3:52 and 4:02...so you would be willing and able to buy at $1K per sq foot? $2K? $3K? $4K?

Posted by: guest at March 10, 2008 4:17 PM

I'll pay whatever it takes to not live in a suburb.

ANYTHING.

Can I assume that you'll swallow?

Posted by: guest at March 10, 2008 4:26 PM

The tWhat is still a bitter renter

Posted by: guest at March 10, 2008 4:30 PM

Don't be so hard on the bitter renters since they are the most likely buyers going forward.

Posted by: guest at March 10, 2008 4:33 PM

I would pay what I can personally afford, 4:17. $2000 per sf is probably going to be out of my price range. I bought a place which was about 1000 sf though so I'm all set for now.

I'd downsize and live in a smaller place to be able to live here vs. a large house in the burbs. Absolutely.

Posted by: guest at March 10, 2008 4:42 PM

relax - there is nothing to worry about. your real estate is in nyc - what could happen? its different here.
Billionaire Investor Sees Bank Failures Ahead
Monday March 10, 10:52 am ET

Billionaire investor Wilbur Ross says the current market downturn differs from previous slumps in that no American banks have yet failed this time, but he suggests that's about to change.

"I think that's going to be the next wave, and coupled with problems in the commercial real estate market; I think they'll be the next bubbles that burst," the chairman and CEO of W. L. Ross and Company told CNBC's "Squawk Box" in an exclusive interview.

Posted by: guest at March 10, 2008 4:59 PM

OOOH...squawk box!!! how...um...intelligent sounding!

think i'll get my real estate advice from sesame street, thanks!

Posted by: guest at March 10, 2008 5:03 PM

Those in the suburbs try to claim those in the suburbs are more friendly and community-oriented but whenever I've been forced to live in the suburbs (in a couple other states b/c of jobs) it was excrutiatingly lonely. It made me clinically depressed. Every house is an island. People stick to their family rooms and own backyards and they don't talk to their neighbors. I hear this from everyone I know who live outside NYC. They all have the same experience.

If suburban communities want to become more appealing they need to revive their historic downtowns like many are doing, so there's a center where people walk around and sit at cafes and gather. They need to encourage people to be friendly to each other and have an actively involved community. It's why the older towns who do that are at least doing better than those horrible sprawling subdivisions with their sterile ugly beige McMansions. Talk about lonely and isolating. Yuck.

Posted by: guest at March 10, 2008 5:07 PM

Oh 4:59 PM thats just the start. For the fucking clueless! The credit markets are in Red Alert mode. Spreads have blown out for all debt (Muni, Mortgage, Car Loans and Credit Cards). The Bear Sterns story has spooked the markets. Plus with the ov. Eliot Spitzer shit, this will accelerate the coming crash.

You have large financial institutions that are INSOLVENT! WAMU, Citi and Wachovia are dead men walking. I think you what to take you money out before they turn into Northern Rock.

The the assholes that attack me. Go fuck yourself because I bring real shit to the table. I''m not bitter about anything or anyone. I know more about Real Estate than any of you fucks and I know what's about to happen.

RIP Mutant Real Estate Bubble

The What (tick... tick... tick...)

Someday this war is gonna end...

Posted by: guest at March 10, 2008 5:10 PM

is that advice arsehole @ 5.03? it is the thoughts of a billionaire investor - so im guessing he may have more of a clue than you. and for your guide, when you pull your head out of your arse, i would suggest you read some of the less well known media out there for a better picture of the real estate market. cnbc are actually one of the talking heads that support your ridiculous assumption that nyc is not going to be touched by the coming financial tsunami.

Posted by: guest at March 10, 2008 5:13 PM

i'm not worred, 5:13.

i have at least 2 years worth of mortgage payments in savings, 6 months of an emergency fund and i have an extremely stable job and just got a rather significant raise last month.

it's people like you who worry about every story posted who will be in trouble.

Posted by: guest at March 10, 2008 5:23 PM

The tWhat is a bitter renter with no education and no job.

He claims to own property, but if he did, he would have cashed out by now since he saw this coming for years. He didn't because he had nothing to sell.

He says the banks are insolvent, which means he has his money under his mattress. But he doesn't. He lives welfare check to welfare check and often frequents check cashing places to get by.

The war is over, tWhat. You lost. Now take your nasty ghetto ass and find somewhere else to live. Choose a place with good schools. You need a proper education.

Posted by: guest at March 10, 2008 5:39 PM

"i have at least 2 years worth of mortgage payments in savings, 6 months of an emergency fund and i have an extremely stable job and just got a rather significant raise last month."

You better have that under your mattress. I keep a small amount in the bank because I don't want to stand in line.

5:23 PM don't be a asshole anything can happen (Re: Gov. Eliot Spitzer). Your shit can get vaporized in seconds including the value of you house. We have some real problems to face.

The What

Someday this war is gonna end......

Posted by: guest at March 10, 2008 5:41 PM

5.23 - great - im really happy for you. do i care - no. am i allowed to post information on this website that may disagree with your insular point of view - yes i think so.

Posted by: guest at March 10, 2008 5:42 PM

Good, looks like people are being incredibly harsh (as usual!) so that means I can get a worst-case-scenario answer from you all!

Did I just make the mistake of my life signing a contract on a $650/sq ft North Slope house that's gonna need $100-$150/sq ft renovations? Nice block, right by Flatbush subways, but we offered at ask just before this latest set of slides in the market, and in the brief period in Feb when mortgage rates were way down. Our mortgage will be a ways under the new $729k limit

Am I totally fucked if I sink all my savings into this house, even if I plan on staying there for the rest of my life (or as long as it isn't destroyed by some major natural disaster...)? The What, you may refrain from answering, I know what your answer will be.

Posted by: guest at March 10, 2008 5:46 PM

5:39 Just BITCH SLAPPED the what's ass from here to South Dakota!!!!!!

Posted by: guest at March 10, 2008 5:46 PM

"The war is over, tWhat. You lost. Now take your nasty ghetto ass and find somewhere else to live. Choose a place with good schools. You need a proper education."

Lets meet in Clinton Hill to discuss my conditional surrender. If you say the war over.

"nasty ghetto ass"

Hey don't stop there. Use the word, punk. No covert code words bitch. My information squad can break that shit. See throw a grenade down the hole and see what comes out. The What has been on the front lines from day one Mother Fucker and I put my name on shit. Not no Anon shit just on the front line with NO RACE SHIT.

Now PLEASE meet me any where in Clinton Hill I will break your fucking face. Brownstoner can post that shit.

The Mother Fucking What (I'm Here)

Someday this war is gonna end....

Posted by: guest at March 10, 2008 5:49 PM

is this a little to much 'cnbc' for you arsewipe?
There were a handful of factors that caused the financial sector (-3.0%) to fall to its lowest level since May 2003. Citigroup (C 17.71, -1.20) cut its earnings estimates on a number of investment banks (-4.4%). Citi expects $9 billion more mark-to-market write-downs from several major U.S. firms.

Countrywide (CFC 4.36, -0.71) and the thrifts & mortgages group (-9.4%) got clipped on a Wall Street Journal report that stated the company, and 15 other subprime lenders, are under FBI investigation for securities fraud.

Fitch Ratings took negative ratings action on eight banks, including Washington Mutual (WM 10.04, -0.67). WaMu had its long-term issuer default rating cut to BBB from A-.

Fannie Mae (FNM 19.81, -2.96) and Freddie Mac (FRE 17.39, -2.26) got hammered due to a Barron's article that mentioned Fannie negatively, and continued concerns that the companies may face further write-downs.

Reports indicate that Lehman Brothers (LEH 42.98, -3.38) will be laying off 5% of its workforce, or roughly 1430 employees. Lehman employed 28,600 people as of November 2007.

Finally, there were plenty of negative rumors that a major Wall Street firm was facing liquidity issues. Specifically, there was speculation that Bear Stearns (BSC 62.30, -7.78) was having problems with liquidity, which the company eventually came out and denied.

im sure they are putting a real positive spin on it however. keep watching.

Posted by: guest at March 10, 2008 5:49 PM

5:46 PM To way you describe the situation, yes you are fucked.

The What

Someday this war is gonna end.....

Posted by: guest at March 10, 2008 5:51 PM

hey the what - from your own humble point of view - could you list a few banks that may survive the crap that is coming. i am as nervous as i have ever felt about the financial landscape - the dollar crashing, the fed running out of interest ammo, the commodity inflation etc. i need to park some cash and my mattress is not the solution.

Posted by: guest at March 10, 2008 5:57 PM

Yet again, tWhat, you fail to address the issues brought up by 5:39 and resort to name calling.

No one needs to meet you anywhere. You will soon be priced out the the city and no one will need to deal with you much longer.

You are an idiot with a grade school education.

Your neighborhood has been taken over by people with more money, better education and no tolerance for your ghetto ass.

You either learn to shut up or you can leave.

If you don't like those options, stop using my tax payer dollars to collect welfare and post meaningless articles from various web site that you access by stealling someone else's wi-fi access.

Posted by: guest at March 10, 2008 5:59 PM

5.59 - are you for real? you have just wasted 30 seconds of my time to post absolutely nothing of any meaning.

Posted by: guest at March 10, 2008 6:05 PM

"No one needs to meet you anywhere. You will soon be priced out the the city and no one will need to deal with you much longer."

Ah Utopia

"You are an idiot with a grade school education."

Yep

"Your neighborhood has been taken over by people with more money, better education and no tolerance for your ghetto ass."

Covert for "White People" has taken of the Hood. But Asswipe there is one thing you didn't figure out. In a Recession / Depression minority neighborhoods get hit first. 11238 is toast and when the "White People" see that their hoses are falling in value, they are going to flee just like in the 60's/70's. Thing will revert back to that time of High unemployment, Urban Decay and High crime. Also these neighborhoods may be subjected to Drugs again. No I will be here and will leave when I decide to.

"If you don't like those options, stop using my tax payer dollars to collect welfare and post meaningless articles from various web site that you access by stealling someone else's wi-fi access."

I own my business. I work for myself. Plus if you can get on someone access then it's not stealing.

The What ( I Love This Shit )

Someday this war is going end........

Posted by: guest at March 10, 2008 6:15 PM

You can now add that you are a liar and a comedian, tWhat. Absolutely nothing you say is true. Busines owner?! Ha.

Not everyone who lives in 11238, 11221 or 11233 is a mental midget like yourself. Shame you are such a disgrace to the hard working people who live in those zip codes.

Nice to see that you admit that you steal other people's wi-fi access. What else do you steal on a daily basis?

6:05. Thanks for the post. It was so helpful.

Posted by: guest at March 10, 2008 6:26 PM

"Nice to see that you admit that you steal other people's wi-fi access. What else do you steal on a daily basis?"

Hi This is The What your wife want say something.

"Hi Honey, can you pick up some Ben-Gay on the way home. plus I need you to rub my hemorrhoids, The What sure put a pounding on them."

"Hey What, Did you have ham for lunch? I can taste it in your sperm"

The What

Someday this war is gonna end.....

Posted by: guest at March 10, 2008 6:33 PM

As long as I am living in a major city I am happy. I love NY but i would also live in SF, SEA or CHI-TOWN. I would NEVER live in the suburbs. The burbs is an evil place.

Posted by: guest at March 10, 2008 6:34 PM

Again, What, you really have nothing to say so you revert to name calling. Does your mother know you are posting on this site?

Get out of town What, your time has passed.

This war is over. You lose.

Posted by: guest at March 10, 2008 6:48 PM

I know y'all are having a serious discussion here, most of which I have skimmed past in order to ask the most pressing question of all:

Is that Adrian Grenier in the laundry photo?

Posted by: guest at March 10, 2008 7:15 PM

well, since this blog deals with a lot of houses in ghettos it is only natural that the discussion eventually degenerates to ghetto-talk and ghetto-threats.
I appreicate the honest glimpse into your world.
I think I will stay in Manhattan thank you very much

Posted by: guest at March 10, 2008 8:18 PM

Seattle and Chicago are the only other cities worth living in outside of NYC. I'm hating all of California lately, it's gross and I'm not a San Fran fan. It's too "niche" and too small. It's not really a city city.

Posted by: guest at March 10, 2008 8:23 PM

It's just one guy provoking the poster who calls himself The What, 8:18. This guy The What acts all wounded because somebody insulted him, in yes which was a needlessly race-based way that does not reflect the attitudes of most of the new residents of Brooklyn. But you know what? It's really retarded for The What to show up and continually insult and curse at and ridicule and provoke people then oooh-poor-baby get offended when someone strikes back.

Live by the sword die by the sword.

Posted by: guest at March 10, 2008 8:35 PM

" It's really retarded for The What to show up and continually insult and curse at and ridicule and provoke people then oooh-poor-baby get offended when someone strikes back."

Uh no 8:35. At lease this guy said what plenty of "people" have on their minds. Including the author of this blog. I was going toe to toe with that person and any other asshat.

What drives the "people" up the wall is I'm right. "People" Overpaid in a minority neighborhood and trying to drive "others" out. So this assfuck (brownstoner) sets up this wonderful place where "people can hide behind their keyboards. But if you see these "people" on the street they smile in your face. The What isn't going for the okey doke.

"Ghetto Ass" has been called and The What views that as an act of aggression. So the rules of engagement has change for me. No one didn't attack this guy for using this language, this speaks volumes for me. So in essence I view this web site a hostile territory.

Fuck all of you

The What ( Gloves come off)

Someday this war is gonna end....

Posted by: guest at March 10, 2008 8:53 PM

If you use the F-word and all your vulgar words every single day you're one who helped make this place "hostile". I am a woman and aren't I being treated in a hostile manner having to read words like that? Do you even think about that or care?

Posted by: guest at March 10, 2008 9:00 PM

Yep, I use the Fuck word but, No race thang! Ghetto Ass??!! Just use other words get to the point.

"I am a woman and aren't I being treated in a hostile manner having to read words like that? Do you even think about that or care?"

Don't read it. Skip over my posts! Nobody told you to reply to my comments!

" I am a woman and aren't I being treated in a hostile manner"

Why? We don't have a dialogue going on.

If you don't like The What then, don't read /reply to his comments.

So simple!!!!!!!!!

The What

Someday this war is gonna end.....

Posted by: guest at March 10, 2008 9:11 PM

I do not think the What is the exception, I think he is the very real voice of the working class in Brooklyn, which is being dispossessed by moneyed classes willing to spend truly ridiculous amounts on family homes in formerly Black communities. ooklyn. I think his voice is genuine. I wrote at 8:18 that I appreciated that honest glimpse into the world of Brooklyn, and I mean it. I for one am happy that this blog is not just full of real estate agents and boosters painting a rosy picture, I truly think that Black to White neighborhoods in Brooklyn are facing today a sort of dealyed backlash. I do not wish to expose my family to that. We have no horse in that race. I will stay in Manhattan and perhaps at some future time look at Queens or Hoboken but not Brooklyn. It is just too expensive and too racially fraught at the moment.

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

Not all black people are ghetto. The What wouldn't know that because he was raised by wolves. The What wants to make this a race issue because he has nothing else to say and because he was called out on his ignorance and lies.

You, What, are a ghetto ass. Your attempt to try to be all tough on this blog points to your lack of class and culture. Perhaps if you got out more, you would meet other black people who have an education and manners.

I bought in Bed-Stuy years ago and didn't pay that much for a whole house. Blacks moved in after me and paid more than I did.

People who think only whites can gentrify an area don't know what they are talking about and are racists.

And if you have a problem with the changes in the area, tell the black people who sold to me and everyone else not to sell. You know what they would say to you, What? Get lost you ghetto ass punk bitch. You did nothing for the neighborhodd and now you want to complain. They worked hard, maintained a sense of community and reaped the benefits of rising housing prices. IF you had owned a place, you too would have sold. But you don't own so you can't even take your own foolish advice.

Go back to stealing someone else'ss wi-fi between trips to the check cashing place. You are a ghetto ass whore with no education and - soon - no place to run.

The war is over. You lost. Get out.

Posted by: guest at March 10, 2008 10:40 PM

"I think I will stay in Manhattan thank you very much"

yeah, cause harlem isn't ghetto at all.

Posted by: guest at March 10, 2008 10:54 PM

10:13 is the biggest loser on this thread.

Posted by: guest at March 10, 2008 10:57 PM

I don't live in Harlem you idiot, I'm not Black and therefore the idea of living in harlem has never entered my mind. It would be like suddenly moving to China Town. Like, why?

Posted by: guest at March 10, 2008 10:58 PM

there are plenty of Black people in Brooklyn with class, but there are also people like the What.
It only takes a few of these people in a building or on a block to ruin it for everyone.
i am not a big believer of "being able to live together" I want to live with people as nice and as honest as I am. I have that option, and I certainly will not opt to live somewhere with voices like the What.

Posted by: guest at March 10, 2008 11:24 PM

i take it back...10:58 is the most idiotic poster on this thread.

by far.

maybe most moronic ever.

Posted by: guest at March 11, 2008 12:00 AM

Market's getting soft as Downey.

Posted by: guest at March 11, 2008 12:56 AM

10:13 is NOT black and neither is The What.

Every black person I know thinks the improvements in Brooklyn are great. The only ones who don't think it's great are NOT capable of affording to live in Manhattan then buying in Hoboken, sorry 10:13. The only ones who complain about less crime, better schools and not being able to afford a $400K apartment (plenty of which still exist in NYC) are people who still couldn't afford to buy even if properties DID drop in value 50%.

The What and 10:13 are both poseurs who obviously own useless worthless houses in the suburbs.

I called The What out as a suburbs-booster when he revealed himself to be just that. He doubled back on everything he's ever said and told everyone to buy in the suburbs. His so-called campaign to warn everyone about bad real estate investments would never have resulted in encouraging people to buy in the suburbs among a multitude of foreclosures. So it meant he was a phony plain and simple and not what he presents himself to be. I also do not believe for one moment he is black. His reactions are gleeful in being attacked for his race. Not offended.

People are desperate and panicked in the suburbs and we'll be seeing them show up here trying to make themselves feel better for owning some piece of crap in Jersey they pay way too much property taxes on, by making people terrified to live in Brooklyn. Let's not take the bait.

Posted by: guest at March 11, 2008 12:56 PM

I'm actually starting to believe The What does not live in or near NYC at all. He really sounds like one of those illogical crazies who sit in a basement in the Midwest, collect unemployment or disability then run a blog ranting about liberals and "big government" ruining everything.

Posted by: guest at March 11, 2008 1:05 PM