« Hotel Indigo Starts Construction, Gets New Neighbor New Median for Broadway in the Burg »
April 25, 2008
Open House Picks
Carroll Gardens
72 2nd Place
Corcoran
Sunday 3-4:30
$2,350,000
GMAP P*Shark
Park Slope
466 13th Street
Douglas Elliman
Sunday 1-2
$2,050,000
GMAP P*Shark
Gowanus
389 Sackett Street
Neuhaus Realty
Sat 1-4, Sun 12:30-4
$1,900,000
GMAP P*Shark
Prospect Lefferts Gardens
218 Midwood Street
Brown Harris Stevens
Sunday 2-3:30
$1,375,000
GMAP P*Shark
Trackback Pings
TrackBack URL for this entry:
http://www.brownstoner.com/mte/mt-tb.cgi/4655
Comments
Why are these owners selling?
Posted by: guest at April 25, 2008 1:16 PM
FYI: 13th Street house in Park Slope started out at $2.3 million on 02/27/2008. Was reduced only recently.
Posted by: guest at April 25, 2008 1:16 PM
Park Slope house was first listed by the same broker, but with Corcoran. Now this broker has apparently switched to Prudential? Price was initially $2.3 m, now reduced.
Posted by: guest at April 25, 2008 1:18 PM
According to the broker for 389 Sackett, the house is in "Park Slope!"
Posted by: guest at April 25, 2008 1:21 PM
Are the lack of photos for PS OHP hiding something? Otherwise, nice listing to pay attention to.
Posted by: guest at April 25, 2008 1:23 PM
From the PLG description:
"Designer Chandeliers, perhaps reminiscent of the Huey Lewis age, and sconces from West Elm"
And what exactly are those "exam rooms"?
Posted by: guest at April 25, 2008 1:25 PM
"Why are these owners selling?"
People have to justify their madness! The Mutant Real Estate Bubble is soooo over but, site like this one want to keep the circle jerk alive!
The month of May is gonna be real nasty. High gas prices, nervous Wall Street and FED meeting should be fun.
The What
Someday this war is gonna end...
Posted by: guest at April 25, 2008 1:26 PM
4 houses that are overpriced. Is that a record?
Posted by: guest at April 25, 2008 1:27 PM
36,000 more Wall Street layoffs to come this Spring...
Posted by: guest at April 25, 2008 1:28 PM
^^^^ I think so !!
Posted by: guest at April 25, 2008 1:28 PM
389 Sackett is Carroll Gardens, not Gowanus...it's between Smith & Hoyt.
Posted by: guest at April 25, 2008 1:29 PM
Hey tWhat: If the bubble has burst, why are you still complaining?
Do you even know the mental disorder(s) you suffer from?
Posted by: guest at April 25, 2008 1:31 PM
That broker is outrageous, 1:21. The most powerful tool in business is deception. I'm glad brownstoner dilligently exposes such lies with GMAP and restatement.
Posted by: guest at April 25, 2008 1:32 PM
2.35 for a house in Carroll Gardens?
Corcoran, you are SLACKING.
You could get at LEAST 9 mil for it.
Its Carroll Gardens.
Fuhgeddaboudit!
Posted by: guest at April 25, 2008 1:32 PM
"Why are these owners selling?"
The two Park Slope (or Gowanus however you look at that one) seem they are being sold by older longtime owners - they weren't renovated anytime recently. The CG house too looks mostly unrenovated with a cheaper kitchen. The PLG house was an older owner as I understand it but had the kitchen and fixtures fixed up for the sale.
So these aren't newer more recent homeowners giving up on owning a house or anything like that. Probably just people getting old and retiring.
Posted by: guest at April 25, 2008 1:33 PM
"Do you even know the mental disorder(s) you suffer from?"
Of course he knows. It's called insomnia. He is unable to fall asleep and dream about Brownstone Brooklyn's escape from 50% price corrections.
Posted by: guest at April 25, 2008 1:38 PM
I don't see it, 1:33. Three of the four listings (unable to see Sackett) look to be in renovated shape. Why are people spending all this time and money renovating and turning around and selling? Are they all going through divorce, relocation and/or job loss?
Posted by: guest at April 25, 2008 1:53 PM
They don't look renovated at ALL to me, 1:53. I disagree. Two of the houses don't show any photos of the interiors at all. None of the listings say the mechanicals are all new, and if that were the case the listings totally do point that out. I don't have a Property Shark membership but I'm sure if somebody looks it up these are not houses the sellers bought recently.
Posted by: guest at April 25, 2008 1:57 PM
can't comment on the others as we're mainly looking in park slope/prospect hts/wt, but think the PS listing is still seriously overpriced. price might be appropriate if it were a fully renovated one-family looking for that type of well-heeled buyer. looks like it would need a serious reno and possible reconfiguring as well - for that price, no thanks.
Posted by: guest at April 25, 2008 2:06 PM
dream on 1:38. Vegas havng a 50% drop, I buy it. Not New York. Not brownstone Brooklyn
tWhat wants to maket to fall so he can buy a place he should have bought years ago but didn't because he was too stupid to invest.
Posted by: guest at April 25, 2008 2:08 PM
I've lived on that block of 13th Street and it's one of the nicest blocks in the South Slope, but I much prefer the block of the Midwood Street house, where I now live. Of course, this will not come as a surprise to anyone who's seen my many posts about PLG :-)
BTW I have no intent to denigrate Park Slope in any way--it's a wonderful neighborhood.
Posted by: guest at April 25, 2008 2:14 PM
2M for a short house in the south slope? Crazy.
Seems like there are at least 5 listings for houses on Midwood so I don't know why anyone would buy this one which is the most expensive and on a very noisy corner.
Posted by: guest at April 25, 2008 2:18 PM
"tWhat wants to maket to fall so he can buy a place he should have bought years ago but didn't because he was too stupid to invest."
I own a house number one. A House in not a investment, it's a place where you live. It's a place you raise your family. It's a place you pass on when you die.
We are in the greatest asset bubble known to man. This asset bubble has ruined our financial future for our children. I know the greed has blinded you from the truth so I think this crash will change your belief system.
In 2003 a 2 Family house in ENY was 90,000, now it's goes for 500,000. I know what you are saying "I'm rich bitch" but assst prices for other goods has gone up also.
The money we borrow has to be paid back somehow. You take a look at the Bond Market, the Ten Year Treasury Bond is going up. This results in higher borrowing cost. Gas and food has been going you as well.
I think my side of this argument is coming to fruition. GOD help you if you are on the wrong side of this argument.
I hope Brownstoner keep up the Happy Happy Joy Joy circle-jerk up! Because when, not if this shit comes down. They will need to get me a oxygen tank!
The What (Tick Tick Tick)
Someday this war is gonna end....
Posted by: guest at April 25, 2008 2:29 PM
Correct that none are new owners - Unless you count 1986 as new. Because that is the most recent. Another seems to go back to 1969.
Posted by: guest at April 25, 2008 2:33 PM
The What is right.
Stiglitz, Nobel prize winning economist, just observed that, "This is going to be one of the worst economic downturns since the Great Depression."
http://biz.yahoo.com/cnbc/080425/24311464.html
Posted by: guest at April 25, 2008 2:36 PM
-2:18:
I'm with you on that but this corner house on Midwood seems larger than the other houses in that block and it does have parking.
Posted by: guest at April 25, 2008 2:39 PM
13st street is sunset park
the what speaks the truth
you have been warned
Posted by: guest at April 25, 2008 2:42 PM
And did the world come to an end after the great depression? No.
We are all well aware of what is going on, but the insanity you think will happen will not.
This is not the first time in the past 20 years that housing prices in NYC have dropped. And things were fine in the end.
And the country survived stagflation of the 70's. And we all survived.
Honestly, what rock have YOU been under that you can't seem to get a grip. The tWhat is a complete nutball who needs to hide in a bunker for the next 40 years until he dies. Then his prediction of the end of the world will come true for him.
Posted by: guest at April 25, 2008 2:45 PM
2:39 So you get more house/parking and less back yard. I never understand why that costs more money. Certainly not this much more money.
Posted by: guest at April 25, 2008 2:47 PM
13th Street is not Sunset Park. If you beleive that and the tWhat, you are a moron.
Posted by: guest at April 25, 2008 2:53 PM
this is not the end of the world for most but anybody who is overextended and purchased from 2005 on is going to be loss a lot of money. Only a fool would buy now. Prices need to come down about 30 percent to return to the historical rendline. good luck
Posted by: guest at April 25, 2008 2:57 PM
this is not the end of the world for most but anybody who is overextended and purchased from 2005 on is going to be loss a lot of money. Only a fool would buy now. Prices need to come down about 30 percent to return to the historical rendline. good luck
Posted by: guest at April 25, 2008 2:57 PM
2:06 and 2:18, you guys obviously didn't read the ps listing closely enough. this brownstone comes with a stoop! so of course it's worth $2mm!
Posted by: i disagree at April 25, 2008 3:06 PM
Whoops--forgot to sign in--I was "Guest 2:14"
2:42,
When I lived on that block of 13th Street in the early '70s, everyone living there considered it to be Park Slope, even though some considered the Slope to end at 9th Street. The block was even starting to be gentrified.Old timers couldn't believe that WE WERE ACTUALLY PAYING $200/MONTH for a garden floor apartment.
Posted by: Bob Marvin at April 25, 2008 3:18 PM
I'm a bit stunned by these prices--they don't seem to make all that much sense compared with others out there. Did the brokers wake up and think spring would make people more likely to splash out? What's going on?
Posted by: guest at April 25, 2008 3:20 PM
The What is nothing without this blog so he, like the real estate market, is gasping for those sweet, final breaths. I won't miss him or the ridiculously high prices. But if I'm ever in Lodi, New Jersey (G_d forbid), I'll make sure to keep an eye peeled for a babbling roadside maniac.
Posted by: guest at April 25, 2008 3:33 PM
When i was a kid in the early 70's we considered Park Slope to end at 3rd street.
Posted by: guest at April 25, 2008 3:34 PM
The living space in the PLG house has 5 bedrooms and only 1.5 baths? The half bath is in the kitchen. It looks like the garden level is a doctors office with two "walkthrough" exam rooms (I would hate to be one of those patients). Based only on the floorplan, it looks like this house will need some work to make it ideal.
Posted by: guest at April 25, 2008 3:45 PM
You would have told me the same thing, 2:08, "dream on", if in 1995 I told you that prices would triple. Suprise on the way up, suprise on the way down. No need to be insecure about it. If you can't afford equity hemorrhage then beat the herd to the exit and sell.
Posted by: guest at April 25, 2008 3:47 PM
3:34, back in the 50s we considered Park Slope to be the two blocks between Flatbush and Bergen street around 6th avenue. It's amazing how far it's extended since then.
Posted by: Brooklynnative at April 25, 2008 3:50 PM
Hey 'Native - can you doo wop?
Posted by: guest at April 25, 2008 3:58 PM
Stopped by the 13th Street open house about a month ago, when the listing was still with Corcoran. It needs hardcore cosmetic work (paint, plastering, refinish floors, new baths, update the kitchen). Not sure about the condition of the electrical or plumbing. Can't beat that park block location but this house needs some attention. $2.3 mil was a joke; at least at the current price you can offer below $2 mil and expect a counter-offer back.
Posted by: zeebee_in_bklyn at April 25, 2008 4:21 PM
The house is PLG looks beautifully and rare find especially with those added benefits -parking and income. There also seems to be a large deck over two garages.
Posted by: guest at April 25, 2008 4:23 PM
Does anyone have any thoughts on why the HOTD on 13th hasn't sold vs. the one on the next block (13th btwn 7th and 8th) that went into contract after being on the market only a few weeks at $2.1? It was listed by Corcoran. I can only assume that they got close to ask for it or else why would it have gone so quickly. It isn't a brownstone -- it's a townhouse built out of a part of the Ansonia -- no stoop, no basement and a horribly ugly kitchen. Once the deal closes, it surely will be the most expensive house on all of 13th Street. Why would someone do that right now? Lack of rentals?
Posted by: guest at April 25, 2008 4:31 PM
In the 20s, Park Slope was just two brownstones on Carroll Street between 8th Ave. and Prospect Park West.
Posted by: guest at April 25, 2008 4:37 PM
Words to the White Trash...
GO BACK TO THE BURBS AND STAY THERE
Posted by: guest at April 25, 2008 4:42 PM
This is for the What who says that interest rates are going up. Ten year tresury rates are currently 3.87% which still puts them at the lowest level in 45 years and in fact a little lower than they were in 2003. So, hard to back-up the idea that interest rates are going to kill the real estate market.
Description,"Market yield on U.S. Treasury securities at 10-year constant maturity, quoted on investment basis"
1962, 3.95
1963, 4.00
1964, 4.19
1965, 4.28
1966, 4.93
1967, 5.07
1968, 5.64
1969, 6.67
1970, 7.35
1971, 6.16
1972, 6.21
1973, 6.85
1974, 7.56
1975, 7.99
1976, 7.61
1977, 7.42
1978, 8.41
1979, 9.43
1980, 11.43
1981, 13.92
1982, 13.01
1983, 11.10
1984, 12.46
1985, 10.62
1986, 7.67
1987, 8.39
1988, 8.85
1989, 8.49
1990, 8.55
1991, 7.86
1992, 7.01
1993, 5.87
1994, 7.09
1995, 6.57
1996, 6.44
1997, 6.35
1998, 5.26
1999, 5.65
2000, 6.03
2001, 5.02
2002, 4.61
2003, 4.01
2004, 4.27
2005, 4.29
2006, 4.80
2007, 4.63
Posted by: guest at April 25, 2008 4:54 PM
Only one that interests me is the PLG house...parking and corner lot are key, and if the dr. is planning on staying a long time, it could be a nice income stream without the negatives associated with being a usual landlord.
Agree that it's sort of small, though, for the money. Could be that closer to 1 mil. would, as they say, git 'er done.
Posted by: guest at April 25, 2008 4:59 PM
13th street is sunset park, just because realtors want to extend park slope south doesn't make it so
Posted by: guest at April 25, 2008 5:01 PM
I think by interest rates going up he is referring to mortgage rates not treausurys
Posted by: guest at April 25, 2008 5:02 PM
God, the PLG houses looks like an absurdly overpriced dump to me! No detail left at all. Busy, noisy corner. Only 2 floors of living space, and no bathrooms! I'd rather buy the same house with details on the same block for 799K (Corcoran) and fix it up the way I want it. Garages are nice, but Corcoran has a stunning 4 story brownstone in Lefferts Manor for the exact same price!! And that is selling either!
Posted by: guest at April 25, 2008 5:59 PM
Sorry--is not selling either.
Posted by: guest at April 25, 2008 6:01 PM
Saw the 13th street place when it was with corcoran. Needs work but it has lots of potential. Longtime owner died, family is selling the house. I think they are flexible.
Don't know why the other house on 13th sold but you can't discount the fact that both are very near PS 107, now a desirable school, and variances are becoming impossible to get...
Posted by: gussy at April 25, 2008 6:07 PM
I like the 2nd Place house a lot. I am not sure how much work it needs but outside it is Beautiful.
Posted by: guest at April 25, 2008 8:02 PM
Actually, the 4 story house with Corcoran is cheaper than this one, 1.345M. Much bigger and nicer than this. But I think that one is overpriced for this market too. Should be about 1.15M.
Posted by: guest at April 25, 2008 8:12 PM
crappy inventory for tiffany prices.
It makes no sense.
this is why I believe the market is poised to crash. this stuff is just bananas. it's bullshit.
realtors are on crack now.
Posted by: sam at April 25, 2008 8:43 PM
It seems like the second place house has a rent controlled tenant.
Posted by: guest at April 25, 2008 8:52 PM
i think it is crazy for anyone to be thinking of buying these days with all the investment banks cutting jobs; lehman, goldman, merrill, ubs, citigroup, bank of america, bear stearns, morgan stanley, credit suisse, etc And this is just the first round of layoffs. What if the write downs are not over yet and they all have another round of writedowns for the next quarter, in 3 months? There will then be a second round of layoffs then, because all the investment banks will report another quarter of losses, which will put it at the 4th quarter of losses; unthinkable, but possible.
Posted by: dandel at April 26, 2008 5:38 PM
As long as interest rates stay low and borrowing money is cheap, then the so called "bubble" will not be bursting in our great city anytime soon. Now is a perfect time to buy...if the economy recovers in a year or so, I'm sure it will back to bidding war times. For the moment, the buyer has an upper hand.
PS. No way 13th street is Sunset Park! Are you crazy? Who cares what Park Slope was in the 50's, 60's 70's?? Wake up you old people we are in the 00's now! Thankfully, things change and neighborhoods expand. That is what makes NYC so interesting. Stop living in the past.
Posted by: guest at April 26, 2008 6:27 PM
Dandel,
There might be a few people interested in buying houses who are NOT investment bankers.
Posted by: Bob Marvin at April 26, 2008 6:55 PM
hi Bob Marvin,
It is true that not everyone who is interested in buying a house is not an investment banker, but I think that every job in finance generates a number of other jobs that supports the finance industry, whether it is legal, corporate events, accounting, information technology, etc
Posted by: dandel at April 26, 2008 8:11 PM
hi 6:27pm, at the risk of sounding like "the What", I would say two things 1) borrowing money is definitely not cheap these days and may not be for a long long time. 2) interest rates are still very low on a historical basis, but they have started to rise recently.
I think it is inevitable that interest rates continue to rise as china re-values their currency up and cause everything at walmart to go up in price and so core inflation increases and long term interest rates rise. (i am not even talking about gas prices)
Posted by: dandel at April 26, 2008 8:15 PM
I live in the middle apartment at 72 2nd Place. It's pretty freaky seeing your building on this website. The owner died two years ago and his wife is selling because she is in her 80s and can't deal with it anymore. So I have to deal with an open house in my apartment with friggin Corcoran tomorrow? WTF? I will make it as messy as possible to deter any potential buyers. By the way, the building needs an incredible amount of work (nothing has been renovated since the 80s) and I do believe the tenant above me is rent controlled. Her mother was born in this building. In any event I want to keep my $1,700 a month 1.5 bedroom apartment with a 400 square foot private deck and they will have to drag me from here kicking and screaming, thank you very much.
Posted by: guest at April 26, 2008 8:39 PM
I agree with sam and dandel. Brooklyn prices will slowly fall -25 to -50 percent from the peak (2007?).
"Now is a perfect time to buy...if the economy recovers in a year or so, I'm sure it will back to bidding war times."
http://tinyurl.com/27xvzk
Posted by: guest at April 26, 2008 11:39 PM
Prices will fall 25 to 50%?? You really are living on fantasy island! You must still be a renter.
Posted by: blitz571 at April 27, 2008 12:00 AM
8:39
I'm going to show up at the open house and spit on something of yours when the broker's not looking.
I suggest buying a new toothbrush now.
Posted by: guest at April 27, 2008 12:22 AM
so what's up?
It's almost May and I have yet to see
the dreaded "crash", the "inevitable meltdown"
I have yet to see masses of displaced homeowners walking the streets after foreclosure.
Notice how the doomsday prophets of real
estate always say the end is near, the crash is coming next month, or next week or
whatever.
So what's the story?
I guess posting from momma's basement
does not impart you with the wisdom to see the future. Then again, if you could tell the future, you wouldn't be posting from momma's basement.
I just wonder how many folks here actually bought into your ranting.
By the way, there is no recession as yet, it takes two or more straight quarters of negative GDP. Let's wait and see, shall we?
Someday, people will stop posting stupidity.
Posted by: guest at April 27, 2008 6:53 AM
Dandel,
You are, of course, right that "every job in finance generates a number of other jobs that supports the finance industry, whether it is legal, corporate events, accounting, information technology, etc" That is stating the obvious. Those who need a wall street bonus for a down payment might not want to look for a house now. Anyone who fears that they might loose their job, or have a drop in income due to the the travails of Wall Street might also be well advised to avoid a major commitment now. I just fail to see how it is "crazy for ANYONE to be thinking of buying these days." The world is somewhat bigger than you might imagine.
Posted by: Bob Marvin at April 27, 2008 9:26 AM
Hi Bob Marvin,
You are right that there are people buying who are not worried about their job security or a drop in income, in any way connected to the contraction going on in wall street.
But I do believe that prices are set on the way up by marginal buying and on the way down by marginal selling. I don't see the marginal buying demand this year because of the job losses on wall street and the collateral effect on the other industries. I do believe that, at the end of the day, with nyc real estate prices up here, it has become a confidence game and once the confidence in one's future income/job security is shaken, it will be hard to get it back in order to support prices here.
Posted by: dandel at April 27, 2008 9:40 AM
We're starting to get finance people buying in PLG, but most all our neighbors in PLG's LM are in the arts, media, and design and architecture. Of course their income will be affected by an economic downturn, but don't you think people are preparing for that? We ourselves are expanding into another area in our work, to increase where and how we make money. It's what people do. Adaptability.
The Midwood house does not presently have a doctor tenant. Somebody above was wrong about that. I'd rather have a commercial tenant below than a resident, myself. You don't get noise at night or have to be quiet for a tenant down below at night. These corner houses that are zoned for a commercial rental space in the garden level are the only houses in Lefferts Manor on which you can earn a rental income. As everyone who reads this blog knows, Lefferts Manor is designated one-family houses only. You can also rent out one or both garage spaces if you don't use them. Because of this added income, the house is priced higher than the other houses on Midwood. I don't know what kind of rent the doctor's office gets so it's hard to comment on what they are asking for the house. Is it worth paying an extra $200K for the garages and commercial rental income? As for choosing that rental income and not a yard - that's a totally personal, individual choice based on economics and lifestyle.
Posted by: guest at April 27, 2008 12:04 PM
Sorry, I wasn't specific enough, it's not zoned for "commercial". You can't put a store or restaurant there. It zoned for a medical office. Can you put an accountant or attorney there? I'm curious about that. I've only seen medical offices in these spaces.
Posted by: guest at April 27, 2008 12:07 PM
top ten reasons not to buy any time soon
1. We are at the top of a historical real estate bubble.
2. NYC is lossing jobs and this trend is most likely to continue for a couple of years,
3. The inventory in Manhattan is growing fast and is about to pass equilbrium.
4. The historical valuations are about 40 percent too high.
5. The fringe hoods are going to de-gentrify.
6. Rates are going to shoot up making it smarter to rent.
7. Real Estate is an illuiqid asset class.
8. Why have your equity tied up and not making an interest.
9. The banks are tightening lending every day and the pool of people to that can get million plus mortgages shrinks every day.
10. Have you seen a long term chart of real estate valuations and where we are now?
Posted by: guest at April 27, 2008 12:15 PM
"NYC is lossing jobs and this trend is most likely to continue for a couple of years."
Well there are NO jobs in our field in other places than NYC, so we're here to stay and no thanks, we're not going to rent for the next 30 years.
"The fringe hoods are going to de-gentrify."
The brownstone neighborhoods that have gentrified have done so over a period of 20 years. It sped up in recent years especially in blue chip areas, but it's not a recent trend for Brooklyn. This is a prediction that is completely unfounded and is simply race-baiting and offensive. Live that way if you want but we don't.
"The inventory in Manhattan is growing fast"
People who buy 100 year old brownstones don't buy new construction glass-tower condos. No competition. No comparison.
"Rates are going to shoot up making it smarter to rent."
Again unfounded. Rates are low and going lower.
"Why have your equity tied up and not making an interest."
Why pay the highest rent in the country for your entire life and have no equity in it?
"Real Estate is an illuiqid asset class."
Only if your silly arguments held up but they don't.
"The banks are tightening lending every day and the pool of people to that can get million plus mortgages shrinks every day."
All the people we know buying brownstones have had a property to sell that doesn't make them have to take out a million dollar loan. Nobody is doing that that we've ever met.
"Have you seen a long term chart of real estate valuations and where we are now?"
No, but we are never leaving NYC and we need a place to live so we don't care.
Posted by: guest at April 27, 2008 12:48 PM
I agree with most everything 12:40 writes EXCEPT that The brownstone neighborhoods that have gentrified have done so over a period of over 40 years--not 20. I think this year's Park Slope house tour is the 49th one (we're only having our 38th in PLG--we started 10 years later and skipped a year in the late '70s).
I bought my house in 1974 as NYC was going into a fiscal crisis that raised serious questions about the city's survival. We had saved enough for a down payment and knew that we only wanted an old house and that we wanted to stay in the city. Was our decision a prudent one, given the economic news of the day? I doubt it. Did I entertain thoughts that the whole city might go "down the tube", to use a phrase common in the "Ford to City: 'Drop Dead'" days? Of Course. Do I regret buying my house? No way!
Posted by: Bob Marvin at April 27, 2008 1:47 PM
NYC is lossing jobs and this trend is most likely to continue for a couple of years."
Well there are NO jobs in our field in other places than NYC, so we're here to stay and no thanks, we're not going to rent for the next 30 years.
This is what the autoworker said in detroit in the 80's no?
"The fringe hoods are going to de-gentrify."
The brownstone neighborhoods that have gentrified have done so over a period of 20 years. It sped up in recent years especially in blue chip areas, but it's not a recent trend for Brooklyn. This is a prediction that is completely unfounded and is simply race-baiting and offensive. Live that way if you want but we don't.
gentrify has nothing to do with race but rather socioeconomic conditions(talk about unfounded)
"The inventory in Manhattan is growing fast"
People who buy 100 year old brownstones don't buy new construction glass-tower condos. No competition. No comparison.
If you dont understand that Brooklyn real estate is a deriviative of Manhattan you are in denial.
"Rates are going to shoot up making it smarter to rent."
Again unfounded. Rates are low and going lower.
Rates are low but they have bottomed and the Fed cant make them go any lower. rates will be much higher 1 year from now as Fed fights inflation through rate increases.
"Why have your equity tied up and not making an interest."
Why pay the highest rent in the country for your entire life and have no equity in it?
you are going to have no equity if you buy now with 20 percent down and prices come in by a moderate 20 percent now will you Einstein?
"Real Estate is an illuiqid asset class."
Only if your silly arguments held up but they don't.
You can call my arguments silly but that does not change the fact that if you needed to sell a place this week you would take a beating on the price you had to sell it for hence an illuiquid asset!
"The banks are tightening lending every day and the pool of people to that can get million plus mortgages shrinks every day."
All the people we know buying brownstones have had a property to sell that doesn't make them have to take out a million dollar loan. Nobody is doing that that we've ever met.
If all the peopleyou know dont need a million dollar mortgage on say a 1.8 million dollar place I suggest you branch and and find reality. You are living in a bubble!
"Have you seen a long term chart of real estate valuations and where we are now?"
No, but we are never leaving NYC and we need a place to live so we don't care.
ignorance is bliss!
Posted by: guest at April 27, 2008 12:48 PM
Post a comment
Posted by: guest at April 27, 2008 1:59 PM
1:59 is right. Prices have nowhere to go but down and will do so by -25 to -50 percent peak to trough. It is beyond me why most owners are so biased to think otherwise. The historical record does not lie. All the symptoms for a serious devaluation and general economic recession/depression are visible.
Buyers are either very wealthy or brainwashed with herd mentality. Current sellers are wise to get out now while the getting is still good.
Posted by: guest at April 27, 2008 3:50 PM
Anyone who thinks prices in NYC will drop 50% is insane. No way will that happen unless the country goes into a depression.
If you are planning to buy a home and stay in it for 5 years or so, then you have no worries.
What is up with all these "what if" doom and gloom views on here?
Posted by: guest at April 27, 2008 5:58 PM
If my building dropped by 50% it would still be worth 5 times what we paid for it in the early 90s or approximately what it was worth in the year 2000 or 2001. Why would it require a depression or an economic catastrophe for prices to return to 2000 levels? It certainly happened to Japan and there was no world wide depression. Maybe it's just requires a return to sanity.
Posted by: Brooklynnative at April 27, 2008 6:10 PM
degentrification can make the values lose more then 50 percent if Brooklyn becomes a war zone again. Just this morning alone there were 2 double shootings in Brooklyn and the Bronx. This is not a "What if" but actually the facts on the ground. All the people from Long Island who moved into Brooklyn and never saw it in the 70's and 80's are about to have to go back to mommy for more money when the ARM expires.
Posted by: guest at April 27, 2008 6:25 PM
Nobody said park slope was going to degentrify. What was suggested was that the fringe areas into which the gentry have only pushed in the last 5 would see an exodus. I expect this is true. Many people chose fort greene because they were priced out of park slope, clinton hill because they were priced out of fort greene, and yes, bedsty because they were priced out of clinton hill. Some chose these moves because they thought it a better investment to "buy low" assuming it would go up further.
People will leave leave their 2nd choice nabe if they can now afford their 1st choice. Others buying now, like me, are no longer looking so far afield. Not because of the race issue, but because if a nabe didn't make it already, it won't during an economic contraction. Yes, PLG will get more restuarants and shops, but it is not going to have the new 5th ave as one might have guessed a few years ago. 5th ave and probably much of south slope that had been fringish in 2000 have the critical mass to stay. Much of clinton hill and definitely bedsty don't. They will degentrify.
Posted by: guest at April 27, 2008 6:57 PM
broker here. not for any of these listings. there have been at least 5 bidding wars with above asking price offers on properties at my firm and others that we work with that i can think of in the last week alone. other brokers care to weigh in on this as well. i'm sure this will come as a big surprise to the naysayers on here. but from what i'm seeing if its a good property and priced right it is selling for a good number.
Posted by: guest at April 27, 2008 10:25 PM
"Anyone who thinks prices in NYC will drop 50% is insane."
Anbody who thought in 1995 that prices would triple by 2007 would have been called insane. Suprise on the way up, suprise on the way down.
Posted by: guest at April 27, 2008 10:57 PM
"i'm sure this will come as a big surprise to the naysayers on here. but from what i'm seeing if its a good property and priced right it is selling for a good number"
No suprise at all. Major decline predicted. In 2006, it didn't have to be a good property priced right. It still sold for a good number. Now, as you have implied, that has changed. You can count bidding wars on one hand. What do you do or what are you planning to do to supplement your income?
Posted by: guest at April 27, 2008 11:05 PM
10:25 bwahahhahahahha. you better pray to JC instead of posting in here.
Posted by: guest at April 27, 2008 11:08 PM
Hey 1:59, you live in the suburbs, right?
Because you don't seem to know anything about the wealth or culture of the people buying houses in Brooklyn. People spending $1.8 million on brownstones right now certainly don't have to take out a million dollar mortgage. Young liberal brownstone owners also aren't the type to panic over "degentrification". You intentionally hit all the buttons the people of the suburbs like to hit when promoting mcmansions and suv's and gated coommunities. You just don't understand none of that has any appeal to a segment of the population who choose to live in cities.
But okay, that's fine, keep trying to get everyone to move to where you are in the burbs of Jersey.
Posted by: guest at April 28, 2008 1:28 PM
Post a comment
Please be patient while your comment is published. It may take a moment.