Open House Picks

be careful. the DOW has dropped below 11,000

Posted by: guest at July 11, 2008 1:17 PM

I actually own a 3 family in Brooklyn so don't really care which was prices go (as long as rents don't fall). That said you'd have to have your head examined to buy anything right now. Economy looks like it's seriously melting down as is the stock market.

Weird days...

Posted by: guest at July 11, 2008 1:24 PM

The price on that carriage house has got to be a joke! There's inflated asking prices, and then there's double-over-inflated.

Posted by: guest at July 11, 2008 1:35 PM

4-unit is a nice building, but with lack of even one inside pic, I bet it needs a ton of work. What else could you assume?

Posted by: guest at July 11, 2008 1:37 PM

The 6th ave place is a complete mess inside. No details left, ancient fixtures, floorplans need rearranging. Only useful for a developer and overpriced for that usage. It's also located across the street from a school so there is a lot of noise and traffic from buses and parents blocking the intersection 2x/day.

I'm not sure if they've gotten the guy out of the garden floor yet, but that group of century 21 guys know how to do that. They own this building though they'll pretend they are just acting as brokers for some client. They'll pretend they can't answer any questions. If you want it, bid low and be ready to walk away.

Posted by: guest at July 11, 2008 1:44 PM

Does the church come with the 6th avenue place? Why all the photos of it? Is it so you pray the value of your house doesn't fall with the stock market?

Posted by: guest at July 11, 2008 1:44 PM

That ridiculous carriage house was listed at $7,200,000 only six months ago.

In other words, its value has been decreasing by more than $9000 per day.

Posted by: guest at July 11, 2008 1:44 PM

Actually, the trick is not to buy on the wrong end of the asset bubble.

Posted by: guest at July 11, 2008 1:46 PM

The 6th ave property is an SRO--a whole other headache

Posted by: guest at July 11, 2008 1:59 PM

It's just you. The PPS place has been on the market since at least March, so evidently there isn't that much interest.

Posted by: guest at July 11, 2008 2:06 PM

I know the Stratford Road house. It's right at the end of one of those thru-streets to Coney Island Ave. so headlights coming right atcha are a problem and one compounded by the new "luxury" condos going up on that corner.

What kind of luxury can they possibly be on CIA across from a Jiffy Lube?

Nice house, but not worth the headaches. Keep chopping.

Posted by: guest at July 11, 2008 2:06 PM

When i see all these negative comments it makes me want to buy buy buy. why? beacuse those on this board have no clue.

Posted by: guest at July 11, 2008 2:10 PM

Isn't the "Prospect Park South" property really in Kensington?

Posted by: guest at July 11, 2008 2:19 PM

Go for it 2:10.

Catch you on the flip side.

At the foreclosure auction.

Posted by: guest at July 11, 2008 2:22 PM

That 6th avenue house has been on the market for about 6 months. We called the broker to go see it back in February and he couldn't find a time to show it to us and then never returned our phone calls. I can't remember exactly but I think it was originally listed for $2 million.

Posted by: guest at July 11, 2008 2:27 PM

not Kensington, look at the map!

Posted by: guest at July 11, 2008 2:37 PM

Park Slope House - 2 pics of a church and one of the intersection with no interior pics?!

WTF.

Get a clue ... you're trying to sell a $2MM house!!!!

That alone tells you what a sh*thole it must be inside. Also, reno costs are STILL going up (even with R/E slide) so good luck reno'ing that massive place ... $1MM+ reno, EASY.

Posted by: guest at July 11, 2008 2:42 PM

This is why you buy the 4 family for the price it is.
New York City grew by 23,960 people in the 12 months ending July 2007 for a population of 8.27 million, according to the yearly estimates from the U.S. Census. The city has been steadily growing for years and remains a magnet for immigrants and young people.

Posted by: guest at July 11, 2008 2:44 PM

Dear 2:44:

The "immigrants and young people" coming to NYC ain't buying these houses buddy!

Please remove head from ass.

Posted by: guest at July 11, 2008 2:55 PM

6th Avenue house is a steal. Bid on it now and don't miss this opportunity.

Posted by: guest at July 11, 2008 2:59 PM

2:37, I did look at the map. That's why I think it's really Kensington. See for yourself:

http://en.wikipedia.org/wiki/Kensington%2C_Brooklyn%2C_New_York

That puts it in Kensington, not Park Slope South.

Posted by: guest at July 11, 2008 3:03 PM

Sorry, I didn't realize some people can't read maps, or don't know the difference between east and west (of Coney Island Ave.)

Anyway, no one said Park Slope South. The house is in Prospect Park South. Too much to drink today?

Posted by: guest at July 11, 2008 3:14 PM

If you think the economy will be fine if Freddie and Fannie fail, and house prices in NYC will also be fine, then you really don't understand the function of those two GSEs in the market.

Posted by: guest at July 11, 2008 3:15 PM

The PPS house just made the move from Corcoran to Mary Kay this week. It started at 1.5 and they been consistently dropping the price. It's actually a really nice house, but I think they over-improved it - I don't want to pay for their over the top kitchen renovation.

Posted by: guest at July 11, 2008 3:16 PM

2:10 PM - you should be buying bank stocks then. good luck!

Posted by: guest at July 11, 2008 3:16 PM

I don't think that's a landmarked block of 6th ave.

Posted by: guest at July 11, 2008 3:18 PM

"Market just rallied 207 points"

And daveinbedstuy puts a positive spin on the meltdown. This is far worse then the savings and loan crisis.

Market rallied due to short covering and to the belief that the Fed will pull another rabbit out of it's butt in regards to Freddie and Fannie over the weekend.

Posted by: guest at July 11, 2008 3:20 PM

3:14, are you always such a dick or just when you're hiding behind a keyboard? I made a typo, but you revealed yourself as a first-class asshole. Happy?

Posted by: guest at July 11, 2008 3:23 PM

Dear daveinbedstuy & armchairwarrior:

Please don't be asshats. Read 2:44's post:

"This is why you buy the 4 family for the price it is. ... The city has been steadily growing for years and remains a magnet for immigrants and young people."

The point that the 6th Ave house is a good deal since "immigrants" continue to come to NY is bullsh*t.

... asshats.

Posted by: guest at July 11, 2008 3:25 PM

http://money.cnn.com/2008/07/11/news/economy/fannie_freddie.fortune/index.htm?postversion=2008071110

They own or guarantee $5 trillion worth of mortgages­ - nearly half of all the country's outstanding home loan debt-and they're crashing. Big time.

Fannie Mae and Freddie Mac are struggling with an investor loss of confidence so great that, while they're unlikely to go under, they could conceivably see their ability to function impaired. That would wreak yet more havoc on an already wrecked housing market- making loans tougher to come by and possibly pushing hundreds of billions of dollars in cost onto U.S. taxpayers.

Posted by: guest at July 11, 2008 3:26 PM

3pm may be right - the sky is not falling. NYC real estate probably will not crash and plummet. But it is looking very likely it will weaken and prices will have to come down a bit. I'm in the market for a townhouse in the 1.5 range (up to 2mil with income) and see a lot of crap right now that is overpriced. But I'm also seeing price cuts and so I'm waiting for a while and not rushing into anything since it makes a difference to me whether I pay 100-200K more today than I might 6 months from now. But sellers seem to be reluctant to sell right now (I think, since inventory remains low) and they should not. Prices are still plenty high, and surely way above what they paid if they bought before 2005-06. If I were a seller thinking of selling, I'd do it now, or soon, at a realistic price point since I actually think the next few years look pretty uncertain...

Posted by: guest at July 11, 2008 3:31 PM

the realtor representing the 6th Avenue house is a true sleazebag. would not trust him AT ALL, and I am talking from personal experience.

Posted by: guest at July 11, 2008 3:36 PM

Aussie - as to when to buy again, I can tell you that yes, we are holding our money in cash (sold our other place recently to trade up, and renting in meantime in school zone of choice) and that we will buy when we find a nice home that is reasonably priced. By reasonable, I mean in line with comps and not asking pie-in-the-sky prices. So, perhaps 500-700psf which is not a low psf for a house (we're seeking about 2000 sf) in a good area, given many comps. We've seen a number of houses in the last year or two that fit the bill, but weren't ready to buy then. We are NOT waiting for prices to fall by a set amount, but we ARE refusing to pay some of the ridiculous prices that sellers/brokers are putting forth in what feels like a desperate gasp to cash in on a long run-up, which for now, is over, and if anything, prices are headed down a bit, yes even in NYC, for a few years. Sure, 5-10 years from now, they may go back up and probably will, but it's hard to say how long it will take. The last NYC real estate bust in late 80s took many years to recover from and some sellers are not in a position to wait that long. We are in it for the long-term (our next home will hopefully be our last) which is why we're not waiting for "the bottom" but truly, we see evidence of price declines, so would rather wait and see at least for the next 6 months-year since certainly prices are not going up right now, and if anything, we see price cuts and we'd rather have a lower mortgage! But again, sellers can still make

Posted by: guest at July 11, 2008 3:43 PM

Aussie 3:30pm said:

"2.44: You are correct they are not buying these houses... but the ones that have >$1600 can live on one floor (of some of these houses) and pay rent enabling someone else to buy."

$1,600 x 4 = $6,400 in monthly rent role

$1.9MM price = $1.5MM mortgage (80% down)is about $9,000 PLUS maint. PLUS tax PLUS insurance.

Great point that "ones that have >$1600 can live on one floor ... pay rent enabling someone else to buy." ... NOT!

Asshat, go back to the penal colony.

Posted by: guest at July 11, 2008 3:44 PM

There are a lot of open houses this weekend. I am curious how many will sell. The next few weeks will be the test if Brownstone Brooklyn prices start dipping like the rest of the country.

Posted by: guest at July 11, 2008 3:47 PM

I have seen many people complain that these old Victorian homes are not updated. Here is one that has been nicely renovated and a poster complains that he/she wouldn't want to pay for the updated kitchen. Go figure.

Posted by: guest at July 11, 2008 3:49 PM

"The next Zombie is Lehman! I hope you don't work there because the doors could be locked Monday.."

ROTFLMMFAO!

"I would love to go to a open house and say "GTFOOH"!"

Go! I gotta witness this!

Posted by: guest at July 11, 2008 3:51 PM

Aussie - no WAY are we at bottom in NYC - asking prices are still *astronomical*. What's been at last happening though is that those asking prices are not flying. Basically, brokers/sellers have been pricing properties as if we're still on the same upward curve of the last few years, where there was double digit appreciation from year to year. BUT, that appreciation is no longer something that buyers buy into, so they are holding back. So, sellers are basically having to either accept lowball offers, or cut prices. Does that mean we're at bottom? Not at all. Rather, this is the earliest step towards prices being priced lower to begin with (once reality sets in with sellers). So, someone who would have priced, say an apt at 1mil will instead realize they have to price at 900K if they really want the place to move. Still a great price if you paid 500K in 2002 (plausible scenario), but more realistic. But this would be a 10% decline from what I think was the peak, probably this past winter/spring (just before Bear Sterns debacle). Real estate shifts happen slowly, so I don't think the bottom is anywhere near where we are now, it's just beginning. Hence, I think sellers would be wise to sell sooner rather later before a long gradual (or more sudden) decline begins, which may not reverse for a few years, or longer.

Posted by: guest at July 11, 2008 3:52 PM

Per MarketWatch: "Bernanke says Freddie Mac, Fannie Mae can use discount window."

Better make it a drive-through.

Posted by: guest at July 11, 2008 3:53 PM

You people keep saying the market is going down. People are still making money let's take Energy, Utilities, Commodities and many others that are way up this year.

Posted by: guest at July 11, 2008 3:56 PM

Hey, isn't 22 Clifton where that guy crawled into after he was shot? No one's mentioned that. Has to be a huge selling point, heh.

Posted by: guest at July 11, 2008 4:01 PM

all of this 'end of the world' stuff is idiotic and the 'what' character on here is ridiculous- not to mention 'rolling on the floor laughing...'- who are you to be so glib? all these people in foreclosure- you're sick. and besides, markets don't explode (sorry, only down 128 on the day)- you sound like someone who plays the lottery.

Posted by: guest at July 11, 2008 4:20 PM

4:20 and 3:56 sound like brokers/sellers in denial. I'm certainly not saying things are exploding, but markets are cyclical, like the stock market shows, and the history of the real estate market shows. Sometimes things go up a lot, sometimes they go down a lot. Over time, both things happen, sometimes more gently, sometimes more severe. It seems that there are a number of arguments to support the NYC real estate market not crashing hard (as in rest of country), but to deny that any downturn is possible, when there is evidence of it starting, seems silly, and if one is a buyer, why would one not pay attention to that and bide one's time?

Posted by: guest at July 11, 2008 4:24 PM

yes, so many immigrants moving to brownstone brooklyn and buying up/renting expensive real estate. why, i just ran into a lovely couple who just fled the oppression of their native country of ohio.

Posted by: guest at July 11, 2008 4:26 PM

Sky definitely isn't falling and no one is dying, unless they've joined the army and been sent to Iraq. But the asset bubble is deflating all around us.

No rational rental investor would buy any of these houses for more than 1/2 the asking prices. Arbitrage guarantees that in the long run, rental values and purchase values will be about the same. Otherwise, rental landlords sell to owner occupants.

So, unless you think rents are doubling in the middle of a severe cutback in NYC's core job-generating sectors, you have to believe that prices are dropping, probably by close to 50% off the just-hit peak. That's assuming they don't overshoot on the way down. (Last time, in the early 90's, prices dropped by half after inflation even though they were only about a third over rental values at the peak).

The coming price declines will be an excellent thing for the City and almost everyone living here. But they make this a very bad time to buy an overpriced house.

Posted by: guest at July 11, 2008 4:29 PM

6th Ave house in Park Slope has been on the market for a long time. It originally started at $2.2 million, and the listing NEVER mentioned it was an SRO, until now.

Posted by: guest at July 11, 2008 4:36 PM

sweet jesus... another biff & dave circle jerk...

seriously: wtf?

Posted by: guest at July 11, 2008 4:41 PM

Aussie -- Bernard Baruch said he knew it was time to sell (in 1929) when his shoeshine boy started giving him stock tips. When Australian plumbers are speculating in Brooklyn real estate, that's the top. After he overpays, who is he going to sell to? New Zealand buskers?

Posted by: guest at July 11, 2008 4:49 PM

4:41: Another? When did the last one end?

Posted by: guest at July 11, 2008 4:50 PM

Aussie, explain how rents will not be coming down when wall street is in mass layoff mode and we are in the early innings of a likely very nasty recession.

and regarding your plumber comment, i will refer you to the famous pre-great depression quote from Joseph Kennedy. "you know it is time to sell when the shoe-shine boy tries to give you stock tips".

UK - housing melting down
Ireland - housing melting down
Spain - about to enter a recession
people who bought in 07 with euros - underwater both on the fx trade and the RE price (not to mention carrying costs). some of these people could easily be 20-30% underwater right now.

your mom's plumber can get burned right along with the irish carpenters.

Posted by: guest at July 11, 2008 4:50 PM

No way the Sixth Ave house or any other available property in the prime areas has a 5% return. Unless you know where to get a mortgage at negative 20%.

Posted by: guest at July 11, 2008 4:52 PM

also, when something hot makes the cover of a magazine (especially an in-flight kind), it is a classic contrarian indicator.

Posted by: guest at July 11, 2008 4:55 PM

Why would anyone be willing to deal with New York tenants for a 5% return? Until this bubble, landlords demanded more like 15%.

In fact, the rent stabilization law guarantees them 8% and that is without lying or leverage. And a NY landlord without lying or leverage is about as likely as a NY landlord without tenants.

Posted by: guest at July 11, 2008 4:56 PM

> "Cool Brooklyn" was the main article in the inflight mag.

SkyMall is always the best source of investment advice.

Posted by: guest at July 11, 2008 4:56 PM

4:51, 4:56, 4:59, 5:00, 5:03: You're all so pathetic! And so am I, because I'm responding to you.

But yeah, limiting posting to registered users looks like it's going to be a new era full of win and awesome...

Posted by: guest at July 11, 2008 5:09 PM

Aussie - please show me evidence that Paris is more expensive than NY. I have many friends who own property in Paris and what you are saying strains credulity. And my neighbor who own in London said prices are currently going down there (she is renting here due to her husband's job relocation and wanted to sell her place in London but the market is bad she said)

Re: mortgage rates going up. There are definitely some people buying these expensive places with lots of cash. I know, I'm one of them. We cashed out (in Paris, and in NYC) not so long ago, and actually found rentals not that bad. There are plenty of deals to be had, compared to sales, and I actually don't think rentals are going way up, and recent real estate reports show that rents are not racing up.

Posted by: guest at July 11, 2008 5:10 PM

i'm sure aussie is about to quote tokyo as an example that big city real estate prices never go down. oops.

Posted by: guest at July 11, 2008 5:14 PM

I cashed out too 5:10. Sold in Paris, NYC and London. I have over
$7 MM but I'm waiting for a Brooklyn brownstone to drop from $2.1 MM to $1.8 MM because I know I can time the market perfectly.

Posted by: guest at July 11, 2008 5:16 PM

If Anyone on the Board was a Owner I believe we wouldn't have so many negative comments Why would they bash something they have. So I guess you could figure it out from there.

Posted by: guest at July 11, 2008 5:16 PM

the frenzy of cash out buyers is about to fizzle too. if you didn't already blow your wad, you are likely to keep waiting. keep renting and become an entrepreneur

Posted by: guest at July 11, 2008 5:22 PM

daveinbedstuy, I'm confused by your comment - what do you mean that reading the comments is like watching a train wreck?

Posted by: guest at July 11, 2008 5:31 PM

5:31, I'm confused by your comment about daveinbedstuy's comment - what do you mean what does he mean that reading the comments is like watching a train wreck?

Posted by: guest at July 11, 2008 5:34 PM

5:31 here - I mean, why is saying "it's like watching a train wreck" to have people discuss the state of the market? Is he suggesting that buyers are going to crash by NOT buying into this overpriced market? Or that trying to "time" the market leads you crash? Really, I'm not sure what he means. I don't see how waiting 6 months to a year to watch the market (given the price declines that are happening) means buyers are headed for a crash. If anything, I think it means buyers can save some money!

Posted by: guest at July 11, 2008 5:40 PM

Look, there may be misinformation and inflammatory rhetoric flying around this blog, which is the nature of the beast. But truly, who can deny that the market is shifting? Sure it may not be crashing but all indicators are showing the market is not what it was in past years, and history shows that markets are cyclical. For it to soften 10-20% is really nothing extraordinary or catastrophic, but it can meaningful to potential buyers, many of whom are expecting this, with plenty of evidence on their side.

Posted by: guest at July 11, 2008 5:43 PM

Gee, now I'm all confused. I wonder if this is a forum where anyone can give some decent advice.

I feel that we should sell our house in Prime FG (not yet finished reno...I'm tired of it...) and maybe rent for a while before shifting our life to Massachusetts...granted, it seems a number of people commenting today have place in cities only reachable by plane…but frankly, driving back and forth constantly is a hassle. Would rather quit the NYC job and semi-early retire and drag my elderly charge (family member in Manhattan) with us to MA and simply take care of her instead of dealing with working through all the homecare issues for her in NYC.

...Or, do we hold onto our house for 10 more years while the market cycles and accept living between two places? Sounds not too appealing. I would rather rent of buy an small but decent apartment in Brownstone Brooklyn to have a pied-a-terre in NYC because we’ll still need to come down a lot anyway. We'd have a place to land when we're here but not have to worry about a house.

It's a pain to be out of town a lot when you own a brownstone in Brooklyn. Luckily, we have nice neighbors who keep an eye out but still, ya' never know...and you can’t ask friends or neighbors to knock themselves out for you. Whenever a neighborhood friend's name pops up on the ol' cell phone on the weekend, my heart is instantly in my throat and I know I answer sounding a little panicky.

Not much has happened to us but we got a DEP violation because some jerks dumped construction debris in the front area at 3AM some point when we were O-o-T. If you're not in town, it's hard to know what

Posted by: guest at July 11, 2008 6:43 PM

{there must be text limit}

...it's hard to know what is going on, and, if/when a neighbor calls you to let you know something's up, it is hard or impossible to ask for her to solve the problem. If you're gone for two weeks here and there, you can make arrangements, but otherwise if it is ongoing, you have a handyman who comes by all the time.

We don't know if the market is okay for a house that needs work. I would love to price it low to see if anyone is interested. 1.3 or 1.4 or so and it'd probably fly since the extra work needed wouldn't add up to all that much in terms of what comparable houses have recently sold for…but maybe those recent buyers who paid top dollar will end up regretting their purchases.

The big question…I can’t believe I’m musing about this on a blog!…is how to keep any proceeds relatively safe during this market upheaval. My grandfather would have said that an annuity would make sense, but I don’t know if the financial firms/insurance co’s that offer them are really that sound. Any suggestions of annuities or other safe vehicles is welcome. What are you guys who have sold recently done? And, don’t tell me to split money between FDIC insured accounts because it is only insured for a certain percentage. If we have a meltdown, all bets are probably off on FDIC accounts.

I don’t feel our CFP or broker know what they’re really talking about. One’s too stuck in the 80’s and the other is too much of a hotshot.

Any suggestions are welcome, particularly where to plunk hundreds of Ks during this market volatility.

Thanks!

[Signed]
Grey Texter

PS, I actually skipped a lot of the dark text above (except for Aussie's) because it was nothing but

Posted by: guest at July 11, 2008 6:47 PM

...because it was nothing but inane exchanges between people. The grey text was generally much more helpful.

Posted by: guest at July 11, 2008 6:48 PM

You have proved that the text limit is a bad idea.
I assume that you have a single family home otherwise renting out the owners apt and keeping one of the floor-throughs for your visits would be an option.
The delema of where to put cash is one of the reasons some people will not sell. I would stick to something really safe like tax free muni bonds particularly if you still have a fairly high income.
On the house thing - I have left houses for years without going to them and just kept a list of handy men, plumbers and electricians etc to call if things go wrong. The tenant will soon tell you. If you leave the house in good condition you may never get a call. People may tell stories about nightmare tenants but you should be able to find a tenant of the type that would otherwise buy your house, but because of market conditions is holding out... they will treat your house like you would.

Aussie

Posted by: guest at July 11, 2008 8:00 PM

Bxgirl is an idiot, Bxgirl, Biff and Dave must be friends because in a normal world you would all just ignore the supposed troll and she/he would just go away eventually. I just skip all your posts now - annnnnnoooooyyyyyyyyyyyyyying...

Posted by: guest at July 11, 2008 8:26 PM

the good thing about the dark text is that when you see certain names, bxgirl, dave, bxgirl stalker, you just ignore it and scroll on. right? these people must have some sort of wacky addiction.

Posted by: guest at July 11, 2008 8:57 PM

they are frustrated writers or newscasters. I think. This makes them feel famous. very weird.

Posted by: guest at July 11, 2008 9:02 PM

no, they just have huge egos - they care more about the name attached to their posts than saying anything worthwhile in the post. (Most of their posts would make no sense at all if it wasn't for their names they keep refering to.)

But, apparently, Brownstoner prefers this type of poster to ones who post actual useful information.

Posted by: guest at July 11, 2008 9:47 PM

It took about 2-3 years of bad bad credit availability to cause this mess - it will take 3 -5 for it to adjust itself. This is my gut feeling. The American culture of innovation and global reach however will help tremendously. I think that bank regulators and their brethren are seeing the "worst case scenarios" play out now so from this perspective it should be useful. The media are absolutely adding to it. It's ironic easy credit combined with Wall Street trickery/innovations brought this to Main Street therefore, the media effect is amplifiedl.

Posted by: guest at July 12, 2008 8:17 AM

Who is the What, did anyone ever work it out? He is definitely not stupid but he has varing degrees of lucidity in his posts. He uses typical trading slang like "hosed" but he hates Wall St. I think he has a bone to pick with Wall St and its not just about what they did to the economy... it seems to be personal. He may well have had a connection to the "street" in some capacity before "something" happened.
There is a lot of negativity in you Mr What, which makes for interesting reading but is probably not pointing you in the right direction in life...
If the economy and wall street tumble like a house of cards (and I don't think they will) what then? Many would simply view this as the creative distruction to make way for a better model, quite a positive spin (considering the pain it will cause). What would you put in place of the system we have... will you say? You are clearly a passionate intelligent person and people have chosen to follow you... will you have a positive view as to what can be done or will the What just stay negative? I regularly ask people what they want and they tell me what they don't want. When I ask again, and they have time to think, many say "I want to be happy". When I ask "what will make you happy?" they cannot easily say.
If we don't know what we want we have no direction to follow.

Posted by: guest at July 12, 2008 10:32 AM

Yes, it looks like we're definitely in for a correction, and the only thing keeping prices propped up in prime Brooklyn is lack of inventory. That said, prices are unlikely to dip below 2004-2005 levels so the vast majority of buyers should be fine - especially the old-timers who might be leaving the city, or estate sale heirs. I agree that this is not a bad thing for the city - will probably mean overall transactions go up, and the city still gets plenty of tax revenue from sales, and the market will benefit from more activity...

Posted by: guest at July 12, 2008 10:36 AM

10:32 asks, "What would you put in place of the system we have... will you say?"

how about a more progressive tax code and more stringent regulation on the financial industry? how about a 'system' that doesn't favor the have's so much? how about equal punishment for the white collar thieves who rob the country blind and get off with a slap on the wrist if anything at all? all of these things would make me very 'happy'...

Posted by: guest at July 12, 2008 11:09 AM

Middle and Upper earners pay alot in taxes by the way. My husband and I made about 200K combined before I quit to care for the kids. When I saw the tax effect of halving or closee to it our earnings I couldn't believe impact - why was I working? Yet my spending / taxes helped my local economy (restaurants, grocery, bookstore, etc as well as city/local. People have to have incentive to work, invest and save and pursue higher educaton.

In terms of regulation - I think that we need strong intelligent leadership with wise wise foresight. One reason that wall st excesses weren't curbed was the good in terms of people employed and related consumer spending that came along with it - taxes to pay for schools, roads, social programs, etc. The wide view is the right direction. Believe it or not we need really smart business people to make this work.

Posted by: guest at July 12, 2008 11:31 AM

DIBS: you don't really deserve a response, but i am bored. if much of the housing bought in manhattan in the past 3-4 years depreciates to the original purchase price or below (very feasible), the "cash out" flow is gone for all those people. anyone who bought before then could probably still do so, but i wouldn't expect that volume to increase for any particular reason now. people who sold and are currently renting will likely continue to do so until they get comfortable that we have reached the bottom. therefore, the cash out effect fizzles. it really sucks that i have to spell everything out for you. you really have very little knowledge of econ or finance.

Posted by: guest at July 12, 2008 3:39 PM

YOU ALL DO REALIZE THAT DAVEINBEDSTUY AND AUSSIE ARE ONE IN THE SAME, RIGHT??

AND BXGRL AND BIFF ARE THE SAME PERSON.

Posted by: guest at July 12, 2008 4:58 PM

Texter --
FDIC insured bank accounts are insured fully up to the limit -- $100,000. You can put your money in different banks, and each account will get the full insurance. If the FDIC reneges on its guarantees, we will be in such a big crisis that you will have far bigger things to worry about than your investments. Think Will Smith.

You can also buy T-bills or T-bonds directly from the government. There is no more chance of default than of the US government collapsing. You can choose the maturity you want and if you hold it to maturity, this is as safe as anything in this world.

Money market funds are not government guaranteed but they are nearly as safe. No sponsor has ever allowed one to "break the buck".

With these investments, you have basically no chance of losing your money. The risk, instead, is that inflation will eat away at it over time.

Posted by: guest at July 12, 2008 5:11 PM

22 Clifton Place is a dreamhouse! It has to be one of the most fabulous brownstone properties in Brooklyn! Even the basement unit looks like it could go for 500,000 as a condo. The owner restored all the original details like the French pocket doors. It really is a spectacular listing.

Posted by: guest at July 12, 2008 8:56 PM

wasn't there a shooting near 22 Clifton last spring?

Posted by: guest at July 12, 2008 9:22 PM

The problem with this website is that as the real estate market continues to cool, there are more and more real estate brokers out there (biff, dave, bxgrl, btg, aussie, nokilissa, etc) with a TON of time on their hands...

So sad and rather pathetic.

Posted by: guest at July 12, 2008 9:26 PM

The Clifton Place house sits smack in the middle of the ghetto.

Other than that, it's great.

Posted by: guest at July 12, 2008 9:27 PM

Yeah, unless I'm quite mistaken -- and someone mentioned this above -- that was the house where the guy was actually shot. They were doing renovations, or something, and the pursuer followed the victim through the open door and popped him one. The workmen found the body.

Posted by: guest at July 12, 2008 9:38 PM

hmmm...wonder if 9:56 is the owner or broker.

no one is interested in spending 1.75 million to make their home inside the scene of a heinous murder.

drop your price to 400K and you might get a taker or two.

Posted by: guest at July 12, 2008 10:11 PM

22 Clifton should sell for 1.4 mil. No bank is going to finance this place at close to asking.. Prices are dropping in fringe neighborhoods and a ton of folks have listed therir houses there for sale. Brown Harris Stevens has most of them and they are all about 25 percent overpriced

Posted by: guest at July 12, 2008 10:25 PM

Why in the WORLD would anyone believe you, 10:32?

Your post SCREAMS desperation!!!!

Posted by: guest at July 12, 2008 11:26 PM

Granted, there has been some softening in the Victorian Flatbush market, but the Stratford house is still an excellent deal at , which is a shame because clearly they planned to live there for a very long time, judging from the kitchen reno. I hope things work out for them.

There are a lot of houses on the market around here now, most in deplorable shape, asking the same as this if not more. The owners of most of these homes, however, are generally old timers or those who can afford to wait it out. Clearly not the case with this house.

The house is not huge or distinguished for PPS. A plus or minus these days, depending on how you feel about heating costs. It is also a pretty standard design, architecurally, and the interior detail is pretty, if not remarkable. It is in fact more similar to its less glam DPW and BSW, where you can get a similar house for $100K less with better views. Yes, the views - the major downside to this house Buyers in PPW are looking for a bucolic oasis - not views of CIA. You can't change the location of this house (although you can fix/replace the 2nd and 3rd floor floors which are in questionable shape, and reno the bathrooms, all of which are dated and look even more so compared with the kitchen).

Still for those interested in a lovely house in move in condition (and this is certainly move in) with a fab kitchen and deck in a great neighborhood (two new restaurants to open on Cortelyou this summer, as well as the newly reno'd San Remo), this house is a fantastic deal for the right buyer.

But that's the whole issue with today's market in DP, PPS, and the environs -

Posted by: guest at July 13, 2008 8:43 AM

Someone always comments on the cost of heating the houses in Victorian Flatbush every single time that one is featured on this blog.

I will disclose that I am partial to the area being a home owner here but I will also say that although the cost of heating my home is about 15-20% more than heating my brownstone which I now rent out in its entirety, it is well worth it. The Brownstone is a three-family in which I occupied the largest unit. My soon to be teenagers had to share a bedroom and I was growing tired of their constant bickering over their shared space. They each now have their own bedrooms and we all have four times the space including an extra long driveway, front porch and nice backyard. I no longer get parking tickets, rent places for birthday parties or rent storage space. We are all home alot more because we enjoy both our outdoor and indoor space more. My AC bills are not as high because my street is heavily covered with trees which protect the house from the sun and I get wonderful cross-breezes by opening windows on all four sides of the house. When my parents and in-laws come to visit they no longer have to stay in a hotel (which I usually paid for) - That may not be a plus but it is an expense saved.

These houses are work. But so is maintaining any house, especially an old one. The house for sale here seems to be a good value. That kitchen is fantastic.

Posted by: guest at July 13, 2008 11:24 AM

I think prices have about 20% more to fall in Park Slope

Posted by: guest at July 13, 2008 8:41 PM

"When i see all these negative comments it makes me want to buy buy buy. why? beacuse those on this board have no clue."

Ass ass ass...hat

Posted by: guest at July 13, 2008 9:36 PM

Whether the federal government would bail out Fannie Mae in the event of insolvency is a hypothesis that has never been tested.

Posted by: guest at July 13, 2008 9:50 PM

2:34,

We moved tenants that we already had into our unit. We already knew them and knew that they would appreciate the work that we put into our kitchen and baths. They had already started a family and needed a bigger space so that worked out well.

Each unit has its own circuit breakers which is an added benefit. However, the tenant of the main unit does have access to the sub-basement and can give the other tenants access if needed.

Market price of course will depend on the neighborhood but even in prime areas, the main unit duplex would not necessarily go for twice as much as the other units. The square footage, layout and ammenities within the apartment would also factor into the price. Some duplexes are easily shared by two, three or more people. I know people who prefer to rent to people sharing because they are able to get more rent this way. That arrangement is contingent upon the placement and size of the bedrooms. A good local broker should be able to help price the rental appropriately. The other issue is how far away you are moving from your house. We are in Ditmas but can be back at the other house in fifteen minutes if there is a major problem. If you are going far, do you have someone in close proximity that will handle emergencies?

Posted by: guest at July 13, 2008 10:23 PM