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August 25, 2008
House of the Day: 6 3rd Street
Given the lack of interior photos accompanying the listing for 6 3rd Street, it's hard to know what to make of the four-story Carroll Gardens house. The ad claims that there are "marble mantles, pocket doors, [and] period moldings" intact, and that there's "tremendous potential" in the house. Okay, but show us some photos! The asking price is $1,395,00. Thoughts?
6 3rd Street [Two Trees] GMAP P*Shark
Photo by Kate Leonova for Property Shark
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Comments
Wishing price is about right. Gut reno for sure. Bid a million and you'll get some attention. If it doesn't sell by Winter, bid 750K.
Posted by: DOW8000SP800 at August 25, 2008 1:34 PM
from what I see unrenovated approx. 20' x 40' sized houses
are about $1.6-$1.9 in area.
this a bit smaller and a less desirable site for the area. So asking $1.395 seems fair.
Posted by: Petebklyn at August 25, 2008 1:45 PM
it will undoubtedly go for more, but does anyone know who has to pay the tax lien - the buyer or is it paid from the proceeds of the sale ?
Posted by: thegoodtribe at August 25, 2008 1:49 PM
It seems to me that houses without photos should not be HOTDs. Save for the person or two who might actually know the place, everything else is largely conjecture.
Posted by: tinarina at August 25, 2008 1:50 PM
$400k in 8 months...now that's appreciation
http://www.brownstoner.com/brownstoner/archives/2007/11/house_of_the_da_407.php
Posted by: kandria at August 25, 2008 1:53 PM
...and unless you are mr. & ms. moneybags, you can kiss most of those original details goodbye when you do your gut reno.
Posted by: i disagree at August 25, 2008 1:58 PM
Yoo Hoo Asshats! Happy Monday to ya! You know I was going to let this slide but I couldn't resist....
Libor Signals Credit Seizing as Banks Balk at Lending
http://www.bloomberg.com/apps/news?pid=20601087&sid=aa9qsN2KBb0Y&refer=home
``It's like an ongoing nightmare and no one is sure when we're going to wake up,'' said Thomson, a money manager in Glasgow at Resolution, which oversees $46 billion in bonds. ``Things are going to get worse before they get better.''
This means the KY Jelly is running dry. There will be scarring in the Anus cavity! When baks don't lend each other money that causes REAL PAIN on our banking system. You want to take bet bet on your future? Be my guest....
The What (Tick.. Tick.. Tick..)
Someday this war is gonna end....
Posted by: what at August 25, 2008 2:18 PM
Hey What, didn't another bank go rupt recently?
Posted by: DOW8000SP800 at August 25, 2008 2:22 PM
this is a very pretty street, but does seem high for this economy.
Posted by: gkw at August 25, 2008 2:24 PM
Brownstoner - how could you not mention that this was already a HOTD on November 13, 2007? And back then it was only listed at 975K! How, in this declining market, could they possibly justify a 400K price *increase* when it failed to sell originally? This makes NO sense - I would be shocked if it fetched a million. Buyer beware - and do your research!!
Posted by: Miss Muffett at August 25, 2008 2:24 PM
You don't know if didn't sell. Could be several possibilies - Was sold - deed/mortgage recording not showing up in records yet. And buyer is trying to flip because this size prop does not go for under $1m.
Or buyer just trying to flip contract... or seller got out of contract and realizes was underpriced and now listed with other broker.
Posted by: Petebklyn at August 25, 2008 2:30 PM
No one's mentioned that the ad says 'requires renovation'. So you don't need pix. You don't want pix.
Posted by: denton at August 25, 2008 2:31 PM
I imagine the sound of the F & G trains going in and out of the tunnel 24 hours a day must be very soothing.
Posted by: SnarkSlope at August 25, 2008 2:37 PM
"Most mortgages made between the fall of 2004 and the fall of 2007, the majority of them are underwater," says Mark Zandi, chief economist at Moody's Economy.com, describing negative-equity situations in which more is owed on the home than it's worth.
1) 975K asking in Nov '07
2) still in disrepair
3) tax lien on property
Conclusion: Owner's in deep doo doo and running out of money. Offer 875 cash and I bet he bites.
"Ozymandius"
My name is Ozymandias, King of Kings:
Look on my works, ye mighty, and despair!
Recession, hell! Last time the financial system collapsed, we had a fucking depression!!
Posted by: Ozymandius at August 25, 2008 2:38 PM
SS - considering they are the F & G trains, that makes it, what, 12x max per day?
(for clarity's sake, that was a joke. i don't need anyone linking me to the mta schedule.)
Posted by: i disagree at August 25, 2008 2:43 PM
you can't hear the subway there - it's a lovely block.
Posted by: gkw at August 25, 2008 2:43 PM
ok I just read through the whole thread of the last time this was posted (yes, I am procrastinating) and the last poster said the broker had just told her/him the house had gone into contract. My guess - a local contractor bought it and did some kind of hideous bare bones reno.
Posted by: gkw at August 25, 2008 2:56 PM
You can't hear the subway there?
Seriously?
The tracks are about 60 feet from this house.
Posted by: SnarkSlope at August 25, 2008 3:03 PM
"this size prop does not go for under $1m"
DID NOT go...(tense check)
The market is now imploding before our very eyes. Trend is down and blood shot red (not rosy red).
Posted by: DOW8000SP800 at August 25, 2008 3:11 PM
"Hey What, didn't another bank go rupt recently?"
Yes but not the big ones yet Dow! They are hiding huge loses. FDIC, OTC and other agencies are going to have a nightmare on their hands. Plus don't waste any energy explaining this shit to the Asshats!
This Fall is going to be VERY interesting....
The What
Someday this war is going end...
Posted by: what at August 25, 2008 3:24 PM
Whee, we now have...What, Dow and Ozzy! The three horsemen of the apocolypse! This is getting good!
Posted by: cobblehiller at August 25, 2008 3:26 PM
Ozymandius (sic) - We look upon your spelling and despair.
Posted by: SnarkSlope at August 25, 2008 3:28 PM
my guess tax lien on property (not a mortgage problem) because this is an 'estate' and bills not getting paid by executor and/or family-heir disputes going on.
Yearly tax are only $2000 .
Posted by: Petebklyn at August 25, 2008 3:29 PM
What (and I'm not done trying to make The Oracle of Lodi happen!) only posts when the market's down. Let's pray for a rebound, if only to avoid having to read his cut-and-pastings.
Posted by: Johnny at August 25, 2008 3:37 PM
DOWhat has yet a third personality? Does this mean we have to update his name to DOOzyWhat? DOWhatman? It's so funny watching DOWhat talk to himself.
52 days DOWhat, correct?
Posted by: Biff Champion at August 25, 2008 3:41 PM
Snark- You can definitely here the trains from there since this property is almost across the street from the point where the F/G lines surface above ground. An offer shy of $1mill seems fair.
Posted by: jwald at August 25, 2008 3:48 PM
I don't know what's going to happen in 52 days, but I'm all excited to see who the 4th horseman will be!
The drama, the excitement! The Olympics, the Open, and now this! Ozymandius!
Posted by: cobblehiller at August 25, 2008 3:53 PM
I like DOOzyWhat. Or maybe OzyDOWhatias.
Posted by: SnarkSlope at August 25, 2008 3:56 PM
cobblehiller, we're all going to meet for drinks in 52 days during which time DOOzyWhat will be sitting under his rock in Lodi wondering why he ever pinned himself down to an specific day of destruction and how he can salvage the little credibility he had to start with.
Posted by: Biff Champion at August 25, 2008 3:57 PM
I'm not placing any bets, Biff!
What/Dow/Ozy may still turn out to be right!
But I would seriously like to meet What.
Posted by: cobblehiller at August 25, 2008 4:05 PM
You know something? The financial world is going to shit right now and still we have denial!
U.S. Treasuries Climb on Concern Credit-Market Turmoil Widening
The gains pushed yields on U.S. 10-year notes to the lowest since May 13 as financial stocks fell amid speculation American International Group Inc. will post a loss and concern Korea Development Bank may be reconsidering a possible bid for Lehman Brothers Holdings Inc. Interest-rate derivatives imply banks are becoming more hesitant to lend.
``This is the longest-running horror movie that any of us has ever had to deal with,'' said T.J. Marta, a fixed-income strategist at RBC Capital Markets in New York, the investment- banking arm of Canada's biggest lender.``
You are watching a DEPRESSION unfold in real time, ASSHOLES! This period of time will be used for Doctoral Dissertations for years to come. I hope that the Asshats get fucking killed!
If you believe it's a great time to buy something then do it.....
The What (The real and only one)
Someday this war is gonna end...
Posted by: what at August 25, 2008 4:14 PM
Hey What:
GSE's up big-time today, Freddie Mac up 17%. Sold 2 billion in bonds at 2.58% and 2.86% for 3mo and 6mo maturities respectively.
You couldn't borrow money for a metrocard at those rates!
Posted by: denton at August 25, 2008 4:15 PM
"GSE's up big-time today, Freddie Mac up 17%. Sold 2 billion in bonds at 2.58% and 2.86% for 3mo and 6mo maturities respectively."
Do you know why, denton? Because the Asshats believe that the US Government will bail out Fannie Mae and Freddie Mac. However the Government is not going to do this. Why you ask? Because the bond market will say FUCK YOU and their will be a Bond Market implosion!
The US Government need low interest rates to finance it''s debt obligations and they will take Fannie and Freddie and smother them.
Fannie and Freddie needs 233 billion dollars roll over on Oct 1, 2008
Fannie, Freddie Bailouts May Hinge on Debt Rollover (Update4)
http://www.bloomberg.com/apps/news?pid=20601087&refer=&sid=azlybEsIURmA
Aug. 20 (Bloomberg) -- Fannie Mae and Freddie Mac's success in repaying $223 billion of bonds due by the end of the quarter may determine whether they can avoid a federal bailout.
The companies, responsible for 42 percent of the U.S. home loan market, need as much as $15 billion each in fresh capital to reserve against losses on mortgages and related securities that they either own or guarantee, Paul Miller, an analyst with Friedman Billings Ramsey & Co. in Arlington, Virginia, said.
42 precent, huh? OK! I think you better "lube up"...
I love the Asshats. They look so cute right before the bat smashes them in the face...
The What
Someday this war is gonna end...
Posted by: what at August 25, 2008 4:25 PM
What, I hope you're putting your money where your mouth is! Lot's of ways to make a KILLING if you're right! What are you long and what are you short? We want to check it out in, what is it, 76 days?
Posted by: denton at August 25, 2008 5:25 PM
Denton, it's 52 days. Notice how DOOzyWhat won't give an update? He'll quote every other person here but won't address the little issue of his countdown.
And obviously if he was the financial genius he purports to be, he would be sailing around the French Riviera with his billions rather than spending his days posting gems such as, "I hope that the Asshats get fucking killed!"
Posted by: Biff Champion at August 25, 2008 5:37 PM
You guys crack me up.
Posted by: East New York at August 25, 2008 6:13 PM
I seriously doubt any work has been done on the house since when it was listed in Nov 07 for 975K. Property Shark shows no record of a recent sale (last one was many years ago). So, my question stands: what the heck are they thinking, upping price by 400K when it did not sell last time they listed, when the market is now much weaker? No way will this sell close to their current ask...
Posted by: Miss Muffett at August 25, 2008 10:02 PM
Wow--I missed this today. "DOW" feeds "What" a line, "What" responds idiotically and they have what "What" would call a "circle jerk of asshats" or something like that. It is back to being transparent sock-puppetry for DOWhat.
Posted by: wasder at August 25, 2008 10:24 PM
Even a broken clock is right twice a day. To say we are in a sliding down market is equivalent to opening your window and stating the sun is out today. That has been the case for the past year and half. Depression? Not likley. How about some prognostication on turnaround or is it all bad news all the time?
Posted by: Handle at August 26, 2008 9:02 AM
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