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December 1, 2008

House of the Day: 170 South Oxford Street

This house at 170 South Oxford Street in Fort Greene is a cutie, all the more charming for its unusual large front yard. The 4,000-square-foot brick house, which is asking $1,675,000, appears to be in excellent shape too. Probably its biggest drawback is its location. While quite convenient, these blocks between Fulton and Atlantic generally don't command the same prices as those to the north. This place in particular has an uphill battle given its proximity to the Ratner-developed newish townhouses.
170 South Oxford Street [Corcoran] GMAP P*Shark

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Comments

pretty nice place, convenient, yet terrible location. But, then again if you want to be near a major train station/terminal - noisy crowds are the price you pay!

Posted by: bktycoon at December 1, 2008 1:22 PM

"Curl up in the warmth of the sunshine flooding through the bay windows and take in the view of a meticulously landscaped garden tended to by your next door neighbor."

Are these brokers for real?

Mr. B, can you please do a 'Broker Ridiculous Quote of the Day'

Posted by: bayridgegirl at December 1, 2008 1:35 PM

Hey BB, when are you going to list some places that give a proper bang for the buck? I mean, it is fun to blog about how ridiculous these brokers/sellers are, but I'd like you to dig up some viable places. 1.65 for this location in this market, is just silly, and don't tell me digs with only one source of air at the far end of the 1400 sq ft is a bargain when it comes at 500 per sq ft and a 2075 monthly.

Posted by: househunt at December 1, 2008 1:39 PM

I willing to be this house is being sold by a former WAMU employee...

JPMorgan Plans To Ax The WaMu Suits

http://www.forbes.com/markets/2008/11/28/wamu-jpmorgan-jobs-markets-equity-cx_lal_1128markets19.html

Up to 19,000 employees of Washington Mutual face being laid off this weekend as JPMorgan Chase turns up the synergy on its recent acquisition.

The What

Someday this war is gonna end...

Posted by: Return of The What at December 1, 2008 1:40 PM

"Mr. B, can you please do a 'Broker Ridiculous Quote of the Day'"

How about a 'Broker Double Entendre Quote of The Day'? And the winner goes to:

"There's no better feeling than pulling into your own gated parking."

Posted by: Biff Champion at December 1, 2008 1:40 PM

Biff, As a proud owner of a jalopy, there would be no better feeling than pulling it into a spot than having to circle around, sometimes for up to 45 minutes.

Posted by: bayridgegirl at December 1, 2008 1:49 PM

Yada yada yada ....

Nice historical detail.. sucky space planning with weird layouts for the bathrooms. How do you get to the shower on the garden floor. What's with the creepy way the walls meet down there. Why are there laundry hookups on the 4th floor but not a single effing closet. I guess people in Brooklyn don't have cloths. I'm so bored with these places.. Just shoot me!!!!

Posted by: Ozymandius at December 1, 2008 1:50 PM

Biff...you beat me to that one. Personally I can think of countless things that feel better than that!!!

I guess though if the driveway is gated then you can drink in the front yard without fear of a ticket.

Posted by: daveinbedstuy at December 1, 2008 1:52 PM

I dunno. Not quite sure what block looks like but I think very convenient location with great transportation and own parking and move-in condition of what looks real nice inside...plus house set back from street. Looks very good.

Posted by: Petebklyn at December 1, 2008 1:53 PM

BRG...that Caddy would look great parked there.

Posted by: daveinbedstuy at December 1, 2008 1:54 PM

I'm with Pete--this looks pretty nice and decently priced to me.

Posted by: wasder at December 1, 2008 1:56 PM

Any thoughts on what's behind the blue curtain in pic #6 of 11? The curiosity is killing me.

Posted by: Biff Champion at December 1, 2008 1:56 PM

I was in this "farmhouse" over 35 years ago when I was processing 3% renovation loans in the Atlantic Terminal Urban Renewal Area. If one looks around carefully you might find some very early outlets powered by "direct current". Construction of this building predated most Fort Greene brownstones and dates back to the 1860's !!

Posted by: MarionG at December 1, 2008 1:58 PM

$400/sf for a large, wide, move-in ready (apparently) house in ft. greene seems like a good deal, even if the block is not great.

Posted by: z at December 1, 2008 1:59 PM

"Pay no attention to that man behind the curtain." Biff

Posted by: daveinbedstuy at December 1, 2008 1:59 PM

I personally like this street closer to Hanson Place/Fulton. It's not clear if this place has a back yard or if that is owned by the garages behind it. If it was a few houses closer to Fulton/Hanson Place, it would be a quick sell in my opinion, though who knows how AY will proceed. If the arena goes through, then that would alter my opinion as this is very close to that...

Posted by: 1842 at December 1, 2008 2:00 PM

Biff--I think its the Tiki Bar.

Posted by: wasder at December 1, 2008 2:01 PM

There are plenty of 1860s and earlier rowhouses and brownstones throughout FG and Clinton Hill.

Posted by: 1842 at December 1, 2008 2:01 PM

"The 4,000-square-foot brick house," It looks like natural stained clapboard to me. Am I wrong?

Posted by: daveinbedstuy at December 1, 2008 2:08 PM

Good I have found the Asshats, Hiya guys. Lookie here! This is for all the geniuses...

Recession in U.S. Started in December 2007, NBER Says (Update2)

http://www.bloomberg.com/apps/news?pid=20601087&sid=a_MS6p7VkWmk&refer=home

Dec. 1 (Bloomberg) -- The U.S. economy entered a recession a year ago this month, the panel that dates American business expansions said today.

"The declaration was made by the cycle-dating committee of the National Bureau of Economic Research, a private, nonprofit group of economists based in Cambridge, Massachusetts. The last time the U.S. was in a recession was from March through November 2001, according to NBER."

Wow a whole year?! But the Asshats said here that we was not in a recession.

Here is the money quote!

"Federal Reserve policy makers at their last meeting predicted the economy will contract through the middle of 2009, in line with private economists’ forecasts. If correct, the recession would be the longest since the Great Depression."

The statement "since the Great Depression" has been popping up lately. I wonder why?

RIP Mutant Asset Bubble... Buh Bye....

The What (But.. But.. PIMCO is not paying a dividend???!!!!)

Someday this war is gonna end....

Posted by: Return of The What at December 1, 2008 2:09 PM

I like the parking. The interior looks good too but the price is last year. Let's wait and see if anything sells at all in coming months before we assign a price. As far as i'm concerned, there is no market right now. Trading has been halted until we have some idea of where the hell we are.

Posted by: sam at December 1, 2008 2:11 PM

We are now a lot closer to the end of the recession than the beginning What. Are you positioned for that??

Posted by: daveinbedstuy at December 1, 2008 2:12 PM

Yes the phrase "since the Great Depression" is popping up more and more but that article you site merely states that the economy will contract through the middle of next year, not that there is another depression coming. You are severely putting the horse in front of the cart What.

Posted by: wasder at December 1, 2008 2:13 PM

I wonder how many horses and carts one can fit in the gated parking.

Posted by: Biff Champion at December 1, 2008 2:17 PM

"Federal Reserve policy makers at their last meeting predicted the economy will contract through the middle of 2009, in line with private economists’ forecasts."

The markets usually begin to reflect the upturn coming out of a recession about 6 months before it happens!!! It'd be too bad if all you had was 2-3 months of fame What!!!

Posted by: daveinbedstuy at December 1, 2008 2:17 PM

Biff, are you predicting that gas prices will rise again and so high that we will revert to horse and buggy.

Posted by: bayridgegirl at December 1, 2008 2:20 PM

I think 2011 should be a great year.

Posted by: sam at December 1, 2008 2:20 PM

Does anyone know where you can buy a good buggy whip?

Posted by: daveinbedstuy at December 1, 2008 2:23 PM

BRG, no, I was responding to wasder's comment. All references to gas ended in the Co-op of the Day thread after my response to sam.

Posted by: Biff Champion at December 1, 2008 2:23 PM

"We are now a lot closer to the end of the recession than the beginning What. Are you positioned for that??"

Hiya Dave I want to get your take on PIMCO not paying a dividend.

http://biz.yahoo.com/pz/081201/155582.html

PIMCO New York Municipal Income Fund, PIMCO Municipal Income Fund II, PIMCO California Municipal Income Fund II, PIMCO Municipal Income Fund III, PIMCO California Municipal Income Fund III and PIMCO New York Municipal Income Fund III Postpone Payment of Declared Common Share Dividends and Declaration of Next Monthly Dividends

It''s not the "end" of the recession, it's the beginning of the depression! You a witnesing a depression unfold in real time and the next nuclear explosion is the Bond Market! Interest rates are going to 16%, unless Government gets it's spending under control.

This weeking there was plenty of moving trucks and the Asshats was moving out. I did not see anyone moving in... Oh well...

I would like to say "it's nice knowing ya" and "we had so much fun together" now the exit is that way-->

Please close the door behind you.

The What (But.. But.. Don't take my iphone)

Someday this war is gonna end...

Posted by: Return of The What at December 1, 2008 2:23 PM

"Does anyone know where you can buy a good buggy whip?"

No, but I know where to get a.....oh, never mind.
Biff, keep quiet!!!!!!

Posted by: bayridgegirl at December 1, 2008 2:26 PM

I don't own any of those funds. I don't care. Focus on the HOTD What.

People moving out of Lodi, NJ??? WOW..after Lodi, where does one go???

Posted by: daveinbedstuy at December 1, 2008 2:27 PM

"BRG, no, I was responding to wasder's comment. All references to gas ended in the Co-op of the Day thread after my response to sam."

Biff, you are so full of hot air.

Posted by: bayridgegirl at December 1, 2008 2:27 PM

Does anybody know what's to the right and left of this house, I'm too lazy to look at street view.

Posted by: bayridgegirl at December 1, 2008 2:29 PM

Looks like a large brick wall to the left and another set back house to the right with perhaps a modern addition on the front.

You're welcome.

Posted by: daveinbedstuy at December 1, 2008 2:35 PM

"Does anybody know what's to the right and left of this house, I'm too lazy to look at street view."

Apparently to one side is a meticulously landscaped garden tended to by the next door neighbor.

Posted by: Biff Champion at December 1, 2008 2:37 PM

Hey Dave, Ole pal of mine. Hey how is things going on at you "Hedge Fund"? I bet you and your homies are getting pounded by redemption calls, LMMFAO.

Hedge funds hit by fresh wave of withdrawals

http://www.ft.com/cms/s/0/583ea4e4-bd84-11dd-bba1-0000779fd18c.html?nclick_check=1

"Hedge funds have been hit by a fresh wave of withdrawals as investors search for cash, prompting more funds to impose emergency measures to block repayments."

Is your HF blocking request Dave? I bet you don't have the money and your HF is insolvent!

"On his “bear” scenario, the industry could plunge to $900bn by the end of next year. He said European and Asian hedge funds were being hit hardest, with 25-30 per cent withdrawals in the second half of this year, against 15-20 per cent in the US."

Hey where is all the Asshats??!!! Wow don't tell me the war is over. ROTFLMMFAO! What the Asshats are throwing in the towel? Oh man this is great!!!

The What (What Hedge Fund??)

Someday this war is gonna end...

Posted by: Return of The What at December 1, 2008 2:39 PM

If we were insolvent, I wouldn't be here. We aren't "homies" either.

You didn't answer my question about people moving out of Lodi. But then you never do.

Were you on your meds for Thanksgiving??

Posted by: daveinbedstuy at December 1, 2008 2:42 PM

Answer the questions Dave!! Answer the questions Dave!! Answer the questions Dave!! Answer the questions Dave!! Answer the questions Dave!! Answer the questions Dave!! Answer the questions Dave!! Answer the questions Dave!! Answer the questions Dave!! Answer the questions Dave!! Answer the questions Dave!! Answer the questions Dave!! Answer the questions Dave!! Answer the questions Dave!! Answer the questions Dave!!

The What

Someday this war is gonna end...

Posted by: Return of The What at December 1, 2008 2:45 PM

History is made here today at 2:45 PM

The What produces his first post with no spelling errors.

Posted by: daveinbedstuy at December 1, 2008 2:47 PM

However, we didn't come here to discuss the economy, just this nice house in Fort Greene. Is it actually clapboard anyone??

Posted by: daveinbedstuy at December 1, 2008 2:49 PM

I'd like to give a shout-out to the 'Brazil' movie homage in picture 9 of 11 on the Corcoran listing.

It takes guts to run a vent pipe through your ugly central A/C duct in a master bedroom. Some people might just think it was incredibly ugly and not planned correctly rather than an artistic statement.

Posted by: Mr Joist at December 1, 2008 2:53 PM

Thanks Dave! You have confirmed that you are in deep trouble! Butter milk and your Hedge Fund is toast! I would like to take this opportunity to thank you. You was a formable enemy and you are defeated..

Dec 1, 2008 The What PWNED Dave into submission via Machine gun burst...

The What (Lodi finest!)

Someday this war is gonna end...

Posted by: Return of The What at December 1, 2008 2:53 PM

DIBS, I'm not sure if it's clapboard or not (looks like it). But why does Corcoran insist on the stretched out pics? Check out #8. The last time I saw such obvious stretching was when the Bride of Wildenstein was pictured on the cover of The Post.

Posted by: Biff Champion at December 1, 2008 2:53 PM

Defeated??? ROTFLMMFAO What.

Posted by: daveinbedstuy at December 1, 2008 2:58 PM

Formable? Like Gumby?

Posted by: SnarkSlope at December 1, 2008 3:00 PM

Hey What...I don't see you posting about the 47% increase in real estate taxes in Hoboken. NJ is toast. Lodi next??? The moving truck will be there to take you and your egg crates away What.

If you had saved your money you'd have bought a nice brownstone here in Brooklyn for your later retirement years. Learn some fiscal discipline.

Posted by: daveinbedstuy at December 1, 2008 3:01 PM

Yep Dave, PWNED!

The What

Someday this war is gonna end...

Posted by: Return of The What at December 1, 2008 3:01 PM

I like being formable Snark. I prefer "Pokey" though for obvious reasons.

Posted by: daveinbedstuy at December 1, 2008 3:03 PM

Formable? Like Gumby?

[enter hot plasticene figure, stage left]

Posted by: Biff Champion at December 1, 2008 3:03 PM

What the hell is PWNED??? Some ghetto talk? I didn't think yuse guys used acronyms.

Posted by: daveinbedstuy at December 1, 2008 3:04 PM

Biff, is that a spelling error I see.....YES!

And you should know about PlasticIne...or is that plastic figures.

Posted by: bayridgegirl at December 1, 2008 3:07 PM

City finance website says it's wood frame with a wood front.

The listing says "federal period" but certainly not in Fort Greene. 1860s sounds more right. Maybe "federal style" or "greek revival."

Posted by: NorthHeights at December 1, 2008 3:09 PM

PWND is nerd internet speak

Posted by: Santa at December 1, 2008 3:09 PM

Don't have a lot of time now (busy work day) but re: the statement that we're closer to end of the recession than the beginning, what makes you so sure?

Posted by: Miss Muffett at December 1, 2008 3:12 PM

The average length of recessions that's all. If, as they predict, it lasts until mid 2009 it will be the longest running recession since the Great Depression. No one out there has any difinitive way of predicting the end. The stock market will tell you that the end is in sight when it starts to go up. And, you won't be able to catch it.

Miss Muffett I haven't really followed many of your posts and I know a lot of people get on your case for thinking everything's going to be a lot cheaper and wait, wait. What if you are wrong??

Posted by: daveinbedstuy at December 1, 2008 3:18 PM

DIBS - I'm hardly alone in predicting a significant correction. It is the view of many real estate experts. My position is simply that there is currently no rush to buy. That does not mean I'm not actively looking, just that I think prices are clearly not going up anytime soon, and since they've only just started to come down, I think they have quite a way to go. I already see evidence that I'm correct. I don't pretend to know exactly how deep or long the downturn will be, but I do speak out against those bulls who continue to defend high prices as if they are justified despite all logic to the contrary. There is pretty much unanimity that this recession will last quite a while - the idea that it will end in mid-2009 looks very optimistic. Back to work...

Posted by: Miss Muffett at December 1, 2008 3:25 PM

"And you should know about PlasticIne...or is that plastic figures."
I actually realized the typo after posting but figured nobody (other than some anal, cyber spelling cop like me) is going to pick up on that one. Oh well, live by the sword, die by the sword.

Posted by: Biff Champion at December 1, 2008 3:25 PM

If the Fed, as it is saying today, is going to start buying Treasuries and drives the long bond rates down to someewhere close to 2%, the recession will end quickly.

Posted by: daveinbedstuy at December 1, 2008 3:29 PM

"(other than some anal, cyber spelling cop like me)"
Biff, I believe you just called yourself an Ass!!
My work is done here. I don't need to insult you, you're doing a fine job of it!

Posted by: bayridgegirl at December 1, 2008 3:30 PM

Dave you remind me of Kevin Bacon in Animal House!

This is a DEPRESSION! Miss Muffet just wait for your house! I bet in 2010 they will be begging for people like you!

The What

Someday this war is gonna end..

Posted by: Return of The What at December 1, 2008 3:32 PM

Mr Joist...can that be a vent pipe??? What kind of jerryrigging is that??? Besides, it looks to be about 8" or so...too large for a vent stack. And why the hell wasn't the AC soffit run up against the wall instead of out towards the middle of the ceiling???

Posted by: daveinbedstuy at December 1, 2008 3:34 PM

but, wait, I thought the proximity to the Ratner townhouses should be a good thing. aren't they just the type of low-density subsidized and/or low-income housing we (and anyone else that we should allow to buy into the neighborhood) are supposed to champion, instead of the high-rises that we are supposed to protest? what is wrong with these houses? is it just that Ratner made them?

Posted by: i disagree at December 1, 2008 3:36 PM

No What, it's not a DEPRESSION. Learn to sort through the information and get the facts correct. Although it may actually be a depression in NJ.

And you remind me of Chicken Little.

Posted by: daveinbedstuy at December 1, 2008 3:38 PM

The more you look at this house, the more average it is becoming.
Nothing special.

Posted by: bayridgegirl at December 1, 2008 3:39 PM

Look guys, I'm totally against the What's incendiary delivery but everyone has pretty much admitted that he was right about an unprecedented financial meltdown. As we speak, the Dow has tanked another 7% today. Is it the end of the world? No. Will things recover? Eventually. But we're in uncharted territory, and the economy is bad, period. There really is no historical precedent for what's happening, so I would not be so quick to predict a quick recovery.

Posted by: Miss Muffett at December 1, 2008 3:55 PM

Miss Muffett--I agree that predicting the end of the recession is as stupid as declaring that we are no doubt headed towards the Great Depression II. Nobody knows. And everyone's hot air predictions good and bad will most likely prove to be incorrect. It sucks, its going to suck for some reasonably lengthy period of time and then it will stop sucking sometime. That's as far as I will go.

Posted by: wasder at December 1, 2008 4:04 PM

DIBS, re: "History is made here today at 2:45 PM The What produces his first post with no spelling errors."

I count about 14 missing commas.

But the real point is there is no point in engaging what on substance. You cannot disagree with him on any point without him posting as if you have disagreed with everything he has said or thinks he has said in his myriad posts. If you say this is a recession not a depression he will sooner or later say you predicted there would not be a recession. If you argue with him you do so in a house of mirrors of his devising. It is a senseless exercise. You won't convince him, he certainly won't convince you and I can't imagine anyone who is looking to dialogues provoked by the what to learn about what is goin gon in the markets or the economy.

And what, I take comfort that DIBS's fund is solvent from the fact that he bothers to respond to you at all. Anyone with even a modicum of panic about their hedge fund wouldn't take the time.

Posted by: slopefarm at December 1, 2008 4:05 PM

S&P 500 off by 8% today and The Dow off 680.67 (7.71%)!!!!

Yep every thing is fine,NOT!!!!!!!

This is the crash month and I don't think anything the Fed does will save us.

Buh Bye.. RIP Mutant Asset Bubble..

The What

Someday this war is gonna end...

Posted by: Return of The What at December 1, 2008 4:05 PM

"If you argue with him you do so in a house of mirrors of his devising."

Slopefarm, this is classic. Such a good description of the headbanging exercise in futility and masochism known as arguing with the What.

Posted by: wasder at December 1, 2008 4:07 PM

"You won't convince him, he certainly won't convince you and I can't imagine anyone who is looking to dialogues provoked by the what to learn about what is goin gon in the markets or the economy."

Ok Slopefarm, what argument that you will use to convince me that our economy is heathy?

Jobs? High Asset prices? Credit markets? TARP? What argument you can put forth that will convince me we are OK? I tell you, you have NONE!!!!!!!!
Just a bunch of hot air and wishing things was 2005!

Slopefarm=fail..

The What (But.. But they told me Real Estate goes up)

Someday this delusion is gonna end...

Posted by: Return of The What at December 1, 2008 4:17 PM

wasder & slopefarm are correct. It's useless aside from poking fun at him.

Posted by: daveinbedstuy at December 1, 2008 4:20 PM

What and anyone else who cares to opine: when do you think the interest rates will shoot up? In a year or two? or sooner? Still sitting on my heloc and wondering if I'm being crazy not to lock in.

Posted by: gkw at December 1, 2008 4:24 PM

"Ok Slopefarm, what argument that you will use to convince me that our economy is heathy?"

Slopefarm's point is not that the economy is healthy. I don't think you will find many people here arguing that the economy is healthy. But you take the economic climate and twist it into something that is wrong and destructive. And when anyone questions the wild leaps of non-reasoning that you use to suggest the economic meltdown is the responsibility of the posters on this blog, you throw out a whole bunch of twisted nonsense. That is what he was saying What. I wouldn't try arguing with Slopefarm because he is about 10 times smarter than you (and me too).

Posted by: wasder at December 1, 2008 4:24 PM

The acronym war rages on. Oh the humanity! Such acronymony (how's that Biff?)
Anyway, the house is a classic, frame,
1840's New England/Brooklyn job.
It would be nice to buy it and have it moved to Brooklyn Heights. The folks in the Heights would like it too.

Posted by: sam at December 1, 2008 4:28 PM

gkw...they are still headed down. No one can predict when they will actually bottom.

Posted by: daveinbedstuy at December 1, 2008 4:31 PM

Everybody sing:

Here Sam comes now sayin' acrony mony!

Posted by: Biff Champion at December 1, 2008 4:34 PM

"Still sitting on my heloc and wondering if I'm being crazy not to lock in."

Lock and load. Very soon the Bond market will say no mas to all the Government spending and interest rates are going to 16%, trust me on that one.

This song is dedicated to all the Asshats here on Brownstoner...

Kraftwerk - Showroom Dummies

http://www.youtube.com/watch?v=ZVtT8xsiXBQ

We are standing here
Exposing ourselves
We are showroom dummies
We are showroom dummies

The What

Someday this war is gonna end...

Posted by: Return of The What at December 1, 2008 4:40 PM

porca miseria - where can I get substantive advice on this HELOC question? It's driving me nuts!

Posted by: gkw at December 1, 2008 4:44 PM

I guess we'll be having a "16% Party" When are they going there Asshat?? Being early or late is the same as being wrong...even worse in the bond business!!!

Posted by: daveinbedstuy at December 1, 2008 4:47 PM

I honestly think if you have an adjustable rate mortgage you should be smart enough to have an opinion about when to get out of it. Historically, interest rates don't go much below 6% on mortgages for a 30 year, like ever... but they do go up considerably. Therefore, if they're near the bottom... well, you figure it out.

Posted by: Heather at December 1, 2008 4:51 PM

Thanks Heather - but I honestly think that if you want to opine on a question like mine, you should be smart enough to know the difference between a HELOC and an adjustable rate mortgage.

Posted by: gkw at December 1, 2008 4:58 PM

What--you have redeemed yourself in my eyes today. I love Kraftwerk. Doesn't make you right about me, but does show some admirable musical diversity on your part.

Posted by: wasder at December 1, 2008 5:03 PM

DIBS were you really in disagreement with Ms Muffet's current strategy? You seemed really confident ( which is alright) in your response that the recession is heading towards termination but nobody knows for sure right? We are not experts but it appears that MM is being very smart and prudent in waiting for prices to come down. Look in the NYT or Streeteasy and you will see that prices are trending down albeit slowly even here in almighty NYC. The brokers will say this is the BEST time to buy but then again they always say that for obvious reasons no?
The economic indicators definitely point to even tougher times ahead so can you please explain why MM's strategy is probably not smart economics?

PS: The What's rants are crazy but he is 100% right on Hedge Funds exsanguinating!

Posted by: pierre de taille at December 1, 2008 5:59 PM

Now back to the house: very nice property in a convenient but not so desirable location. FG is great but like MrB points out this part of it doesn't command such pricing. Yes $1.6m is overly optimistic in this market; we predict significant reductions in the near future. How much? Not sure but a minimum $180K in our opinion...is that being generous?

Posted by: pierre de taille at December 1, 2008 6:07 PM

Not all hedge funds Pierre. Some of us pursue relatively sane investment strategies.

Posted by: daveinbedstuy at December 1, 2008 6:15 PM

DIBS - congrats on your good investments, but clearly you are in a small minority. Hence the consensus on a need for a big correction.

Posted by: Miss Muffett at December 1, 2008 6:19 PM

DIBS, since you're the keeper of the Queen's English on this board, the word is "definitive," not "difinitive," unless there's a Bed Stuy variant I'm unaware of. I didn't realize you were a hedgie, but if so, I'd love to see your returns. You are the single most inane commenter I've ever encountered on the internet, and I predict a rough five to eight years for anyone predicting the end of the downturn; especially if they deride someone who did call the implosion because they live in Lodi, NJ. Harsh, I know, but you kinda deserve a dose of poverty, for your terrific glibness in the face of this blowoff.

Posted by: Whuh at December 1, 2008 6:19 PM

Yes DIBS there are always exceptions but we are afraid the overwhelming majority of HFs are in trouble. The operative phrase here is " relatively sane investment" . This is very personal for us our own cousin is in the process of "throwing in the towel". C'est dommage!

Posted by: pierre de taille at December 1, 2008 6:27 PM

Whuh...you have to meet certain financial standards to become a client. I doubt that you do. Sorry for the spelling error. I caught it after I posted but even I make a mistake once in awhile.

Glad to know that you think it'll be five to eight years before it ends. Those kind of predictions are totally worthless to anyone, including yourself.

Posted by: daveinbedstuy at December 1, 2008 6:32 PM

Pierre....one of the biggest reasons HFs throw in the towel is not because of huge withdrawals but also what's called the "high water mark." If it's not really worth staying in business because the fund is down 30, 40, 50% and you don't want to "work for nothing" for the next few gains to erase the losses so that you can start earning the peformance fee again. The 1.5-2.0% management fee may not pay the bills.

Other funds, including ours to a small degree, have relatively decent performance o the order of down 10-15% and still see withdrawals becasue cclients have lost so uch money elsewhere and need to turn to the only place where ther is any left.

Posted by: daveinbedstuy at December 1, 2008 6:37 PM

Pierre....yeah, the $1.6 MM is too high in this environment. I don't disagree with Miss Muffett that prices will continue to come down but houses are selling here...the usual 10% off of ask woulg get this to $1.5 and that's probably still $100-200,000 too high.

That kitchen might have some nice appliances but that open shelving looks pretty low end to me..and then there's the baths...no pics. I'd be surprised if there were ever any comps in that immediate neighborhood that sold for over $1.0 MM

Posted by: daveinbedstuy at December 1, 2008 6:41 PM

Dinner time...looking forward to my first turkey sandwich!!!

Posted by: daveinbedstuy at December 1, 2008 6:43 PM

"People moving out of Lodi, NJ??? WOW..after Lodi, where does one go???"

Camden.

Posted by: denton at December 1, 2008 6:52 PM

Whuh you are my new hero! The way you PWNED Dave is just magnificent!

"Pierre....one of the biggest reasons HFs throw in the towel is not because of huge withdrawals but also what's called the "high water mark." If it's not really worth staying in business because the fund is down 30, 40, 50% and you don't want to "work for nothing" for the next few gains to erase the losses so that you can start earning the peformance fee again. The 1.5-2.0% management fee may not pay the bills."

RROTFFFLMMFAOTFAH!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! RRRIIIIGGGGHHHHTTTTTT!!!!!!!!!!!!

Dave, If I was you (I'm glad I'm not) stop while you are behind! HF has much credibility as Uncle Ernie in a playground. Just by your denial is proof positive your HF is in deep Doo Doo!

You look everywhere and HF are getting pound and you say your HF is doing OK????!!!! That HF would be on the front page of the WSJ and you would get an interview on CNBC!

Yeah ferking right!!!

Dave+HF=Fail

The What (But.. But.. you said the returns was 34%, right???)

Someday this war is gonna end...

Posted by: Return of The What at December 1, 2008 7:15 PM

It's clear that you didn't understand one bit of what I wrote to Pierre.

Posted by: daveinbedstuy at December 1, 2008 7:24 PM

"It's clear that you didn't understand one bit of what I wrote to Pierre."

It's clear that you didn't understand one bit of what I wrote to Dave.

The What (But.. But I can't withdraw my money? We are down 31%?????!!)

Someday this war is gonna end..

Posted by: Return of The What at December 1, 2008 7:37 PM

What kind of job do you have What??

Posted by: daveinbedstuy at December 1, 2008 7:43 PM

Dave, say what you like, but you have to admit that Cousin What hit the nail on the head many months ago.
We were living through a mutant asset asshat bubble, the damn thing has burst and now we are looking at going to hell in a shitpail, n'est-ce pas?
The Dow is down again another 600-plus points. This shit isn't normal.

Posted by: sam at December 1, 2008 8:35 PM

Besides the back and forth chittie chat i do agree with some earlier comments that I am missing here on this site some interesting sales within a descent budget. for example:

http://
www.bedstuyinfo.com/homepage.htm?in_listing=5499683&ref=Trulia

Unless i am surrounded with the nouveau and old riches and other mansion lovers.

comon brownstoner put some workingclass buildings in the spotlight.

Posted by: dutchman at December 1, 2008 8:56 PM

This is a real estate blog, you have to assume that everyone posting here is arrogant on the verge of delusional. Have you heard us go on about major appliances or bathroom finishes? We are hallucinatory. Nothing written here has the remotest relevance to real life, which in Brooklyn tends to be pretty low-down and mean. just fyi.

Posted by: sam at December 1, 2008 9:12 PM

Dave: You don't have to worry about me meeting any requirements for investing in your, or anyone's, funds. You won't survive this downturn, and I will, so be careful about presuming to the last laugh.

Posted by: Whuh at December 1, 2008 9:26 PM

dave - wut kinda strategies your hf employs

Posted by: dinobot at December 1, 2008 10:48 PM

Dave uses strictly practices an advanced method called "apple dunking."

First he thumbs through the stock section of the Wall Street Journal and randomly picks out tens stocks with symbols he likes the sound of like COX, SLAP, and SUQ.

Then he carves the names of each "stock of the day" into its own apple, and drops all ten newly inscribed apples into a large tin washtub full of Costco's cheapest wine-in-a-box.

Finally he commences his daily routine of chugging the sugary sweet wine made, believe it or not, in Lodi, NJ, until all that remains at the bottom of his washtub are the apples.

If Dave hasn't yet passed out, he eats one of the apples, types some gibberish postings on Brownstoner about his "hedge fund," and ends his days wistfully wishing he'd bought more wine-in-a-box at Costco.

Posted by: IronBalls at December 2, 2008 1:39 AM

"Finally he commences his daily routine of chugging the sugary sweet wine made, believe it or not, in Lodi, NJ, until all that remains at the bottom of his washtub are the apples."

I took a dump the night before. ; ^ P

Dave's idea of a Hedge Fund is having a gimp ball in his mouth to help with the screaming!

J.P. Morgan's Once-Hot Highbridge Goes Cold

http://online.wsj.com/article/SB122818726575871543.html?mod=googlenews_wsj

Highbridge Capital Management helped its owner, J.P. Morgan Chase & Co., become one of the biggest hedge-fund managers in the world. But like many prized assets roiled by this year's markets, Highbridge has shrunk considerably, and now many investors want out.

Investors have asked to withdraw 36% of the assets from the firm's flagship multistrategy fund, the firm's biggest. The exodus, combined with investment losses, could reduce the once-$15 billion fund to $6 billion, according to people familiar with the fund.

The decline means J.P. Morgan will miss out on hundreds of millions of dollars in fees that Highbridge contributes to the bank when its funds make money.

But Dave's Hedge fund is up?????????????!!!!!!

RRRRRRRRIIIIIIIIIGGGGGGGHHHHHHTTTTTTTTTTTTTTTT!!!!!!!!!!!!

The What (But.. But they are closed?????!!! What about my money?????!!!)

Someday this war is gonna end...

Posted by: Return of The What at December 2, 2008 3:31 AM

hedge funds are not bad per se - just that they have employed questionable strategies during the last two years (primarily excessive leverage).

You have to remember that money is only there to keep score of relative assets. A hedge fund that is down c.10% is doing pretty well when you consider that it can now own almost twice as much of the S&P as it could at the start of the year, almost twice as much oil, and almost twice as much property in much of the country.

That this hedge fund has underperformed against cash is not great but needs to be set against the context that in most years cash is an underperformer due to its value erosion from inflation (or go to Harare for a realtime experience of this).

Posted by: the chicken at December 2, 2008 5:12 AM

IronBalls: standing O. The What: You're my hero. Dave: Don't cry, we promise to invite you to our end of the world party.

Posted by: Whuh at December 2, 2008 7:48 AM

Whuh, if you found IronBalls post funny you are lame.

Posted by: wasder at December 2, 2008 8:21 AM

What...I asked you above, what do you do for a job??

Posted by: daveinbedstuy at December 2, 2008 8:31 AM

Mr. B, it's becoming obvious, you should do a daily thread about the economy. That's what is generating alot of posts. I'm sure Lisa can figure out a way to tie it into housing or some other silly stoop story - but keep those silly ones also, please....oh, and the flashback series 'Remember Brooklyn When...'

Posted by: bayridgegirl at December 2, 2008 8:38 AM

"What...I asked you above, what do you do for a job??"

Now Dave, you have to answer my question first and then I will answer yours.

The What

Someday this war is gonna end...

Posted by: Return of The What at December 2, 2008 9:23 AM

Which inane question was that???

Posted by: daveinbedstuy at December 2, 2008 9:35 AM

i just want to know what kinda fund u work for or have or w/e

Posted by: dinobot at December 2, 2008 10:00 AM

We are an investment management firm with long only accounts and a long/short hedge fund. We invest in smaller companies, anywhere in the world. We hedge market exposure sometimes. We will use leveraged ETFs and other instruments at certain times. Because we have less than 15 clients we are not registered with the SEC. We are down 14.5% YTD through Nov 30.

The hegdge fund has been in existence since 1993 and has beaten its benchmarks for every period and made money every year except this one.. Many of these clients have been with the firms founder for close to 20 years. This isn't some fly-by-night place opened by some 20 year olds a few years ago.

And you? What do you do???

Posted by: daveinbedstuy at December 2, 2008 10:05 AM

"And you? What do you do???"

I point out the obfuscation and lies of the posters on Brownstoner...

The What

Someday this war is gonna end...

BTW 14.5%??? I think it's more like 30%. Maybe your Hedge Fund should hire me. They would be in the black with me and not listening to the Asshat Nation.

Posted by: Return of The What at December 2, 2008 10:13 AM

TYPICAL WHAT OBFUSCATION.

You may think what you like MORON. I just hope whatever you do doesn't involve interaction with the public or children.

Aswer a question for once.

What would your ideal portfolio look like here What. Any clue???

Posted by: daveinbedstuy at December 2, 2008 10:16 AM

Oh just a month ago you said that your HF was down 3% so you lost 11.5% or was it Redemption Calls that took away you leverage?

Hedge Funds and Berserkers Already Liquidated in Masse

Russ Winter

http://wallstreetexaminer.com/blogs/winter/2008/12/02/2151/

This post’s focus is on leveraged traders and funds. In my view there is compelling evidence that the Berserker community has liquidated en masse and exists in recent memory only. Although checks are being sent out to “investors” to dispose of, there are few if any signs that meaningful leverage is being employed at this stage. I am not at all convinced that Monday’s latest crash action had much too do with margin or fund liquidation either.

Hedge Funds+Dave=Fail...

The What

Someday this war is gonna end...

Posted by: Return of The What at December 2, 2008 10:19 AM

"What would your ideal portfolio look like here What. Any clue???"

Cash and Debt free..

The What

Someday this war is gonna end...

Posted by: Return of The What at December 2, 2008 10:21 AM

Is "shorting" too complicated for your simple mind???

Posted by: daveinbedstuy at December 2, 2008 10:23 AM

"Is "shorting" too complicated for your simple mind???"

I have a friend who is on paper a millionaire. He worked hard and never will toch the markets. Calls them a "sucker trap" and a "Casino". Have to agree with him. If you are so sophisticated why is your HF down Dave? When John Paulson Hedge Fund is up.

Paulson Bucks Paulson as His Hedge Funds Score $1 Billion Gain

http://www.bloomberg.com/apps/news?pid=20601109&sid=aOvxkpPjBb_o&refer=home

Paulson doesn’t smile as he says this, even though with each new calamity his bottom line grows. Paulson & Co. funds generated profits of more than $3 billion for the firm in 2007, mostly by betting the housing bubble, swollen with subprime mortgages, would burst.

The payoff: Four of Paulson’s funds were among the 20 best- performing, and the 20 most profitable, hedge funds for the first nine months of 2008, according to data compiled by Bloomberg, other hedge fund research firms and investors.

Dave go away! You engaging me proves you failure. You have a internet persona just PWNING the living day lights out of you! Go back and lose some more money. Run along...

The What (But.. But.. that was my life savings..)

Someday this war is gonna end...

Posted by: Return of The What at December 2, 2008 10:32 AM

You can cut and paste all day long but yet you won't answer any questions.

Done with your sorry ill-informed ass.

Posted by: daveinbedstuy at December 2, 2008 10:47 AM

"Done with your sorry ill-informed ass."

PWNED!!!
PWNED!!!
PWNED!!!
PWNED!!!
PWNED!!!
PWNED!!!
PWNED!!!
PWNED!!!
PWNED!!!

The What

Someday this war is gonna end...

Posted by: Return of The What at December 2, 2008 11:03 AM

Test (earlier post was held back)

Posted by: 25 to 50 Percent Drop at December 2, 2008 11:19 AM

"Reeeeedemmmmmmptiooooonnnnn!" - Bob Marley

Posted by: 25 to 50 Percent Drop at December 2, 2008 11:21 AM

« Co-op of the Day: 111 Hicks Railroad Loft Reverse Streetlevel: No Pub on Prospect »

December 1, 2008

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