Open House Picks: Six Months Later

Yes, Wasder, but 14th Street house - which has been featured at least 3 times recently here - is now for sale by the seller who is clearly having some kind of problem as he's raised the asking price - not to flip (the math would not work out) - but evidently as a gambit to at least break even, which he almost certainly won't. An analysis would indicate he went into contract right around when S**t hit the fan, didn't want to lose his minimum $200K deposit and decided to gamble on a resale in hopes the loss would be less than $200K. Problem is, the loss will now likely be more than 200K. This sale mainly shows somebody made a bad decision as the market was truly starting to turn more dramatically towards declining prices, but he realized it too late. Check out the listing on Warren Lewis site.

Posted by: Miss Muffett at January 23, 2009 12:57 PM

Actually, since the closing was in 10/08, my guess is that this 14 St house went into contract before the s**t hit the fan - so the buyer (now seller) did not see the train wreck coming until it was too late. I feel sorry for them since there must be some kind of distress driving this immediate resale at what will surely be a loss once you factor in taxes, commissions, etc.

Posted by: Miss Muffett at January 23, 2009 1:03 PM

11217 - clearly the seller regrets paying that price. It was obviously a bad decision, a mistake. So the buyer who paid that is a buyer with bad judgment. Now the guy is really going to be in bad shape since I stand by what I said. He paid way more than comps and that will really hurt him now.

Posted by: Miss Muffett at January 23, 2009 1:06 PM

11217 - Point taken about his reasons for selling. But the really important info regarding the market will be seeing what it re-sells for this time around. And I stand by my point that he will rue paying as much as he did, regardless of his reasons for selling.

Posted by: Miss Muffett at January 23, 2009 1:18 PM

11217 - there are plenty out there who called this economic crisis ahead of time, saying the emperor had no clothes, and were dismissed as hacks/loonies, etc. at the time, and only now is the shoe on the other foot. Not to claim that I am smarter than anyone else, but let's face it, the writing was on the wall for a long time so in a way, when the meltdown happened, it really was not such a surprise to me and those who were seeing things deteriorate. That said, many were partying like it was the boom years, and I'm sure the buyer of 14th St house was among those people who clearly were feeling very optimistic about the market when he bought. There were some people still feeling that way this summer. I will admit to underestimating the judgment of those still in this frame of mind last summer, since I thought otherwise. But truly, do you really think this guy is not going to lose money now? I mean, I think the party really is over now - I just mis-called the time it ended when I wrote this summer.

Posted by: Miss Muffett at January 23, 2009 1:23 PM

Hmm, I am wondering who "the loons" really are here...Party on!

Posted by: Miss Muffett at January 23, 2009 1:25 PM

11217 - I think it's cute when you get so hysterical.

Posted by: Miss Muffett at January 23, 2009 1:33 PM

Also 11217 - maybe that's why you secretly like me, because you find it fun to attack my posts (despite claiming that you no longer read them)...

Posted by: Miss Muffett at January 23, 2009 1:39 PM

Actually, I'm home sick today. But actually, 11217, you've helped me with an epiphany. To the great relief of many, I'm sure, I think a New Years resolution of mine will be to post less. We're all just saying the same thing back and forth (I'm not the only one) and it's all, in a way, a waste of time. The market will do what it will do. Yes, I'm convinced it's working in my favor and I look forward to getting my deal on a house for my family. But rather than spend my precious time on here, I'm going to step back and let the infighting continue with the rest of you. Good luck to all and sayonara.

Posted by: Miss Muffett at January 23, 2009 1:46 PM

Thanks Wasder, but what clicked just now with 11217 was the time I've been spending on this site. It's an addiction because the purchase of a home is so intricately woven into my family life - where we raise our kids, how much time we have to enjoy them (vs. working to pay our mortgage), what kind of community/schools we have around us, the aesthetics of our everyday lives etc. But really, I *do* have tons of other stuff to do between my demanding job and being with my family. Sitting here and engaging in sometimes hostile dialogue with a bunch of anonymous posters just suddenly hit me a huge waste of time - no offense since I know how fun it can be at times.

I do feel I've gotten to know some of you, and Wasder, I must confess, you are one of my favorite, perhaps in part since your situation sounds similar to mine as a parent of 2 small kids (congrats again, hope the newest one is doing great! and her big sister is adjusting well). But all the vitriol is puzzling to me since I've never been nasty and honestly, I don't need it. I think also, my initial addiction was in part, I admit, out of frustration that prices were so high for so long and a house was out of reach for my family. But now, I truly feel a lot calmer about the whole thing, since I really do see the market moving in my favor - so why do I need to keep blasting that fact? I don't. The deniers can keep on denying - I honestly don't care anymore, since I do think they are wrong and I am confident we will at last be able to buy our house.

I do think this site is a great resource for lots of things, though, so perhaps I'll continue posting when we finally do buy our house, since I bet I'll have lots of info to share and/or ask about. And, granted this is an addiction, so maybe I'll fall off the wagon and post here and there before that. But I really think it would be better for my family, my job, my well-being to lay off and spend time doing other things. So for now, I'll just lay low, reading things for sure, and maybe occasionally posting, but obviously, my views on the market are clear now, so to all who can't stand my repetition, you won't have to hear it anymore.

I sincerely mean it when I say good luck to all - I know that, despite our differences, we share a love of this great city, this great borough, and especially, the communities that have such lovely homes and the great New Yorkers who live in them (renters and owners alike). And I know that we all share an obsession with home because it goes to the core of what we all are in so many ways. I truly hope that 2009, for whatever economic woes it continues to bring, also is a time when we can be inspired by our new president, to put aside our differences and focus on what unites us, and all work together to keep Brooklyn a great place to live.

Posted by: Miss Muffett at January 23, 2009 2:08 PM