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February 24, 2009

Last Week's Biggest Sales

1. GRAVESEND $4,200,000
1973 East 2nd Street GMAP (left)
This 2,736-sf, single-family last sold for $5,000,000 in 2006, according to Property Shark. Entered into contract on 9/29/08; closed on 2/10/09; deed recorded on 2/17/09.

2. CARROLL GARDENS $2,000,000
208 Carroll Street GMAP (right)
This four-family was asking $2,050,000 when it was a House of the Day in November. The 4,500-sf house was configured as four floor-through rentals, each with month-to-month leases. Entered into contract on 12/22/08; closed on 2/10/09; deed recorded on 2/19/09.

3. DUMBO $1,400,000
100 Jay Street, Unit 16F GMAP
A 1,601-sf unit in J Condo. Listed last July for $1,425,000, according to StreetEasy; it went into contract within a month. The condo originally sold for $1,170,000 in 2007. Entered into contract on 8/1/08; closed on 8/25/08; deed recorded on 2/20/09.

4. MILL BASIN $1,360,000
10 Bell Point Drive
A four-bedroom, single-family house that's part of a planned community called the Bay Front Estates at Mill Basin. Google Maps doesn't yet recognize the address. Entered into contract on 9/23/08; closed on 1/21/09; deed recorded on 2/19/09.

5. ~~MIDWOOD~~ GRAVESEND $1,188,000
172 Avenue P GMAP
A 4,356-sf, three-family house, according to Property Shark. Entered into contract on 7/31/08; closed on 2/2/09; deed recorded on 2/19/09.

Photos from Property Shark.

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Comments

i ask this every week. wtf is up with the gravesend prices?!?!

*r*

Posted by: PitbullNYC at February 24, 2009 11:34 AM

It's an enclave of Syrian Jews who prize closeness to their synagogue. There was an article in the NYT that explains the area very well:
http://www.nytimes.com/2007/10/14/magazine/14syrians-t.html

Posted by: Maly at February 24, 2009 11:40 AM

I'm going to take a field trip to Gravesend...anybody want to join me?

Posted by: bayridgegirl at February 24, 2009 11:40 AM

i took a long trip out to gravesend a few years ago to pick up a used turbografx 16 and decided to go for a drink at a bar(i told this story before in regards to gravesend) and the bartender chick refused to serve me. which was odd. there was like no one in the bar and she seemed totally young and was slightly punkish so i dont know what her problem was. it was a bar under an elevated track i believe. maybe it was a bridge? i dont know, it was under something,.

*r*

Posted by: PitbullNYC at February 24, 2009 11:45 AM

I don't see anything selling at half off, BHO.

Posted by: daveinbedstuy at February 24, 2009 11:46 AM

Where are the Brownstones????? I thought Brownstones was very expensive and everyone wants to live in Asshat Hill??? For the last couple of weeks the Brownstones have disappear from Last Week's Biggest Sales. I wonder why? Maybe this had something to do with it???

Housing Prices in 20 U.S. Cities Fall a Record 18.5% (Update2)

http://www.bloomberg.com/apps/news?pid=20601087&sid=aIr7LleihO1E&refer=home

Feb. 24 (Bloomberg) -- Home prices in 20 U.S. cities declined 18.5 percent in December from a year earlier, the fastest drop on record, as foreclosures climbed and sales sank.

That's gotta leave a mark..

"Record foreclosures are contributing to declining property values and household wealth, crippling the consumer spending that makes up about 70 percent of the economy. The Obama administration has pledged to spend $275 billion to help stabilize the housing market, including $75 billion to bring down mortgage rates and encourage loan modifications."

Well.. I think the "Told you so's" are LTMMFAO!!!

"Confidence among U.S. consumers plunged to a record low this month, signaling spending will slump further as unemployment soars. The Conference Board’s index declined more than forecast to 25 this month, the lowest level since data began in 1967, from a January reading of 37.4, the New York-based research group said today."

Game Over...

The What

Someday this war is gonna end...

Posted by: Return of The What at February 24, 2009 11:54 AM

I wonder if DIBS will come on here and crow.

Posted by: Whuh at February 24, 2009 11:54 AM

Everyone else read those stories about 3 hours ago What. God, you're just so damned insightful.

And yet, more houses will sell today and tomorrow!!!

Did you get any skittles yet???

Posted by: daveinbedstuy at February 24, 2009 11:55 AM

Mr. B;

Please note that 172 Ave. P is also Gravesend, not even close to Midwood. I know this area well, as I spent most of my childhood there.

More specifically, this is the western (and more humble) portion of Gravesend, not to be confused with the eastern half of the uber-wealthy Syrian Jewish enclave. Note the difference in price wbetween the house on East 2nd, and that on Ave. P, for which the cross-street is West 7th.

I'll lead the field trip to Gravesend!

Posted by: benson at February 24, 2009 11:56 AM

oh, i am so opening a SY synagogue next to my house.

Posted by: Jimmy Legs at February 24, 2009 11:59 AM

Oy Vey!

Posted by: PropJoe at February 24, 2009 12:04 PM

"Everyone else read those stories about 3 hours ago What. God, you're just so damned insightful."

You know something Dave? The Whuh is right about you! That's panic!!!!!!

"And yet, more houses will sell today and tomorrow!!!"

Sure will Dave, just 75% off the peak price!

"Did you get any skittles yet???"

No but Ben Bernanke is passing them out to Congress right now...

Bernanke Sees 2010 Recovery ‘Only If’ Banks Stabilize (Update2)

http://www.bloomberg.com/apps/news?pid=20601087&sid=apuPjf3aW_H8&refer=home

Feb. 24 (Bloomberg) -- Federal Reserve Chairman Ben S. Bernanke said the U.S. economy is in a “severe” contraction, and warned the recession may last into 2010 unless policy makers can stabilize the financial system.

Hey Retards read this paragraph over and over again...

"“Downside risks probably outweigh those on the upside,” Bernanke said today in his semiannual testimony on the economy, adding that the Fed’s own forecast was clouded by “considerable uncertainty.”"

Hey don't believe me! Just keep going on...

"he 55-year-old chairman faces what former Fed chief Paul Volcker called last week a “massive economic crisis,” with rising unemployment, an accelerating decline in output and more than $700 billion in losses and writedowns at financial firms. Bernanke’s outlook was the most negative of any of the semiannual testimonies he has provided to Congress in his three years at the central bank’s helm."

No no no Brownstone prices will go up this year, NOT!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

The What

Someday this war is gonna end...

Posted by: Return of The What at February 24, 2009 12:08 PM

Today looks like an "off his meds" day. The flow of consciousness is truly amazing, truly. The ability to move from one point to a logical conclusion is unprecedented.

Posted by: daveinbedstuy at February 24, 2009 12:12 PM

Looks like there's some employment opportunities for someone with a lawnmower. Get yourself down to Gravesend.

Posted by: dittoburg at February 24, 2009 12:17 PM

"Today looks like an "off his meds" day. The flow of consciousness is truly amazing, truly. The ability to move from one point to a logical conclusion is unprecedented."

Naw Dave! Your time is up!!!!! The explosion of the Mutant Asset Bubble is a sight to behold! You and the rest of the retards are done!!!!

Keep on with the delusion. You look so cute and you know what Dave? You are looking like a fool...

The What (2009 is very different)

Someday this war is gonna end...

Posted by: Return of The What at February 24, 2009 12:18 PM

"oh, i am so opening a SY synagogue next to my house."

Right?

***Bid half off peak comps***

Posted by: Brownstones Half Off at February 24, 2009 12:20 PM

Nothing selling at half off, but the $800,000 loss on the first house is interesting.

Posted by: SnarkSlope at February 24, 2009 12:20 PM

What, I don't understand why you take such glee in the financial ruin of people. Most of the foreclosures you're crowing about so happily happened not to the "asshats" in Clinton Hill and Park Slope, but to hard-working people across the US who got in over their heads and ended up losing everything that had.

A young couple with a new baby loses a job and has to give up their $250k ranch home in Utica ... that's something to celebrate?

Posted by: cwbuecheler at February 24, 2009 12:21 PM

Man I can't wait til the mutant bubble actually pops so we can talk about something else...

Posted by: wasder at February 24, 2009 12:22 PM

cwb--asking the What to be empathetic is like asking a woodchuck to speak swahili. Won't happen.

Posted by: wasder at February 24, 2009 12:25 PM

No sense in trying to have a civil discussion with him, cw. He's on the typical asshat and retards rant today. I expect some talk about ass pounding in the next thread.

Spelling has improved though.

Posted by: daveinbedstuy at February 24, 2009 12:25 PM

"Sure will Dave, just 75% off the peak price!"

PWNED.

Given his misfire record, if Bernanke is this doom and gloom, you can count on things being much worse (2010 rebound - ROTFLMMFAO!). Stock up on non-perishables.

What - Stop being stingy. Pass the ACME bunker manual!

***Bid half off peak comps***

Posted by: Brownstones Half Off at February 24, 2009 12:28 PM

I don't know why I keep hoping for a lucid explanation. :)

Posted by: cwbuecheler at February 24, 2009 12:29 PM

If it is bunker time I am feeling pretty good about my bunker!

Posted by: wasder at February 24, 2009 12:30 PM

As I stated yesterday regarding the gleeful handwringing of certain posters here;

...as the consensus among assclowns and morons reaches totality, the probability of the opposing hypothesis being correct approaches certainty.

Posted by: Legion at February 24, 2009 12:31 PM

"Nothing selling at half off, but the $800,000 loss on the first house is interesting."

Interesting indeed. Gotta pass through -19% before you reach -50%. Keep the cameras rolling.

***Bid half off peak comps***

Posted by: Brownstones Half Off at February 24, 2009 12:31 PM

"2010 rebound - ROTFLMMFAO!"

Serious question--do you actually see an economic downturn lasting beyond the end of next year to be something that would cause you to roll on the floor laughing your mother fucking ass off about?

Posted by: wasder at February 24, 2009 12:32 PM

> "asking the What to be empathetic is like asking a woodchuck to speak swahili."

I'm betting I meet a Swahili-fluent woodchuck first.

Posted by: SnarkSlope at February 24, 2009 12:34 PM

snark---your chances of meeting the multilingual woodchuck are way better.

Posted by: wasder at February 24, 2009 12:35 PM

CWB;

Nice try, but there is no explaning certain intractables in life. The What seems to be giddy in the thought that wealthy folks in Park Slope will take some hits, but, as you point out, the real damage is being done to working folks. I tend to take a "tough love" approach to getting out of this mess, but your point is taken that we are talking about folks who made the "despicable" mistake of wanting a nicer home for their family in some suburban tract out in the desert.

How about this gem from BHO:"(2010 rebound - ROTFLMMFAO!). Stock up on non-perishables."

Heck, with this mentality, why even waste your money on a brownstone? The price of land in Idaho is also cheap right now, perfect for building the bunker/militia compound.

Posted by: benson at February 24, 2009 12:37 PM

"...as the consensus among assclowns and morons reaches totality, the probability of the opposing hypothesis being correct approaches certainty."

Please elaborate. What do you mean by totality and how do you measure it? And what exactly is the opposing hypothesis?

***Bid half off peak comps***

Posted by: Brownstones Half Off at February 24, 2009 12:38 PM

How about this gem from BHO:"(2010 rebound - ROTFLMMFAO!). Stock up on non-perishables."

yeah, hard to reconcile that kind of language with a college educated person who works in finance but that is what the internet hath wrought. Desk jockeys who think they are avenging angels! What a freakshow.

Posted by: wasder at February 24, 2009 12:40 PM

"Serious question--do you actually see an economic downturn lasting beyond the end of next year to be something that would cause you to roll on the floor laughing your mother fucking ass off about?"

No, wasder. I'm laughing at the notion of a 2010 turnaround, not what's likely to happen.

***Bid half off peak comps***

Posted by: Brownstones Half Off at February 24, 2009 12:42 PM

The most amazing thing about this blog is probably DIBS himself. This guy is staring at a 75% annihilation on his speculative ghetto property and he continues to cheerlead! Truly Amazing! He had another classic yesterday, "B Corcoran bought a place a block away". What a sucker this guy is!

Posted by: cornerbodega at February 24, 2009 12:44 PM

Glad to hear that BHO. somehow your tone made me feel otherwise.

Posted by: wasder at February 24, 2009 12:45 PM

"Pass the ACME bunker manual!"

ROTMMFLMMFAO!!!!!!!!!!!!!!!!!!!!!!!!!!! I love watching the Wlye E. Coyote's of the world realize that the cliff is not there anymore..

BHO I'm sorry about posting the Killer Cam, Holla Index!!! I was waiting for you...

"What, I don't understand why you take such glee in the financial ruin of people. "

These are the same group of retards in 2004-05 saying "Real Estate always goes up"! When I tired to explain we was headed for financial ruin they would say "You're Bitter" and "Jealous" and now that flagpole is way up their asses I suppose to be thoughtful of the retards plight??? I hope they lose EVERYTHING!!!!!! FECK 'EM!!!!!!!

"Serious question--do you actually see an economic downturn lasting beyond the end of next year to be something that would cause you to roll on the floor laughing your mother fecking ass off about?"

BHO I think you are getting thru to Wasder!! Remember last last year everything is Ok? Well I think Wasder is watching his ** Cough *** Equity go down the drain...

The What (Obama! Obama!Obama!Obama!Obama!Obama!Obama!Obama!)

Someday this war is gonna end...

Posted by: Return of The What at February 24, 2009 12:47 PM

"...why even waste your money on a brownstone [at these prices]?

Exaaaaaactly.

"How about this gem from BHO..."

Talk to some oldtimers who grew up during the Great Depression. I just spoke to one today and he told me that items like Velvetta, Spam, etc., were freakin' commodities (okay okay - he implied it).

***Bid half off peak comps***

Posted by: Brownstones Half Off at February 24, 2009 12:51 PM

Remind me never to live in Gravesend.

Posted by: FatLenny at February 24, 2009 12:51 PM

"...as the consensus among assclowns and morons reaches totality, the probability of the opposing hypothesis being correct approaches certainty."

Hey Legion your Mommy let you play on the computer early..

TEAM BEAR I think we are winning the war!!! LMMFAO just look at them!!! The whole economic world is crashing around their heads and still.. Oh man this is funny...

The What (The MAB Dead, finished and kaput)

Someday this war is gonna end...

Posted by: Return of The What at February 24, 2009 12:52 PM

BHO I think you are getting thru to Wasder!! Remember last last year everything is Ok? Well I think Wasder is watching his ** Cough *** Equity go down the drain...

I don't think you can actually say I ever had any equity in this house What. I bought knowing it was a depreciating asset because I wanted the space. So I am not going to cry about something I never had. On the other hand do I want the neighborhood to be a nice place to live, yes. Do I want my house to be worth half of what I paid for it? No. But if it comes to that I have a great house and a nice bunker to ride out the storm. Anyway, I am still waiting for that coffee meeting with you. I bet we have passed on the street tons of times.

Posted by: wasder at February 24, 2009 12:52 PM

"A young couple with a new baby loses a job and has to give up their $250k ranch home in Utica ... that's something to celebrate?"

That's a great theme for a spanish soap opera. Unfortunately your fictitious couple was as irresponsible as the rest of the gang (bush et al).

Howver, if there is something celebrating here is the return to affordable housing in Brooklyn even if that costs to folls who bough in the bubble.

Posted by: MaplewoodGuy at February 24, 2009 12:53 PM

maplewood--your keyboard seems to be having issues...

Posted by: wasder at February 24, 2009 12:54 PM

Hey BHO;

Spare me your trite observations about life in the Great Depression, you ass. My parents grew up in the Dreat Depression, both children in broken immigrant homes. I grew up with their haunted memories of what life was like for them at that time. It is exactly for that reason that I find people like you to be despicable, people who would post their glee on the internet over the prospect of another Great Depression, so that they could pick up a "deal" on a house.

Why don't you grow up and think about the implications of what you write on this site?

Posted by: benson at February 24, 2009 12:56 PM

Make that "Great Depression"

Posted by: benson at February 24, 2009 12:57 PM

"It is exactly for that reason that I find people like you to be despicable, people who would post their glee on the internet over the prospect of another Great Depression, so that they could pick up a "deal" on a house.

Why don't you grow up and think about the implications of what you write on this site?"

I have never used this word before but PWNED!! Thank you benson! You have encapsulated in two sentences the essence of this person's hypocrisy, posing as a bad-boy to get a good price on a house. Oh the joy this post gave me!

Posted by: wasder at February 24, 2009 12:59 PM

" The What seems to be giddy in the thought that wealthy folks in Park Slope will take some hits, but, as you point out, the real damage is being done to working folks. I tend to take a "tough love" approach to getting out of this mess, but your point is taken that we are talking about folks who made the "despicable" mistake of wanting a nicer home for their family in some suburban tract out in the desert."

No the the Assheads in Asshat Hill!!! I want all the Gentrification Crowd to get Assraped!!! Every last one of them! When they was economically pushing poor people out of their neighborhood, the Asshats didn't care!! Bed Stuy, Greenpoint, Flatbush, Williamsburg and Bushwick people lost their way of life so Meagan and Josh from Armpit OHIO can pay 1700.00 a month for a studio in the Ghetto!!!

I'm on record Goodbye RETARDS!! Nice knowing ya....

The What

Someday this war is gonna end...

Posted by: Return of The What at February 24, 2009 12:59 PM

What, I hope you read what benson wrote because the person you think is riding shot gun with you on your great cruise to the beyond is actually just an asshat waiting for houses to fall into his price range.

Posted by: wasder at February 24, 2009 1:00 PM

"As I stated yesterday regarding the gleeful handwringing of certain posters here;

...as the consensus among assclowns and morons reaches totality, the probability of the opposing hypothesis being correct approaches certainty." ~Legion

by the looks of it theres still idiots like you to convert. Keep dreaming that it'll turn. It just begun sucker!

Posted by: cornerbodega at February 24, 2009 1:01 PM

you know, I was thinking a lot about the thread yesterday (the one that was like the allstar game) and specifically thinking this morning about DIBS and people in his situation.

I know this is a little off topic on this thread, but hey, it's all on topic when it relates to prices and history.

So, first to recap a couple of things from yesterday.

DIBS=Dave in Bed Stuy. He is not DICH or CG or PS or BH.

Second, someone mentioned the idea that gentrification is permanent. In other words, once gentrification takes hold it always stays there.

Third, DIBS yesterday said that (and i'm paraphrasing this) that he doesn't mind having to wait 5-7 years for his house to turn around if he needs to sell it and that 800K was fine for the location.

My gut feeling is that people like DIBS have (1) chosen to live in a marginal area and are praying that it will become (2) "permanently gentrified" and that (3) he can/will/should/must wait the requisite 5-7 years in order to be able to entertain moving if he wanted to sell his place without a loss.

here's the trick in the situation--

We all make decisions and we all gamble on certain situations. The What has probably gambled differently than BHO who has gambled differently than someone like DIBS.

This issue is that because DIBS choose to live in Bed Stuy (which might actually degentrify as history has shown neighborhoods in brooklyn to do) with a very large purchase price that keeps him from moving then he's stuck in a neighborhood that might get worse and worse and worse. And the scary part (i'm guessing here) is that DIBS is *not* Barbara Corcoran. He's probably upper middle class with a comfortable income and because he's not Babs he *will* feel the pinch of this (re)depression we're going to live through in the next three years at least (the three year figure what just stated by Bernanke a few moments ago). He probably can't just cut and run from the Bed Stuy location like Corcoran and go back to Manhattan. He, like everyone who buys and sells has made a predictive move with downside consequences.

I'm not trying to hate on DIBS. He's gotta make a living and stick to his guns. But, brother, you're a fool if you think you don't stand to be hurt by this. You're a fool if you think you will not be affected. And, you bought in Bed Stuy for a substantial sum. We'll all find out how this plays out but I wonder how DIBS would feel if he were Dave in Brooklyn Heights instead of the BS.

This could be a long 5-7 years.

my two cents.

Posted by: xander at February 24, 2009 1:03 PM

What, as you know I don't agree with you about everything you write here but I must say this is one of the best encapsulations of your point of view I have read here. You unfortunately lump everyone together under one umbrella but there is at least a point of view here that I can wrap my head around.

Posted by: wasder at February 24, 2009 1:03 PM

Someone needs to send the what an internet-etiquette guide. Not one that discusses that CAPS IS SHOUTING but one that points out that ROfLHM23KM#$% etc and !!!!!!!!!!! are used by ingenuous 14 year old girls incapable of yet expressing themselves fully in writing while being prone to melodrama.

Posted by: dittoburg at February 24, 2009 1:05 PM

benson--you seem to have had the miraculous effect of silencing the poseur.

Posted by: wasder at February 24, 2009 1:07 PM

"Glad to hear that BHO. somehow your tone made me feel otherwise."

Everybody has a heart but I'm going to call out this MAB for what it is, and however I want to express myself, no matter who gets hurt. No holds barred. I'm close to people who are "ass out" but I warned them. Now I just watch in silence. I won't rub it in people's face offline because I have relationships I want to maintain. But boy do I let myself be heard on here. Two-faced, I know. It is what it is.

And enough with the sad stories about people losing "their" home. Effectively, considering fraud, it was never their home anyway. In some interpretations of the law, they could have been locked up (liar loans, etc.). "Losing their homes" is the best thing that could have happened to the overwhelming majority of "losers" (Rick Santelli) out there. No more stress. No more bill collectors. No more heat and hot water getting cut off. Now they can rent for much less money and stress. Reset. Pass GO and collect $200. Rental inventory is skyrocketing nationwide and mounting here.

The sad stories are for the banks who have to record these foreclosures on their books. The "losers" get off easy (7 to 10 years bad credit but that's at least how long the depression will last and how long it will take them to save and buy again). Aging retirees are screwed but life aint fair. Let's learn from it.

***Bid half off peak comps***

Posted by: Brownstones Half Off at February 24, 2009 1:07 PM

Legion...I knew the loons wouldn't be able to figure out what you were saying and here's the proof....

""...as the consensus among assclowns and morons reaches totality, the probability of the opposing hypothesis being correct approaches certainty."

Please elaborate. What do you mean by totality and how do you measure it? And what exactly is the opposing hypothesis?

***Bid half off peak comps***

Posted by: Brownstones Half Off at February 24, 2009 12:38 PM

cornerbodega doesn't really understand anything at all, can't do simple math and is just here for our amusement

Posted by: daveinbedstuy at February 24, 2009 1:07 PM

xander, do you own your primary residence?? Do you own any secondary residences? I doubt it. You can't seem to grasp the homeownership concept.

Posted by: daveinbedstuy at February 24, 2009 1:11 PM

"When they was economically pushing poor people out of their neighborhood, the Asshats didn't care!! Bed Stuy, Greenpoint, Flatbush, Williamsburg and Bushwick people lost their way of life so Meagan and Josh from Armpit OHIO can pay 1700.00 a month for a studio in the Ghetto!!!"

When I first came on this board I used to try to get into it with What about this kind of thing as I am definitely sensitive to the notion of people being pushed out of neighborhoods that they have lived in for generations. But I do wonder What, where else people were supposed to move to if not these neighborhoods.

Posted by: wasder at February 24, 2009 1:11 PM

"Two-faced, I know. It is what it is." You really don't care about the implications of this statement?

Posted by: wasder at February 24, 2009 1:15 PM

"I bought knowing it was a depreciating asset because I wanted the space."

Uhhh, that's not what you said last year, wasder. If I had the time to do research on you...

***Bid half off peak comps***

Posted by: Brownstones Half Off at February 24, 2009 1:15 PM

"That's a great theme for a spanish soap opera. Unfortunately your fictitious couple was as irresponsible as the rest of the gang (bush et al)."

That's some high quality, self-righteous, "it'll never happen to me" crap, right there.

There are TONS of people who were foreclosed upon who were not being irresponsible or buying above their means, they just were hit by a bad economy at a bad time. Not every foreclosure is from some "I didn't research my loan and now my payments just doubled" horror story.

Posted by: cwbuecheler at February 24, 2009 1:17 PM

Excellent idea, Jimmy Legs. Can we still have a Thai restaurant, though?

Posted by: mopar at February 24, 2009 1:17 PM

Here are your QOTD!! Good job guys!!!

Posted by: Brownstones Half Off at February 24, 2009 1:07 PM

"And enough with the sad stories about people losing "their" home. Effectively, considering fraud, it was never their home anyway. In some interpretations of the law, they could have been locked up (liar loans, etc.). "Losing their homes" is the best thing that could have happened to the overwhelming majority of "losers" (Rick Santelli) out there."

Posted by: xander at February 24, 2009 1:03 PM

"This issue is that because DIBS choose to live in Bed Stuy (which might actually degentrify as history has shown neighborhoods in brooklyn to do) with a very large purchase price that keeps him from moving then he's stuck in a neighborhood that might get worse and worse and worse. And the scary part (i'm guessing here) is that DIBS is *not* Barbara Corcoran. He's probably upper middle class with a comfortable income and because he's not Babs he *will* feel the pinch of this (re)depression we're going to live through in the next three years at least (the three year figure what just stated by Bernanke a few moments ago). He probably can't just cut and run from the Bed Stuy location like Corcoran and go back to Manhattan. He, like everyone who buys and sells has made a predictive move with downside consequences."

"DIBS=Dave in Bed Stuy. He is not DICH or CG or PS or BH."

The What (Hey where is DIBS??)

Someday this war is gonna end..

TEAM BEAR Today the PWNING is beautiful!!

Posted by: Return of The What at February 24, 2009 1:18 PM

So much love in Brooklyn. I bought a house in Park Slope last week, and lost out on one in Prospect Heights that had an all cash offer accepted before I could react. To say nothing of Norah Jones' $4.9M purchase in Cobble Hill posted last week. There's a lot of cash out there, and as someone who's been actively looking to buy a house after selling mine, trust me people are buying $2M plus houses. Everybody needs to get outside for a walk.

Posted by: Jebby at February 24, 2009 1:18 PM

How does someone "push" someone else out of their home???? Long time residents of any Brooklyn neighborhood have huge gains in their properties. They sell because they want to take that gain and move somewhere else, or the owner has dies.

Get a grip loons.

Posted by: daveinbedstuy at February 24, 2009 1:18 PM

DIBS,
have you ever *really* thought about the downside risk to leverage in a market like this?

btw, I was not out to attack. I'm trying to articulate a point that we all deal with.

Again, your aggressive nature belies either denial, fear or panic. I'm not sure which point you're at in the euphoria to panic curve but I'm guessing it's heading towards panic.

take care.

Posted by: xander at February 24, 2009 1:18 PM

"Uhhh, that's not what you said last year, wasder. If I had the time to do research on you..."

Not true. And i will provide the quotes momentarily.

Posted by: wasder at February 24, 2009 1:20 PM

u dont know it as well as u think u do,benson

Posted by: buckfast at February 24, 2009 1:24 PM

What kind of leverage are you talking about xander???? I have a $370k mortgage on a place I bought for $820. that's not leverage. I have other residences with no mortgages. What is the point that you're trying to make???

It's time to put leverage on in the stock market. Today. But that's a different story. And I'll be expecting drinks from any of you who bought into my falling Yen trade!!!! LOL

No denial, fear or panic here.

Posted by: daveinbedstuy at February 24, 2009 1:25 PM

"To say nothing of Norah Jones' $4.9M purchase in Cobble Hill posted last week. "

Posted by: Jebby at February 24, 2009 1:18 PM

This is Dave's sockpuppet!

"Again, your aggressive nature belies either denial, fear or panic. I'm not sure which point you're at in the euphoria to panic curve but I'm guessing it's heading towards panic."

Xander receives the PWNING Dave award! LMMFAO!!!!

The What (Cyanide laced Skittles)

Someday this war is gonna end..

Posted by: Return of The What at February 24, 2009 1:27 PM

BHO--Here is one quote from me about the nature of home prices and my attitude about it, from October 08

It is disconcerting to be "out" a substantial amount of money at any time and more so when it relates to one's most important piece of property. However, if the monthly payments are manageable, the end result in a practical matter is negligible. As long as the market recovers in the next decade or so I am not concerned about my home's value. I suspect once prices shake out to whatever level they are going to shake out to you will see more people doing what I did, and buying two family houses that provide some protection against monthly expenses.

Posted by: wasder at October 8, 2008

Posted by: wasder at February 24, 2009 1:29 PM

"Why don't you grow up and think about the implications of what you write on this site?"

I love getting through to Team Bull. It's funny how Team Bear never seems to get hurt by my comments.

"What, I hope you read what benson wrote because the person you think is riding shot gun with you on your great cruise to the beyond is actually just an asshat waiting for houses to fall into his price range."

I come from humble begginings and I bettered my situation. I don't forget where I came from and I speak to those who are still there. But I guess that still makes me an asshat.

***Bid half off peak comps***

Posted by: Brownstones Half Off at February 24, 2009 1:31 PM

wasder, these people can't grasp the simplest aspects of homeownership.

What, Whuh, BHO, cornerbodega are all certain of one thing....that they can live in mom's basement when they can't pay their rent anymore.

Posted by: daveinbedstuy at February 24, 2009 1:31 PM

Seriously... within minutes these devolve into "Open Thread" conversations that don't seem to have anything to do with the original posting.

I bet there were (perhaps) some interesting comments about the $5MM price tag on the Gravesend place... but how can you actually read ANYTHING with this non-stop crap between the usual characters. Just lots of unsubstantiated cutting and pasting without purpose!!! AARGH!

Posted by: tybur6 at February 24, 2009 1:32 PM

I come from humble begginings and I bettered my situation. I don't forget where I came from and I speak to those who are still there. But I guess that still makes me an asshat.

***Bid half off peak comps***

Posted by: Brownstones Half Off at February 24, 2009 1:31 PM

NO, you're an asshat for a lot of other reasons though.

Posted by: daveinbedstuy at February 24, 2009 1:33 PM

BHO--here is me responding the What asking me a question...(my answer in bold)

2. Do you think your "Investment" will appreciate in 2009?

I FEEL CERTAIN THAT MY INVESTMENT WILL DEPRECIATE IN 2009.

Posted by: wasder at August 7, 2008

I assume you will return and apologize for unintentionally misrepresenting my position. I agonized over my purchase specifically because I knew it was a money loser in the immediate future. I have real feelings and thoughts and represent myself as accurately as I can because I think its important to be true to one's self. I don't invent internet personas to hype my point of view.

Posted by: wasder at February 24, 2009 1:35 PM

So where are middle-class families, who might have been able to afford Manhattan a generation ago, supposed to go? Leave the city? Whose taxes will subsidize all the poor people, then, Mr. What? You end up sounding more racist than those you point the finger at. Don't you know that Fort Greene and Clinton Hill were "gentrified" by middleclass blacks first?

Posted by: lowintheheights at February 24, 2009 1:35 PM

Here, here, lowintheheights. You hit that nail on the head!!!! Thank you.

Posted by: daveinbedstuy at February 24, 2009 1:37 PM

Wasder, methinks the What is too buy riding shotgun with that multi-lingual woodchuck to get back to you.

Posted by: SnarkSlope at February 24, 2009 1:38 PM

"cornerbodega doesn't really understand anything at all, can't do simple math and is just here for our amusement" ~dibs

dibs, you laid out $920K for your ghetto property.

920K x .65% decline = 920 - 598 = $322K
CAN YOU DO SIMPLE MATH?

Posted by: cornerbodega at February 24, 2009 1:38 PM

White asshats like myself moving in had nothing to do with the gentrification of Bed Stuy. It was done by those who live there and have lived there for generations as far as I can see all around me.

Posted by: daveinbedstuy at February 24, 2009 1:39 PM

BHO---here is another quote about my thinking in re the potential "value" of my home in the near term.

"I bought the cheapest house that I could imagine myself living in that fell within the borders of Clinton Hill and I talked the price down 200G before I bought. So I certainly didn't walk wide-eyed into the buzzsaw. At the same time as I have said repeatedly, I have no doubts that it will experience some form of devaluation over the next year/s.

So this is all short hand for saying if you are trying to put some nefarious real estate scam on me, you got the wrong guy."

Posted by: wasder at October 3, 2008

You really should be careful about what you say when the record is so easy to obtain.

Posted by: wasder at February 24, 2009 1:40 PM

It will sell for something like $750-800 right now cornerbodega. Pull your fucking head out of your ass. There are people closing on houses in Bed Stuy as we speak. You really don't know anything about any specific market do you??

Posted by: daveinbedstuy at February 24, 2009 1:41 PM

***
Here's my take on it. See...the thing is...a LOT of people who the What claims were "pushed out" actually were BOUGHT out for very large sums of money. Big difference.

The What most likely left the 'hood for Lodi pre-bubble and is pissed that he wasn't BOUGHT out at the sums that people have been bought out over the last few years. It makes him mad, so he acts like a child about it.

Sorry...I don't feel bad for those who lived in these neighborhoods for 50 years, then sold their home for a million dollars to then retire to Florida. He's just regretting the fact that he left so soon. He wasn't able to handle life in Brooklyn, left for NJ and can't stand the fact that if he had waited just a little longer, he TOO could have been "pushed" out of the "ghetto"

Posted by: 11217 at February 24, 2009 1:44 PM

Simple math:

920K x .65% = 5,501,600,000

Posted by: likes2lurk at February 24, 2009 1:48 PM

"Don't you know that Fort Greene and Clinton Hill were "gentrified" by middleclass blacks first?"

Middle class Blacks?? First retard how about Middle Class African Americans! Middle Class Blacks sound like a rockband.

Second in the 60's White people fled these neighborhoods not because of "Black Gentrification" . Oh man I feel sorry for the retards! You need to come to 2009, this is where we at....

Team Bear I have some things to do and I hope you have some things to also. Leave the retards alone they are spinning....

AIG’s Liddy Said to Shift Strategy After Asset-Sale Plan Fails

http://www.bloomberg.com/apps/news?pid=20601087&sid=am2QZHJphun0&refer=home

Feb. 24 (Bloomberg) -- American International Group Inc. may scrap a plan to repay a $60 billion U.S. government loan by selling businesses, after failing to find enough promising bidders, said two people with knowledge of the matter.

Chief Executive Officer Edward Liddy, who took charge in September and unveiled the strategy the following month, has concluded it won’t work, said the people, who spoke on condition of anonymity because the insurer’s talks with the government are private. AIG is proposing additional ways to reduce the company’s debt to the U.S., including handing over stakes in some operations directly to the government, a person said.

AIG has wasted 300 Billions dollars and the funny thing is the retards believe Brownstone prices will stay the same....

The What

Someday this war is gonna end...

Posted by: Return of The What at February 24, 2009 1:50 PM

Opens door, looks in.... sees crowd of children throwing spitballs at each other.

Sighs, closes door, gets back to work.

Posted by: lechacal at February 24, 2009 1:52 PM

lechacal...this time i really did spit my coffee out with that one!!!! I'm choking still on it. Good one.

Posted by: daveinbedstuy at February 24, 2009 1:55 PM

lechacal - there's some actual discussion happening in between the spitballs.

Posted by: cwbuecheler at February 24, 2009 1:56 PM

Opens door, looks in.... sees Team Bear PWNING Team Bull!!!

Yells Hell Yeah, Pulls out Uzi, gets to work...

The What

Someday this war is gonna end...

Posted by: Return of The What at February 24, 2009 1:56 PM

lol lech.. seriously you people have given me a massie migraine today and now i dont feel well

*r*

Posted by: PitbullNYC at February 24, 2009 1:57 PM

oh man

im starting a band called THE MIDDLE CLASS BLACKS!!!!!

Posted by: Santa at February 24, 2009 1:58 PM

I find that funny that Team Bear thinks they're PWNING someone in this thread about Last Weeks Biggest Sales and the prices that were paid.

Posted by: daveinbedstuy at February 24, 2009 2:00 PM

BHO--here is one more quote from 08 from me, just because you are involved. Someone was asking why you called me "underwasder"...

"Nope, in his earlier phase as Dow8000 (the DOWhat days) he named me that. Not bad really, and quite possibly true before too long, though I think I can deal with that theoretical loss."

Posted by: wasder at December 17, 2008

Posted by: wasder at February 24, 2009 2:00 PM

Kind of amusing that these days, the DOW hitting 8000 would be cause for some celebration ...

Posted by: cwbuecheler at February 24, 2009 2:04 PM

I am signing off for a little while. What, the only one I saw get PWNED here in this thread was your little step brother, the one who steals your material but really just wants to buy a house in Clinton Hill.

Posted by: wasder at February 24, 2009 2:05 PM

"I find that funny that Team Bear thinks they're PWNING someone in this thread about Last Weeks Biggest Sales and the prices that were paid."

Too bad none of the sales was in Bed Stuy Dumbass!

The What

Someday this war is gonna end....

Posted by: Return of The What at February 24, 2009 2:06 PM

"No the the Assheads in Asshat Hill!!! I want all the Gentrification Crowd to get Assraped!!! Every last one of them! When they was economically pushing poor people out of their neighborhood, the Asshats didn't care!! Bed Stuy, Greenpoint, Flatbush, Williamsburg and Bushwick people lost their way of life so Meagan and Josh from Armpit OHIO can pay 1700.00 a month for a studio in the Ghetto!!!"

You have the effects of the MAB implosion wrong.

The MAB has hurt poor people greatly. If you go to subprime areas, you see that it is poor, working class people who were swindled by subprime brokers and are now losing their credit scores, their houses, and in many cases down payments and closing costs. This is very serious.

In addition, all the empty, boarded up houses just encourage crime and destroy the property values of their neighbors' houses.

In sum, poor people were screwed on the way up and they're being screwed on the way down.

The rich are not going to suffer as much.

Posted by: mopar at February 24, 2009 2:31 PM

I guess you don't care about Bed Stuy anyway What, as long as there's one last PWA still living there though.

Fool.

You've gotten PWNED in a big way on your sorry-ass ghetto gentrification attitude. Like others have said, its basically racist.

Posted by: daveinbedstuy at February 24, 2009 2:43 PM

> "working class people who were swindled by subprime brokers and are now losing their credit scores"

Just testing the logic here: If they had good credit scores, then why did they take out a subprime loan?

Posted by: SnarkSlope at February 24, 2009 3:05 PM

Snark...don't test his logic. It'll give you a headache.

Posted by: daveinbedstuy at February 24, 2009 3:09 PM

said it once I'll say it again,

...as the consensus among assclowns and morons gleefully wringing their hands over a perceived societal breakdown,reaches totality, the liklihood that the opposing hypothesis is correct approaches certainty...

Posted by: Legion at February 24, 2009 3:59 PM

misterbubble would like to know if this legion chap is a moron or an assclown.

Posted by: misterbubble at February 24, 2009 4:04 PM

He's probably just an asshat like the rest of us, but Legion is correct in what he writes; whether ot not people like BHO and cornerbodega can begin to understand it is doubtful.

Posted by: daveinbedstuy at February 24, 2009 4:14 PM

Snark, people living in formerly redlined, then subprimed, now redlined again areas were *targeted* by subprime companies who came calling on them. It had to do with where they lived, not their credit scores. Some had good credit scores, some didn't. There have been people who took out subprime loans who would have qualified for regular loans but they were dealing with subprime mortgage lenders.

It wasn't like you or me going to Manhattan Mortgage and getting the best deal we could based on our credit score. In fact, I was never offered these kinds of deals with ARMs and little to nothing down, and neither were most of the people I know.

Posted by: mopar at February 24, 2009 4:18 PM

"I find that funny that Team Bear thinks they're PWNING someone in this thread about Last Weeks Biggest Sales and the prices that were paid."

It's hilarious. $2M in all of brownstone Brooklyn. Now that's one for the record book.

***Bid half off peak comps***

Posted by: Brownstones Half Off at February 24, 2009 4:39 PM

Houses keep selling, BHO. Which part of this do you not understand??? Your inability to comprehend is utterly amazing.

Posted by: daveinbedstuy at February 24, 2009 4:54 PM

I hear ya, mopar. There were definitely predatory swindlers out there. But at what point does personal responsibility get considered here?

If the deal sounds too good to be true, it probably is. If you don't understand the terms of a loan, get a lawyer.

Posted by: SnarkSlope at February 24, 2009 5:17 PM

Isn't it true that NY State is the only one in the country to require that buyers and sellers hire an attorney to represent them during a purchase? I thought I heard that when I bought.

If so, you'd think that these guys might have halted *some* people from getting into something perhaps they shouldn't have...

Posted by: 11217 at February 24, 2009 5:53 PM

the attys tended to be "referred" by the mortgage company.

Posted by: slick at February 24, 2009 6:24 PM

"Hey BHO;

Eat one, Benson. My people were lynched during the Great Depression while trying to escape 50% unemployment (versus your 25%). With all due respect, what your parents went through aint touchin' that. I'm haunted everyday about what my people went through (and still are going through), the latest episode curtesy of the NY Post.

You goddamn right I'm gleeful. Gleeful about a price collapse, not a depression. But I can't have my cake now can I? THEY (all who participated) wrapped the global economy around home prices, not me. This depression is a means to an end. It was all good in the hood when prices were 3-4 X income.

"Why don't you grow up and think about the implications of what you write on this site?"

Implications??? You guys give me too much power.

Team Bear We Go Hard...Team Bear We Go Hard...

***Bid half off peak comps***

Posted by: Brownstones Half Off at February 25, 2009 1:17 AM

Implications? You had your two faced ass handed to you on this thread.

Posted by: wasder at February 25, 2009 10:36 AM

"You had your two faced ass handed to you on this thread."

I call it a skin breach. A direct hit home. The irony.

***Bid half off peak comps***

Posted by: Brownstones Half Off at February 25, 2009 10:57 AM

You still had your ass handed to you. You look like an idiot on this thread and nothing you write from here can change that. It is immensely satisfying for me.

Posted by: wasder at February 25, 2009 11:43 AM

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February 24, 2009

Last Week's Biggest Sales

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