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May 21, 2009

80 Dekalb Tops Out

Our invitation must've gotten lost in the mail, but word on the street is that Forest City Ratner is throwing a party today to celebrate the topping out of its 365-unit rental tower at 80 Dekalb Avenue. The building should now be a total of 36 stories. Assuming they're priced reasonably, we suspect there will be good demand for these places, given the rather convenient location.
Development Watch: 80 Dekalb Facade Spreading [Brownstoner]
A Touch of Glass for 80 Dekalb [Brownstoner] GMAP P*Shark DOB
Development Watch: 80 Dekalb Reaches 25 Stories [Brownstoner]
Development Watch: 80 Dekalb Avenue Halfway There [Brownstoner]
Development Watch: 80 Dekalb Avenue [Brownstoner]
Taxpayers Paying Up for Downtown Rental [Brownstoner]
Development Watch: 80 Dekalb Avenue [Brownstoner]
80 Dekalb Avenue: Get Ready for Take-Off [Brownstoner]

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Comments

Dekalb, Livingston or Avalon, should be interesting to see which of these big rentals, (reasonably in the same location) will fill up first?

Posted by: ReMiXxd at May 21, 2009 10:38 AM

Hiya Retards! First suck this down!

31K new jobless claims, total benefit rolls 6.7M

Claims jumped two weeks ago as Chrysler LLC shut its factories after filing for bankruptcy protection April 30, putting up to 27,000 hourly employees out of work. Wall Street economists expect factory shutdowns by Chrysler and General Motors Corp. to inflate the initial claims numbers through June.
The number of people continuing to claim unemployment insurance rose to nearly 6.7 million from about 6.6 million, the department said, also close to analysts' expectations. That's the highest total on records dating to 1967 and the 16th straight record.

I been banging on the topic and no one has a answer for it! What is going to happen when these Condos are completed???? Can somebody come up with a reasonable answer????

I have one-- These Condos will NEVER sell and will turn into rentals! This will put enormous pressure on Gentrified neighborhoods!!! Why overpay to live in the Ghetto when you can live in the Toren for 1000.00 a month??? Or better yet these Condos go into bankruptcy and some Asshead converts them into "Low-Income" Housing!!!!! You paid 650k to live with mentally ill patents because the new Landlord will have no problems making money and putting you safety at risk! You Asshole got all the answers but have no solutions. 5 months left 'tards, you them wisely...

The What

Someday this war is gonna end...

Posted by: Return of The What at May 21, 2009 10:54 AM

The Avalon Flatbush is also sporting the American flag as of last weekend, so it too must have topped off.

Posted by: Beau Guest at May 21, 2009 11:01 AM

> "These Condos will NEVER sell and will turn into rentals!"

Please read the comment above, Einstein: "365-unit rental tower."

Posted by: SnarkSlope at May 21, 2009 11:04 AM

> "These Condos will NEVER sell and will turn into rentals!"

Please read the comment above, Einstein: "365-unit rental tower."

You missed the point! These Condo/Rental Clusterf****s will put massive pressure on Brooklyn's rental market! How many of these units are coming online?????!!!! I'm willing to bet this project started as a Condo and went south! If you own a Condo or a Brownstone I'll bet you are sh*ting in your pants right now. This fall will be very different...

The What (Big Picture)

Someday this war is gonna end...

Posted by: Return of The What at May 21, 2009 11:11 AM

All three of the ones I mentioned in the first post were meant as rentals from inception. As for what your saying about the condo market, I'd rather have put money money in NY real estate over any stock or 401k investment.

Posted by: ReMiXxd at May 21, 2009 11:25 AM

> These Condo/Rental Clusterf****s will put massive pressure on
> Brooklyn's rental market!

Good. We are still a city with a massive housing shortage.

> "I'm willing to bet this project started as a Condo and went south!"

And you lost that bet. This building started as a rental. You might know that if you actually read the articles before posting.

Posted by: SnarkSlope at May 21, 2009 11:27 AM

"Good. We are still a city with a massive housing shortage."

??????????????????????????????????????????????????????????????????!!!!!

Did you "get out" Snarky??? Maybe this weekend take a walk to Downtown Brooklyn and Look Up! I think the shortage problem has been solved.

> "I'm willing to bet this project started as a Condo and went south!"

And you lost that bet. This building started as a rental. You might know that if you actually read the articles before posting.

Trust me! This thing started as a Condo!

Asshats can't give up!

The What

Someday this war is gonna end....

Posted by: Return of The What at May 21, 2009 11:41 AM

Really curious to see how these will be priced as rentals. There's going be 3-4 rental towers in this area, as well as whatever doesn't sell in Toren, and that ugly one in Ft Greene (i forget the name)

with all this inventory, and rents falling in manhattan, they really need to be realistic if they hope to get any tenants.

Posted by: dirty_hipster at May 21, 2009 11:44 AM

Of course no one will say how attractive this building is because it is by Ratner...so I will - very nice

Posted by: fsrg at May 21, 2009 11:51 AM

Folks;

Here's a data point for you. The "sliver" tower on the corner of 4th Ave. and Carroll, much-mailigned on this site, is now fully occupied with renters.

FSRQ: get with the program, as such:

-Bruce Ratner: evil developer. We are proud that we were not invited to his party.

-Shallow, celebrity and status-obsessed "Real Housewife of NY": Worth attending their house show-off party, complete with photo spread.

Posted by: benson at May 21, 2009 11:58 AM

I agree DH, but think that there is a shortage of higher-quality rentals in most of Brooklyn currently. That is for renters that want good amenities and don't want to pay a broker fee or live effectively in a brownstone owner's basement. Maybe not after a few more condos convert, but there is very little now in that market.
The slew of buildings here will put pressure on the lower end of the rental market in BK and compete favorably with the Financial District in Manhattan.

Posted by: etson at May 21, 2009 12:02 PM

there were about 930K housing units in brooklyn last census.
Building permits in boom years got up to 8800. That is less than 1% of existing units. Now permits have plunged and although we will be getting CofOs now for the boom years not much will be coming down pipeline after that.

Also remember that a certain # of housing units will become obsolete(taken out of service) each year - especially older stock like NYC. at less than 1% a year in new construction will hardly cause a major glut....minor? yes, in recession like now...but won't last long and increase in # of units could make things a little more affordabel. Just a little.

Dreaming that will become low income housing is delusional.

Posted by: Petebklyn at May 21, 2009 12:11 PM

Dreaming that will become low income housing is delusional.

Posted by: Petebklyn at May 21, 2009 12:11 PM

Just like dreaming Manhattan rentals are cheaper than Brooklyn's.

Keep it up Dumbasses I love it... Like I said take a walk around this weekend and get back to me. T-minus 5 months and counting...

The What (Tick.. Tick.. Tick...)

Someday the delusion is gonna end...

Posted by: Return of The What at May 21, 2009 12:16 PM

> "I think the shortage problem has been solved."

Wrong yet again. See comment by Petebklyn above.

Posted by: SnarkSlope at May 21, 2009 12:16 PM

Peteklyn;

Spot on. In addition, the latest census results show that NYC's population continues to grow.

Posted by: benson at May 21, 2009 12:22 PM

What--the five months you are referring to is when you think the bond market will collapse? Just trying to get a handle on your thinking.

Posted by: wasder at May 21, 2009 12:25 PM

what people dont seem to get is that the housing being added doesnt have to become "affordable" in order for their addition to the market to result in more affordable housing.

By way of example -

if lets say 1/2 the people moving into these rentals are coming from other Brooklyn rentals (proportion might be higher) and lets say these buildings represent 800 new apartments. That means that their are 400 NEW vacancies in existing properties - while I am sure that some will be able to uphold their rent (and some RS apartments may actually go up in price) no doubt that some will be forced to lower their rent in order to attract tenants....and some of these people will be moving from other rentals so......

As this plays out, the overall rental market rents go down (or in a inflationary market - go up more slowly) - it is simple supply and demand -and all this new supply will result in lower rents. Didn't people take Econ 101?

On a related point - very little housing anywhere (including in "affordable" areas) was built as "affordable" - so exceptions in relation to NYC tenements but they havent built those in 100 years.. Most housing was either built for middle class people or higher, as times change, people move, new supply is added and these formerly expensive housing become less so - thereby making it "affordable"

Posted by: fsrg at May 21, 2009 12:30 PM

"FSRQ: get with the program, as such:

-Bruce Ratner: evil developer. We are proud that we were not invited to his party.

-Shallow, celebrity and status-obsessed "Real Housewife of NY": Worth attending their house show-off party, complete with photo spread."

Indeed. Once again, the lowest common denominator/herd mentality wins.

Posted by: East New York at May 21, 2009 12:32 PM

@ fsrg

Good post. We are seeing this already, the rental market is softening a little. By no means, however, will you be able to live in the Toren for $1000. In building like that you are talking about rents going from $3800 to $3300... hardly affordable housing.

But also take note of who the developers are for these various condo projects. I spoke with a real estate agent involved with the Forte, and he basically said that the owners have so much property in NYC that 100 unsold units doesn't even show up on their radar. Sure enough, the Forte has not gone rental and still only has about a 25% occupancy rate. Some of these big players can afford to wait the economic crisis out.

Posted by: chorosch at May 21, 2009 12:37 PM

chorosch - big or not - the banks/lenders wont see it so nonchalantly and when the loans become due and/or these players are in bankruptcy/foreclosure (which is going to be happening) no one is going to be waiting for anything.

Posted by: fsrg at May 21, 2009 12:48 PM

"What--the five months you are referring to is when you think the bond market will collapse? Just trying to get a handle on your thinking."

A world wide stock market crash on a level never seen in history!

" We are seeing this already, the rental market is softening a little. By no means, however, will you be able to live in the Toren for $1000. In building like that you are talking about rents going from $3800 to $3300... hardly affordable housing."

Here let me help you.

Supply and demand

http://en.wikipedia.org/wiki/Law_of_supply_and_demand

Supply and demand is an economic model based on price, utility and quantity in a market. It predicts that in a competitive market, price will function to equalize the quantity demanded by consumers, and the quantity supplied by producers, resulting in an economic equilibrium of price and quantity. The model incorporates other factors changing equilibrium as a shift of demand and/or supply.

Nooooooooo! You see my Brownstone is worth 3 million dollars because I paid 2.5 million!!!

Hey dumbasses- How much New Condo construction is there??!!! Here's the answer- A fucking ton of it!!! Plus when these marvelous projects go Bankrupt, the Trustees are going to fucking LIQUIDATE those Assets at any price!!!!!

"Indeed. Once again, the lowest common denominator/herd mentality wins."

This why I will be laughing my ass off this fall!! This is the crash you don't walk away from and the funny thing is you ignored the NY Times story of falling Manhattan rentals so I know you are a bunch of retarded fucks. 5 months Assheads, 5 months..

The What (Good post. We are seeing this already, the rental market is softening a little. ROTFLMMFAO!)

Someday this war is gonna end...

Posted by: Return of The What at May 21, 2009 12:53 PM

Does anyone think "the what" is actually Brownstoner under an alias making his posts more interesting?

Posted by: ReMiXxd at May 21, 2009 1:01 PM

Hey Fsrg, you were right yesterday about Charles Rangel. His FOUR apartments are rent-stabilized, not rent-controlled. But that's only a minor distinction in his case. He's still a perfect example of this system's abject failure (check out his income):

http://www.nytimes.com/2008/07/11/nyregion/11rangel.html

Posted by: East New York at May 21, 2009 1:06 PM

Does anyone think "the what" is actually Brownstoner under an alias making his posts more interesting?

Posted by: ReMiXxd at May 21, 2009 1:01 PM

That was so 2007 dumbass..

The What

Someday this war is gonna end...

Posted by: Return of The What at May 21, 2009 1:06 PM

I guess all I meant was that people tend to look at developments as single entities, when in fact they are quite often (relatively) small parts of much larger agencies. Of course you're right... if the loans come due and the development group had no assets to cover the short term loss, they'll have to liquidate. I'm just not as convinced as some others that these things are all massive gambles by developers who never saw an end to the boom. Some of the smaller ones are, certainly. But those towers you're talking about downtown? Those are not going to be SROs in five months or five years.

Posted by: chorosch at May 21, 2009 1:15 PM

" I'm just not as convinced as some others that these things are all massive gambles by developers who never saw an end to the boom."

Greed and delusion blocks reasoning abilities. The reality is staring you right in the face and still you don't fucking "get it"! Do me a favor this weekend stand in front of the Toren and count how many units are in that building then, look at the Avalon and then look at some more shit then, get back to us on Tuesday with your "analysis".

"Those are not going to be SROs in five months or five years."

Famous last words....

The What (Oh boy)

Someday this war is gonna end...

Posted by: Return of The What at May 21, 2009 1:25 PM

Hmmm. As compelling as your completely fact-less "argument" is, I guess I'll bite. It's a slow day at work.

I'd guess between the Forte, the Toren, 80 DeKalb and the Avalon, we're looking at about 1,000 units. If all the projects planned for development in downtown BK / Atlantic Yards were in progress right now, I'd say you might have a point, but the people most affected would really only be the ones who bought at the height of the market.

The recession has already killed or delayed at least 50% of residential development planned for those areas. Yeah, you're going to have a few hundred vacant "luxury" apartments, but proportionally to the Brooklyn housing stock, that alone is not going to bring ruin to homeowners or cause rents to plummet. As soon as those buildings bring their rents down 25%, they will be full.

If there is some unforseen global economic meltdown in 5 months, then maybe the game changes. But that's like saying Fort Greene is going to be hit by a meteor in 5 months, so anyone who lives there is an idiot.

Posted by: chorosch at May 21, 2009 1:44 PM

Yeah, you're going to have a few hundred vacant "luxury" apartments, but proportionally to the Brooklyn housing stock, that alone is not going to bring ruin to homeowners or cause rents to plummet. As soon as those buildings bring their rents down 25%, they will be full.

Why would someone live in Brooklyn when they can live in Manhattan? Please Please don't say Brooklyn is better that Manhattan because you and I know that's a crock of shit! Today a Condo project need to have 50% + units in CONTRACT before you can get a mortgage and you will need 20% down payment and closing cost (6 moths of PITI) in the bank! The 64,000 question is- In this economic climate who is going to risk their future on a depreciating asset???? The cat is out the bag, unemployment has been going up not down. Housing prices has been going down not up. Where is the "upside"?????!!!!

"Hmmm. As compelling as your completely fact-less "argument" is, I guess I'll bite. It's a slow day at work."

Here ya go..

U.S. Stocks Tumble as Jobless Claims Revive Recession Concern

http://www.bloomberg.com/apps/news?pid=20601087&sid=agq_iz8Bxdr8&refer=home

Initial jobless claims fell by 12,000 to 631,000 in the week ended May 16 from a revised 643,000 the prior week that was higher than initially estimated, the Labor Department said in Washington. Economists surveyed by Bloomberg had forecast claims would drop to 625,000 from the 637,000 initially reported for the prior week, according to median of 42 estimates.

The total number of workers receiving benefits rose to a record, a sign that the job market continues to weaken even as the economic slump eases.

There is two things that is missing from your Crack induced haze: Jobs and income...

The What (We have a live one here)

Someday this war is gonna end...

Posted by: Return of The What at May 21, 2009 1:58 PM

Well, I can afford to live in Manhattan but I don't. There are a lot of reasons people choose to live here. Economic necessity is not the only factor. Plus, I think you're not considering the types of buildings these are and who they appeal to.

The only condo project that may survive as planned is the Toren, which reportedly has well over 50% of the units in contract. The others are going to be rentals. And yes, they will probably not get top dollar and yes, there is high unemployment at the moment (the What can use the internet!)

The ones in trouble are places like the Clermont Greene, a small building that is still trying to get away with $700-$800 per sq ft. with only a handful of contracts.

Instead of total financial calamity, the developers will go rental, file for tax abatements through rent stabilization, drop the rents a little and try to get through the next 2 years with a few hundred thousand per month in rental income. You're only in trouble as an owner if you bought a new condo in 2007 and need to unload it quick.

There are a few projects stalled already that will remain a blight for years I'm sure. But you're acting like the situation isn't fluid. The market is changing.

Posted by: chorosch at May 21, 2009 2:19 PM

"the developers will go rental, file for tax abatements through rent stabilization, drop the rents a little and try to get through the next 2 years with a few hundred thousand per month in rental income."

Like the Stuyvesant Town/ Cooper Village Dust-Up???!!!!

The worst is yet to come for apartment buildings with too much debt. What will that mean for tens of thousands of tenants? > By Bendix Anderson

http://www.citylimits.org/content/articles/viewarticle.cfm?article_id=3745&content_type=1&media_type=3

ut Garodnick’s district also includes the more than 11,200 rental units at Stuyvesant Town and Peter Cooper Village, which sold in 2006 for nearly a half-million dollars per apartment.

Huh um, do you think that was such a good idea????? Just like the retards now and you think it will end well???!!!! Keep reading..

As these properties' debt becomes more onerous and foreclosure becomes a possibility, a variety of officials and advocates hope to protect tenants while a tangled web of owners, lenders, and investors struggle over who has the right to whatever value is left at the properties.

But... But.. But.. real estate only goes up, right????? Now grab your nutsack!

At the same time, state and city housing officials hope to potentially rescue these buildings and preserve them as housing for low and moderate-income New Yorkers.

Whoa???! Low-Income????!!!! You mean I have to live next to Tameka, Ray-Ray and the Crash Brothers????? But.. But.. I paid 799,000 for my one bedroom on Gates and Lewis!!!!! They was going to built a Coffee shop and Gentify the area????!!!

“We don’t think that the shoe has dropped yet for overleveraged buildings,” said Holly Leicht, deputy commissioner for development at the city’s Department of Housing Preservation and Development (HPD). “We think things will get a lot worse. We want to make sure that those buildings don’t decline as landlords walk away.”

Say Buh Bye retards as you watch the collapse of the Mutant Asset Bubble, like Spock's home planet in Star Trek, ROTFLMMFAO!!!!

The What (But... But.. But...)

Someday this war is gonna end...

Posted by: Return of The What at May 21, 2009 2:40 PM

Yeah but chorosh, but the way supply and demand works it doesnt matter if 1000 units is a drop in the bucket - because the overall supply isnt what is important - its whats available in the supply (and who is demanding) NOW.
in other words the rental landlord wants to get his apt rented today - so if there are even 10 other (real) comps also available, they are going to start to drop the prices - unless there is 10 other people ready to rent that same mo - and usually there isnt (otherwise prices would be RISING).....

and again if the wealthy (but not rich) 30 something can now afford a nice place at the Toren, then his old decent walkup apt in Crown Hgts gets added to the market, and then the working class guy who was looking at a crappy tenanment in Bushwick, might be able to afford the Crown Hgts apt....its obviously more complicated then this - but it really does happen, and anyone who is really out in the marketplace for a protracted period of time can attest to it - it happens both on the way up and on the way down too. to sum it up - more supply always equals lower prices - its the natural law.

Posted by: fsrg at May 21, 2009 2:52 PM

Right, but I'm not contesting that more supply doesn't equal lower prices. I'm just saying that I don't think a couple thousand new units on the market is going to bring the whole house of cards down. My point about the number of units being small has to do with the overall health of the parent companies, not the situation at any particular building. If a developer has all his money sunk into one luxury project that he can't sell, that building may well go under. But is Forest City Ratner going bankrupt if rentals at 80 DeKalb have to come down in price a little? I actually think this whole thing is GOOD for a completely overinflated, overvalued market.

If Atlantic Yards were about to be completed and we were really looking at 5,000 or 10,000 new units (as described above) that would be a different story.

Posted by: chorosch at May 21, 2009 3:15 PM

FSRQ;

I think the situation is somewhere between what you and Chorosch are saying.

Your analysis above assumes a fixed demand. However, if there is a surplus, and the price starts to decline, additional folks may move into the market, which will create a bottom support in pricing. To take your neighborhood-specific example: someone who had given up on finding an apartment in NYC and is now looking in Jersey City may be drawn back in. The NYC economy is dynamic in this way.

This goes to Chrosch's point about the ratio of vacant units to total supply. Yes, if you had a static market, 10 vacant units can cause pricing to drop significantly. However, in a dynamic market like NYC, a demand for 10 units CAN be created relatively easily if the pricing starts to decline. It would be alot easier to create demand for 10 units than 1000. One of the fortunate things for NYC is that we do NOT have a huge surplus of housing relative to the market size, such as happened in Vegas and Phoenix.

Posted by: benson at May 21, 2009 3:29 PM

with respect to all the doom and gloom about the rentals/condos going up, do folks ever take into account the demographic shifts that occur over time? nyc isn't exactly buffalo or rochester. albeit with less intensity i do believe people are still moving here.

there was a time when The What was a classic hip-hop joint. now it just makes me want to stop reading this blog.

Posted by: friend_or_foe at May 21, 2009 3:29 PM

"there was a time when The What was a classic hip-hop joint. now it just makes me want to stop reading this blog."

Oh I'm sorry too much reality for ya???? Ladies and Gentleman the Happy Happy Joy Joy has left the building! I defy anyone to come up with a reasonable argument about the future of New York City housing and please use some analysis from a historical background, not clouded by your "judgement".

"do folks ever take into account the demographic shifts that occur over time?"

Yep sure do! Hey Stupid Ass you missed this!

Manhattan Calling

http://www.nytimes.com/2009/05/10/realestate/10cov.html

ANDREW BAISLEY described himself as a “cheerleader for Brooklyn” — at least until a month ago, when the proud Bushwickian decided to take a peek at the Manhattan rental market. Now he has a one-bedroom in Chelsea with outdoor space and a 10-minute commute, all for an “unbelievable” $2,100 a month.

Well lookie here! The light bulbs will go off in peoples heads very soon and I wonder what's going to happen for Housing Demand in Brooklyn?????

"there was a time when The What was a classic hip-hop joint."

It will always be a classic like me.

Later Retards, suck it down...

The What

Someday this war is gonna end...

Posted by: Return of The What at May 21, 2009 4:00 PM

I think my original post may have been misinterpreted. What I was trying to say is that I don't agree with the apocalyptic vision of "the What" (heretofore referred to as "the Whatever") and I thought that the post by FSRQ was good, in that it recognized the market realities of new units coming on the market in a recession, in terms of affordable housing and how things trickle down or up based on the economy.

I was not making a point about the number of units being built as a percentage of overall available units in Brooklyn, but instead offering up the idea that each development is only subject to the recession as much as its parent is. A huge, multi-borough (multi-city) developer can absorb a temporary loss. So, before everybody freaks out, let's think about who built these towers and why. I am not in any way arguing about supply and demand.

But thanks to "the Whatever" for injecting racial and class bias. Just as he/she accuses Brownstoner of doing all the time.

Posted by: chorosch at May 21, 2009 9:11 PM

"A huge, multi-borough (multi-city) developer can absorb a temporary loss. "

How can you make this Assumption??? Did you know the metrics involved?? Let me help you- In the Mutant Asset Bubble Debt was used a leverage, not regular business income but other people's money. Now things are very different because the insanity has worn off and everyone realizes they've been had!

Here lookie here Jagoff in the UK things are very very bad!

Stocks, Gilts, Pound Fall on Fed Outlook, U.K. Credit Rating

http://www.bloomberg.com/apps/news?pid=20601087&sid=a9uCNOZJitVM&refer=home

The pound fell to $1.5662 against the dollar from $1.5755 yesterday, trimming its weekly advance to 3.2 percent, while the FTSE 100 tumbled 2 percent. The U.K.’s AAA outlook was lowered because of the nation’s increasing debt, S&P said in a statement. The government’s budget deficit this year will reach 175 billion pounds ($273 billion), or 12.4 percent of gross domestic product, Chancellor of the Exchequer Alistair Darling said on April 22.

Entire countries are having problem and you think Dumbassed "Investors" can ride out the worse economic storm since the great depression????

"But thanks to "the Whatever" for injecting racial and class bias. Just as he/she accuses Brownstoner of doing all the time."

Where??????? Learn to copy and paste!

You see chorosch everyone here at Brownstoner get mad at me because I take the truth and blast every fucking retard out of the box. Thanks stupid...

The What

Someday this war is gonna end...

Posted by: Return of The What at May 22, 2009 2:33 AM

I think The What is off his meds again. Dude: you can contribute to this blog with a few informative posts, you don't need to respond to every single comment left by every other commenter.

An important question is, what kind of financial problem are we looking at? And the possible answers fall into three broad categories: recession, depression, and dark age. Put simply, using rough orders of magnitude: are we looking at a year or two of economic hardship? Or a decade? Or a century?

Under the first possibility, everything's going to basically be okay, prices will be flat for a while but neighborhoods will continue to pull together and improve and make Brooklyn a great place to live (yes, I'd rather live here than Manhattan even if the city was cheaper). Prices will then start to appreciate, not like they did five years ago, but simply reflecting the value of the buildings and neighborhoods aorund here.

Under the second possibility, there's going to be a lot of pain, and rents will drop, and HELOCs will be frozen, and that all sucks. But, the kind of people who spend a million bucks on an apartment aren't the ones who will really suffer in a depression. My friend bought a condo at the height of the market and did everything wrong: bought new construction, paid top dollar, got an interest-only mortgage, etc. Now he's probably, technically, underwater. But he has a great apartment that he loves, and he can afford the payments. He's fine.

And under the third possibility, well... then we'll have plenty to worry about other than our investments, real estate or otherwise...

Posted by: sdrubbins at May 22, 2009 2:30 PM

The What, I've had it with you in this thread. Stop calling everyone retards and asshats. Argue your points like a grownup. Everyone else agree?

Posted by: babygreene at May 27, 2009 9:09 PM

« CB7 Votes in Favor of Sunset Park Rezoning Plan Lamm Lots Coming Down in Price »

May 21, 2009

80 Dekalb Tops Out

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