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July 31, 2009

Open House Picks: Six Months Later

Comment: Down dooby do down down...
Open House Picks 1/30/09 [Brownstoner]
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To return to my sports analogy,

Seems the steroids are wearing off and our cadre of aged sluggers are seeing their power numbers decline significantly.

Those mammoth homeruns of yore seem to be collectively turning into towering popups.

Posted by: MoneyForNothing at July 31, 2009 12:51 PM

Moneyfornothing not to mention the nut shrinkage, could pass as a women soon

Posted by: brickoven at July 31, 2009 12:53 PM

Bay Ridge sold for $2.1 mio.
Maybe not a home run, but nothing to sneer at. Certainly, better than a lame metaphor.

Posted by: antidope at July 31, 2009 12:56 PM

antidope I would call that a double on a dropped pop up. Its something but its sure is ugly

Posted by: brickoven at July 31, 2009 12:59 PM

There's such a thing as "Need to sell" but is there such a thing as "Need to buy"?

Posted by: more4less at July 31, 2009 1:20 PM

I can't see how there would be a "need to buy" when the underlying drive to buy is having a place to live and renting currently provides an attractive alternative to buying. For sellers, OTHO, renting out their property, esp for a whole house.

Posted by: Miss Muffett at July 31, 2009 1:26 PM

Woops my post got cut off - meant to say that for sellers, renting out their property, esp if it's a whole house, is not so easy.

Posted by: Miss Muffett at July 31, 2009 1:28 PM

oh Antidope,

I try and relax as others have suggested and , and add some humor to this thing instead going all macro on your asses....and now you got to go and snipe my brilliantly crafted metaphor.

Looks like those beginner poetry classes at the Learning Annex didn't pay off.

This market is a long term bear. Highly illiquid with a small buyer pool (and inadequately serviced on the finance side) for properties of this kind.

No metaphor, just cold hard facts.

Posted by: MoneyForNothing at July 31, 2009 1:42 PM

This is a debate that can only be settled via bottomline results - ie can each of us bearish buyers land the house at our price points. when I can buy a decent 3 story house in the prime BK hoods for <$1M, I declare myself HAPPY. Until prices tick up, I wait patiently. But if prices tick up before reaching that mark, then I'll admit I'm wrong and increase budget to $1M+

Posted by: more4less at July 31, 2009 1:54 PM

Well, all these price cuts are very exciting.

Posted by: mopar at July 31, 2009 2:04 PM

so if a frame house, aluminum siding, needing major work,
between 3/4th avenue facing the F train trestle on less than pretty block (am I being tactful) sells for $325 sq ft... what do you think you spend per st ft in good elem school district, brick or brownstone bldg, nice block,
nice interior and not needing work in PS?

Posted by: Petebklyn at July 31, 2009 2:09 PM

21st and 10th asks declined more or less inline with Case-Shiller.

Prospect thinks she can "wait it out".

Appraisal "misses" in Bay Ridge?

Down dooby do down down...

***Bid half off peak comps***

Posted by: Brownstones Half Off at July 31, 2009 2:18 PM

Miss Muffet,

Why is it hard to rent our an entire house? I wanted to do this before about, but there was just so little supply.

Posted by: Boerum Hill at July 31, 2009 2:19 PM

MFN- i agree that your poetry lessons didn't pay off. we'll have to wait and see if your finance tutoring pays off or not. the strength of your conviction, even with your fellow cheerleaders (M4L, MM, BO, BHO and What), is not necessarily enough to move the market. so far the rah rah bear team is off market at least as much as those "stubborn sellers." whether you'll be right in a year or two or three is an open question. i guess that leaves you plenty of time to work on you bloggy metaphors.

Posted by: antidope at July 31, 2009 2:22 PM

Why is it that many of Team bear think that the current homeowners are the stupid ones when it's clear that they seem to be the only ones who have been able to amass enough money to buy a home in the first place!!!!???

Some of us have amassed 2, 3, 4 homes so we must be 3-4 times as stupid.

Posted by: daveinbedstuy at July 31, 2009 2:33 PM

"the strength of your conviction, even with your fellow cheerleaders (M4L, MM, BO, BHO and What), is not necessarily enough to move the market"

Then why do brokers hate brownstoner?

***Bid half off peak comps***

Posted by: Brownstones Half Off at July 31, 2009 2:34 PM

Dibs, you're such a symbol of success. You live in Bed Stuy and sweep for your renters. You're going to lose hundreds of $K on this alone. You've said as late as last Sept that theres no recession. Shall I go on? In a nutshell, you're the stupidest f*uck here.

Posted by: cornerbodega at July 31, 2009 3:18 PM

Dave we think you are stupid becouse it makes no sensse to buy economicaly. At least that is my reason. More then anything its all about the affordabity index which I am sure you have never checked

Posted by: brickoven at July 31, 2009 3:20 PM

I repeat, when blogs such as this disappears = bottom in housing.

Posted by: cornerbodega at July 31, 2009 3:21 PM

cornerbodega / BO. are you trying to say stupid people don't make money on real estate? that's the stupidest thing I've ever heard.

Posted by: antidope at July 31, 2009 3:33 PM

Some of us have amassed 2, 3, 4 homes so we must be 3-4 times as stupid.

Posted by: daveinbedstuy at July 31, 2009 2:33 PM

QOTD.

Posted by: Meatball at July 31, 2009 3:35 PM

Antidope, don't lump me in there. I own 2 ppties and legitimately looking to buying a house in a prime BK hood (vs. someone babbling from the sidelines just for argument sake). I'm a realist. I know I'm losing value in those 2 ppties that I own. I don't make predictions but interpret the facts I can see. The fact right now is econ stinks and ppty prices are dropping. I don't predict how far it'll drop. I wait for prices to tick up to indicate that a bottom might've just past then buy. To buy now (while prices are dropping, prices are high on absolute basis, econ in massive trouble) and "HOPE" prices will stop falling - I'm not rich enough or stupid enough to roll in a couple hundred grand in this environment and bank on "HOPE". BTW, you don't think $1M is a ton of $$$? For that kind of $$$, don't bank on "HOPE", bank on the facts

Posted by: more4less at July 31, 2009 3:42 PM

To Bear Mafia- I'm going on a hiatus and I suggest you do the same thing. It's very hard to reason with delusional people. The whole Banking System is still insolvent, Asset prices are crashing and we are in a depression. Guys take a little break and come back in September then Team Bear will have plenty of fresh meat to gorge on.

Be well guys and remember Dave in Bed Stuy is a goddamn idiot! His "Net Worth" is tried up in House appreciation...

The What

Someday this war is gonna end..

Posted by: Return of The What at July 31, 2009 3:50 PM

m4l 1:54. maybe you're an out-of-towner. let's run thru "prime" BK. let's see: BH, CH, CG, PS. find me a "decent" 3 story that sells for less than 1.5 today. you won't find anything without warts. i presume that 1 mio threshold is ready to live in with your brood. so what you're really saying is you're waiting for a further 33+% collapse. that does not make you a legitimate buyer, imo. we can pick this up in 2 years perhaps.

your strategy to wait is fine and i think the risk of "missing the bottom" is low.

but i think all of us could use a break from the armchair quarterbacks who know, just know that they got the economy figured out. All your "facts" add up to the prediction you claim not to be making. Ha!

Posted by: antidope at July 31, 2009 3:55 PM

Antidope, unless you're born in NYC, I'm pretty sure I've been here longer than you. BTW, I've bid on 3 ppties for below $1M but got beat out by deeper pocket buyers who offer all-cash, 50% down, no mortgage contingency,.... Those 3 ppties are not representative of the genl mkt but rather 3 sellers who were super desperate for various reasons. Again, he who assumes there are no bargains now and/or willing to pay bigger price, will look to me (if & when I get lucky) say "that f'ing lucky bastard"

Just because I can afford something doesnt mean I want to pay that price. There's a reason why my ID is "more4less"

Posted by: more4less at July 31, 2009 4:10 PM

are you really that desperate for the bromides of others?

pathetic.

Posted by: antidope at July 31, 2009 4:17 PM

for someone who only had enough conviction to wager "Loser" ID, now that's gutness & truly pathetic. You're all talk and no putting $$$ where your loud mouth is. You by definition is someone on the sidelines debating for argument sake only.

worst than pathetic. Worthless

Posted by: more4less at July 31, 2009 4:30 PM

"Why is it that many of Team bear think that the current homeowners are the stupid ones...[?]"

You know what we mean. "current homeowner" doesn't necessarily qualify you as stupid. It's the recently purchased or HELOC-OD'd variety who have based their purhcase decisions on sheepfeed and thought they were going up from there (greed).

"...it's clear that they seem to be the only ones who have been able to amass enough money to buy a home in the first place!!!!???"

It's not money, DIBS, it's debt. You may have put down 50 but you're still snorkling under the surface.

"Some of us have amassed 2, 3, 4 homes so we must be 3-4 times as stupid."

3-4 times leveraged, 3-4 times deleveraging. Yeah, that's the stupid variety. How do you live in 3-4 homes?

***Bid half off peak comps***

Posted by: Brownstones Half Off at July 31, 2009 4:39 PM

A lot of my net worth IS tied up in house appreciation. But not more than half of it!!!!!

They were all purchased in 1997 or well before (the Bed Stuy house purchased with ill gotten gains from the Manhattan condo LOL) so there's a LOT of net worth there and two small mortgages.

LOL....all the way to the bank.

I AM 3-4 times more stupid it would seem.

Posted by: daveinbedstuy at July 31, 2009 4:44 PM

m4l, must be twice as stupid as you guys with his two investment properties churning out cash flow.

BHO, 4 properties with 2 mortgages at a LTV of less than 50% on each of them.

Quote: "How do you live in 3-4 homes?"

Whenever & wherever I want to. No need to rent them out for the cash flow. i don't need it. Besides, they're all full of expensive furniture and I don't want any renters there.

I know that's hard for you to understand since everything is ALL about rent yield.

Posted by: daveinbedstuy at July 31, 2009 4:49 PM

DIBS, not investmt ppties. Never intended them to be investmt ppties. live in 1. want to live in the other but now thinking of renting it out. Pure luck (cause I didn't anticipate this crazy run-up) that there's a ton of equity in them to fund a house purchase (ie playing with house $$$).

Posted by: more4less at July 31, 2009 5:02 PM

I'm playing "Count the Deadly Sins" on this thread.

Posted by: DitmasSnark at July 31, 2009 5:07 PM

Snark, "Seven" is one of my all time favorite movies.

Posted by: daveinbedstuy at July 31, 2009 5:09 PM

"they're all full of expensive furniture"

who says that? Lol, gotta love dibs. At least some people can pull off the impression of wealth. This guy is just an ignoramus...

Posted by: cornerbodega at July 31, 2009 5:40 PM

Ever buy a table at Christie's for $9,000, cornerbodega?? No, I suspect you've never been to Christies. That kind of expensive furniture.

It's labelled underneath and was made in NY in 1772-1775. You need to learn to appreciate the finer things in life.

You stay in contact with me here more often and maybe it'll rub off on you.

Posted by: daveinbedstuy at July 31, 2009 6:47 PM

cornerbodega, on second thought, I think I'll take you on as a special needs" project. You can tag along and we'll go to the brooklyn Museum and the Metropolitan Museum and I'll teach you all about early American furniture. You'll learn the differences between the Philadelphia makers, the Newport Goddard Townsend school, the Connecticut and the Boston makers.

Afterwards we'll stop at the King Cole bar and enjoy a cocktail. Whaddya say???

Posted by: daveinbedstuy at July 31, 2009 7:04 PM

You guys need to work on your adjectives when you trash Dave. They are inaccurate. And repetitive. Work harder!

Posted by: Nomi at July 31, 2009 8:09 PM

Love the King Cole bar.

Posted by: Architerrorist at July 31, 2009 9:12 PM

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July 31, 2009

Open House Picks: Six Months Later

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