10thStreetReno's Profile
- Stu Kingham
- 2003
- 2007
- Brooklyn
- Park Slope
- House
- Financial
- Male
- 35
Author's Posts
October 21, 2009
Architect Light or Heavy
Interested in others thoughts here. We're getting close to pushing forward on a major renovation on a three story town house. I say major renovation but the truth is the house will be largely be renovated rather than reconfigured. Speaking to some architects their cost is 20% of the overall project. For that they will draw up the plans, keep on top of the contractors and file plans with DOB etc. There are other architects we've spoken to who will draw up the plan and file with the city and that's it. For that they would charge a one time fee. Seems like the big difference is there would be no project management as such.
Now some people would be very hands on and deem the plan only approach fine but others may not be able to commit to this level of personal input. If anyone has any thoughts on the pros and cons here we'd appreciate it.
October 16, 2009
ConEdison & two meter building
Here's one for folks. We have a two family brownstone which has a seperate meter for the rental floor. With our current tennant moving out I have transferred the bill into my name. Con Edison now deem this a commercial bill and charge a higher rate. I challenged them on this that it was all the same building but thems the rules allegedly. The weird thing is, if I were to convert to a single meter for the house the bill would all be back to residential rate. The rate would also change back to residential when and if it's moved back to a new tennant. Struck me as very odd but perhaps others have encountered this ? Either way it just seems like a rip off.
August 3, 2009
Ceiling Fans & Medallion
Throwing this one out to see if anyone has overcome this particular problem. We have a couple of ceiling fans to install. No issue there ordinarily, however upon closer inspection there's nothing solid to attach them to. Issue we have is that we can't get a brace up through the hole in the plaster medallion without causing some damage and even then we would need to go up through the lathe behind it. There's no gas line there to attach to. Wondered if anyone else has has this issue and how it's been solved. We'd like to keep the medallions if possible but understand they may need to be partially removed.
July 8, 2009
Handyman required
HI all. Wanted to see if anyone has any recomendations for Handymen out there. We have a good amount of work that would start small and proceed to larger jobs should this work out. Any thoughts I'd appreciate.
May 21, 2009
Ceiling fans
Hi all - we are trying to buy some ceiling fans with an antique look, no lights and metal (or metal looking) blades. We dont like all the ones down Lowes and home depot who's lights look like boobs ! If anyone has any thoughts we'd appreciate.
April 6, 2009
Jumbo Loan news article
Some signs of life in the Jumbo loan refi market. Not clear to me the direct impact in the NYC region other than the fact that the Jumbo market does appear to have a pulse rather than the flat line of the last 18 months or so.
http://www.marketwatch.com/news/story/Jumbo-mortgage-rates-starting-become/story.aspx?guid=%7B58208B14%2D6F47%2D4A43%2D8C57%2D1ED59B95D963%7D
March 20, 2009
Jumbo Loan news
Adam - any thoughts on this ?
WASHINGTON - New money is about to flow into an area of the real estate market that has been hardest squeezed by the credit crisis: mortgages too large to be purchased or backed by Fannie Mae, Freddie Mac or the Federal Housing Administration.
Though heavily concentrated in California, portions of Florida and the Northeast, higher-cost neighborhoods throughout the country traditionally have depended upon the ready availability of "jumbo" mortgages to finance houses. But with the collapse last year of the private mortgage bond market on Wall Street, homebuyers, builders and refinancers who relied on jumbo financing were left with few sources - except at punitively high interest rates and huge down payments.
That's about to change. Major banks are heading into the jumbo segment, originating big loans at affordable rates - not for Wall Street bond traders but for their own investment portfolios.
Bank of America, the country's largest mortgage lender, is rolling out a large program to finance jumbo loans between roughly $730,000 and $1.5 million, with fixed 30-year rates starting in the upper 5 percent range. The loans will be available through the bank's retail network and also through its Countrywide Home Loans subsidiary. After April 27, Countrywide will be rebranded - shedding the name it's had since 1969 - and morph into Bank of America Home Loans. Bank of America acquired Countrywide in 2008.
Barbara Desoer, the bank's head of consumer real estate operations, said there's "a real need" for capital in the jumbo arena, where interest rates last fall sometimes exceeded conventional loan rates by 3 to 5 percentage points - if financing was available at all.
Traditionally, jumbo loans have been defined as any home mortgage whose principal amount exceeded Fannie Mae's or Freddie Mac's statutory high-cost market purchase limit. Most recently that ceiling was $625,500, up from $417,000. But in 2008, Congress temporarily raised the upper limit in high-cost areas for both companies and FHA to $729,750. In the economic stimulus legislation passed by Congress last month, that maximum was extended through Dec. 31 of this year.
Though it will almost immediately become the biggest player in the jumbo loan segment, Bank of America will not be alone. With little fanfare, other financial institutions have become more active. For example, ING Group, an Amsterdam-based banking and insurance conglomerate, offers jumbos as large as $2 million through its online ING Direct unit. The minimum down payment for an ING Direct jumbo is 25 percent; Bank of America quotes a minimum 20 percent.
ING's jumbos typically are "5/1" and "7/1" hybrids with a fixed interest rate for the first five or seven years, followed by an adjustable rate tied to the LIBOR interbank index for the balance of the 30-year term. Current rates start around 5 percent.
San Diego-based Luxury Loans originates jumbo and "superjumbo" mortgages of $3 million to $5 million and higher in 50 states for a handful of large commercial banks, who then put them in their investment portfolios.
Victoria Johnson, CEO of Luxury Loans, declined to identify the banks that buy her mega-loans but said their underwriting standards can be rigorous. For example, some investors want proof of substantial cash reserves - at least six months of borrower income - deposited even when down payments are substantial.
Bank of America's new program requires hefty liquid resources - six months of principal, interest, property tax and insurance payments in reserve - plus fully documented income, solid credit scores, and a full appraisal.
In Fort Collins, Colo., Brian Shaver, senior loan officer for 1st City Mortgage Group, originates jumbos through MortgageBase.com, selling them to banks in this country and as far away as Hong Kong. For a loan of $1.5 million to $2.5 million, MortgageBase wants a 40 percent down payment and liquid reserves of 50 percent of the loan amount to qualify for a 4.875 note rate on a 5/1 hybrid.
Johnson of Luxury Loans says she welcomes Bank of America's entry into the mass-market jumbo arena. "We need them," she says, "because there's been a really serious lack of liquidity at this end of the market" - and that has hurt home prices throughout California as well as parts of the East Coast.
"The more competition," she says, "the better." Properly underwritten with solid down payments, large reserves and high credit scores, "jumbos are probably a smart move" for large and small banks that have capacity in their portfolios.
Bottom line: If you've been postponing a purchase, sale or refi because the loan amount you need is too big for Fannie, Freddie or FHA, check out the new, non-Wall Street sources of jumbos.
March 11, 2009
Closet doors - looking for help
Hi there, we're looking to have some closet doors made for some built ins that are in our home. They would be custom given the space we have. We'd prefer solid wood but open to discussion. Does anyone have any recomendations for companies who can build these ? Thanks in advance.
February 10, 2009
Rental taxes and deductions
Folks,
wanted to see if anyone had some thoughts on rental income and deduction questions as they relate to tax returns.
Situation is - we have a 2 family building which has three floors, the top one we rent out.
1) Is it correct to deduct 1/3 of utility costs ? GAS / Electricity and water
2) Understand that some repairs are deductible. We have had the hallways replastered which covers the main entrance and up the stairs, plus tenents hallway. I'd think that would be 100% deduction and not 1/3 deduction as it's all in tenants area.
3) Lead water main replaced. We weren't clear how or if we should split the % of this repair but do believe it could be a deduction.
Appreciate anyones' advice on the above.
Also - can Brownstoner.com add spell check please !
December 18, 2008
Question For Adam on refinancing
Adam,
ive seen you post on this topic but wanted to run this past you for your thoughts.
Was thinking of getting a HELOC for 250k. For arguments sake let's say this is agreed (it should be given the equity we have in the house even if I assume 20% price decline). I take that 250k and pay down the mortgage. The idea being to reduce our interest cost. Currently we have a 30 yr fixed rate Jumbo mortgage at 6.25% so believe this should be worth at least researching at this point.
Question would be: what would be the typical fees involved ? Would we have to pay mortgage tax on this ? Any other significant fees to consider ? (>$500)
Thanks
Stu
Author's Comments
We made the decision to reglaze our claw foot. Personally I'm not a fan at all of these but the wife is as she thinks it looks better. I just dont think they are practical. E.g. if you have a shower curtain going all the way round then where do you put your soap / shampoo etc ? We have ours on a fitting on the tub but it's hardly ideal. I'd much rather a walk in shower on one floor and a tub on another.
To have just the inside re glazed is about $300. I believe the whole thing is approx 5-600 depending upon who's doing it.
Posted by: 10thStreetReno at October 19, 2009 9:36 PM in response to Clawfoot Tub Worth Saving?
B&L repair are always pretty cheap. Forget their number off the top of my head.
Posted by: 10thStreetReno at October 16, 2009 3:30 PM in response to Dryer repair recommendation?
Thanks everyone. We're not planning on keeping the additional floor for ourselves and I agree that this problem will go away when the new tennant moves in.
We may just change to one meter and make this go away that way but this just seemed plain wrong to me but I guess not.
Posted by: 10thStreetReno at October 16, 2009 12:45 PM in response to ConEdison & two meter building
When you see the money supply being dramatically increased due to fiscal expansion then yes, you'd say that this could lead to inflation. However, this down turn has seen a significant widening on the supply side which would take years to correct. Just look at the unemployment numbers - we're at 10% now and much of europe is well in excess of that.(spain at a staggering 18% !) That said, inflation is not likely to be a big driver of house prices in the near term(no $10 bread either).
What we can say is that supply and demand will continue to be the dominant factors for house pricing and this report is one fact that suggests demand is increasing albeit marginally. Increased confidence and low mortgage rates are naturally positive in helping demand. The call is which direction are these going down the road. For my money it may be a stagnant market for a few years but long term investing in a tax efficient investment will typically beat other forms and hence prices will continue to tick up in the years to come.
Posted by: 10thStreetReno at October 15, 2009 1:04 PM in response to Elliman Q3 Report: Better Than Q2
10thStreetReno wrote a review about Bussaco on October 14, 2009 5:21 PM
We've been a few times now and have had a good experience both times. We've tried just drinks and a burger as well as the three course menu. Both we re very good and while we don't go here every week it's certainly on our list of decent places in park Slope. Staff are friendly, quite suprised it's not busier although being off high st can be a problem.....
No fan of the pink and while the wood work is amazing doesn't anyone else think it makes the place look a bit dark. Perhaps just crap photos. Great location and could easily go for near ask although in truth if I was looking to lay down that sort of money I'd be looking far more closely at comps to really back that comment up.....
Posted by: 10thStreetReno at September 30, 2009 3:02 PM in response to House of the Day: 233 Garfield Place
I agree on the fines for Litter. Likely this would pay for inspectors so could even generate some employment there ! Kidding aside I did some volunteer work in the park last summar and was stunned at how much rubbish folks leave. I asked the organiser why there weren't more trash bin around or at least much larger ones and was told the powers that be think they don't look nice. Odd considering the trash everywhere looks way worse. Prospect park is awesome and anything to clean this place up is good news.
Posted by: 10thStreetReno at August 19, 2009 12:34 PM in response to Cleaning Prospect Park Lake
10thStreetReno wrote a review about Tacos Nuevo Mexico on August 5, 2009 12:33 PM
The food here is off the charts good. None of that mediocre tex mex, everything covered in cheese crap. This competes with anything you'll find in sunset park and the new renovation spruces things up nicely. I'd highly recomend, it's great food at a great price. If you haven't been there, check it out.
10th street house needs a ton of work. It is a good location though and I prefer to label mid town slope ! At 1600 square feet the house is not the biggest but with investment you could expand to a great 1 family. Price would have to come down a bit though.....
Posted by: 10thStreetReno at July 31, 2009 5:06 PM in response to Open House Picks
Denton,
good call. Makes a lot of sense to put in a dog run there. I walk the dog in the early hours but going over prospect park can be problematic because too many owners have dogs off leash that they can't rapidly control. Dog runs are the way to go in this regard. Good luck.
Posted by: 10thStreetReno at July 16, 2009 1:38 PM in response to South Slope / GH Dog Run
10thStreetReno wrote a review about Bar Toto on July 14, 2009 4:28 PM
Interior is nice and sitting outside is also just as enjoyable. Food is decent if not spectacular. Sometimes they must worry about vampires in this place as they hammer most plates with garlic. A bit overbearing at times as much as I like the stuff.
MM - This house will sell soon enough. Disagree on the 1.6m, someone's going to come in prior to that. Certainly if I was looking high 1's low 2's it would be on my radar, it's a nice place.
Posted by: 10thStreetReno at July 8, 2009 2:00 PM in response to House of the Day: 448 6th Street Revisited
6th st seems pricey given square footage although location is a plus. 2 years too late i'd say....
Posted by: 10thStreetReno at June 26, 2009 2:16 PM in response to Open House Picks
On the face of it seems like a great idea but when i loook at our back garden and how filthy everything gets from the rain / polution mix I second guess. Still - I would think it's better than just doing nothing which is what I will likely do in regards to garden on our roof.....
Posted by: 10thStreetReno at June 24, 2009 12:54 PM in response to Try This Green(point) Roof on for Size
We used to live in the block on 2nd st. It's a great condo and we sold ours very quickly 18 months ago. I've kept my eye on these places since we left and they tend to sell quickly even today. The pros to the building would be that it's still realtively new and so doesn't need much if any work. The upper duplex are spacious and well laid out. In terms of location - at 350 you're much closer to 5th ave than 4th and you dont hear 4th ave at all. Subway is 5 to 10 min walk. Personally I'd much rather be closer to 5th ave than say 7th but personal choice. 1.1m is decent for that spot and the maintenance is relatively low.
Posted by: 10thStreetReno at June 23, 2009 12:50 PM in response to Last Week's Biggest Sales
FL is right - the banks are in for a bumper year. Q2 has been rocking for the reasons mentioned, bid offer widened and increasing market share for remaining players. Tarp repayment makes some shops even stronger. Only issue could be the payment of bonus in restricted stock which typically takes 3 years to vest. Having said that we're seeing staff departures at a good clip to hedge funds as people look for cash $ rather than stock compensation. There will be more $ around come early 2010, question is how will real estate as an asset class be impacted. ? My guess is that more $ will come in but nothing like 06 / 07 vintage. As with any point in peoples lives they should look at all asset classes and their own risk tolerance and invest accordingly. If may be foolish to simply ignore real estate in that regard.
As for DB commentary, they are hardly top tier. Check out their conviction buy list, it typically changes daily without explanation.
Posted by: 10thStreetReno at June 19, 2009 4:40 PM in response to Open House Picks: Six Months Later
Seems that new construction is bedeviled with issues. When we were down on 2nd street the board were still dealing with issues 4 years after completion, albeit with much more serious structural flaws.
I do agree with some of the above posters that buyers lawyers would hopefully protect them in such circumstances. Seems that a good lawyer would really earn their money at points like these whereas others don't understand how god awful problems are for buyers who will have invested significantly both financially and emotionally.
Buyers at the Argyle are bold to take on the new construction and I hope it works out for them.
Posted by: 10thStreetReno at June 18, 2009 12:29 PM in response to Argyle Closings Happening, But Watch That Punch List
We've just stripped and re stained several wooden shutters. Using a brush was fine although I will say we put three coats of stain on them, all of which were lightly sanded in between. The end result was great. I'm told that spraying can be better but given the results we had it can only be marginal.
Posted by: 10thStreetReno at June 16, 2009 4:49 PM in response to painting/installing shutters
10thStreetReno wrote a review about Bogota Latin Bistro on June 16, 2009 12:52 PM
this place is great - always seems very busy. Tasty without being spectacular. Great if you are playing beers of the world - Argentina and Venezula are not easily ticked off !
Nice house. BHS seem to get a lot of the prime listings, but then if they tell sellers they can get 3.9m it's not surprising. Low 3's I say. New kitchen a bit of a turn off.
Posted by: 10thStreetReno at June 4, 2009 6:31 PM in response to House of the Day: 143 Amity Street
If you want authentic mexican head down to sunset park. I followed this blog route on saturday. Off the charts ! Pig skin taco for serious foodies only though...the Pombazo is a serious carbohydrate boost !
http://nycfoodguy.com/2009/04/06/sunset_park_brooklyn_mexican_food_tour/
Posted by: 10thStreetReno at June 3, 2009 2:52 PM in response to Streetlevel: Yummy Taco Opens in South Slope
Well said Slopefarm. What is amusing at times and like usual scam artists throws around the odd fact here of there in a vain attempt to prove authenticity.
DIBS - keep up the good work on keeping these bears in the real world. Long term tax advantaged real estate investing is a winner in NYC. If others wish to ignore that then so be it.
As for financials having a weak 2nd qtr that's very much mistaken. You are going to see some stellar numbers, some will be even better than Q1. Why ? Bid offers are still wide across almost every asset class and there are fewer players on the street. Just look at the equity issuance the past few weeks.
Posted by: 10thStreetReno at June 3, 2009 1:31 PM in response to Foreclosures in Brooklyn Up Slightly But Still Low
looks nice. Not sure about 629 for that location but I dont think it's unreasonable to see mid 5's on this given the renovation.
Posted by: 10thStreetReno at June 3, 2009 12:57 PM in response to Co-op of the Day: 41 Eastern Parkway, #5C
Isn't this What's house ?
Posted by: 10thStreetReno at May 29, 2009 1:05 PM in response to What's Up With 10th Street's Grey Gardens House?
Those two in Park slope both look really nice. I could see those easily going for ask or more, especially the one on 6th st.
Posted by: 10thStreetReno at May 29, 2009 1:03 PM in response to Open House Picks
Those two in Park slope both look really nice. I could see those easily going for ask or more, especially the one on 6th st.
Posted by: 10thStreetReno at May 29, 2009 1:02 PM in response to Open House Picks
What / BHO - Your IR commentary is not correct. This weeks treasury auctions have been remarkably well recieved. Given the sums of US treasuries 30 yr rates at 4.4% are incredible and extremely low from a historic perspective. Early 1980s trasury's were yielding 13%+ we are not even close to that. Just as the fed has expanded the money supply it can be quickly contracted.
Understand team bear are feeling good right now and happy to sit on the sidelines but how are you going to save enough to retire without the benefit of long term tax advantaged real estate investments ? Cd's paying 1% ?
What - by the time you retire your SS check will likely only pay for your bus ride to coney island. Guess you can cash in all that gold you've been hoarding or your other amazing hindsight strategies.
DIBs is right, when everyone else is walking away is when the best deals can be made. All dependent on risk tolerance but I believe it's a mistake to ignore any asset class outright.
Posted by: 10thStreetReno at May 27, 2009 12:53 PM in response to Case-Shiller: Record Drops in NY and Nationwide
Star of India was pretty mediocre and no competition for the vastly superior Baluchis. Amazing how it lasted so long though given it was nearly always empty. Has anyone checked out the new mexican place on 12th & 5th. It's an upmarket version of Nuevo Tacco which was great food but low budget interior. I'm guessing it must be pretty good if it's the same kitchen.
Posted by: 10thStreetReno at May 27, 2009 12:18 PM in response to Brooklyn Food & Drink Round-Up
Iron Maiden is right about one thing there, Ozzie's coffee is crappy ! I can see the Argyle reaching 70% sales already. Not saying it's a definite but just wouldn't be suprised.
Would be interesting to see the % sales of the Novo, Crest and Heritage compared to the Argyle. Heritage gets my vote for best new development. Parking Spaces and the apartments are really nice.
Posted by: 10thStreetReno at May 26, 2009 12:24 PM in response to TCO Issued for 125 North 10th; Closings on Tap
Agree that it's not suprising this place closed. Luggage is in frequently purchased at the best of times and the prices were ridiculous. Wonder what will take the space next ?
Posted by: 10thStreetReno at May 21, 2009 4:44 PM in response to StreetLevel: Flight 001 Leaving the Slope
Those stairs look great. It's much apprecaited you sharing all this info. Hoping to kick off our reno in the new year once we've saved up a bit more cash. Hopefully ours turns out as well as you guys have done. Library room looks top notch. congrats.
Posted by: 10thStreetReno at May 12, 2009 5:04 PM in response to Stair Rails
This place looks really nice. I can see someone paying out for this. 2.5 to 2.75 is not out of the question.
Posted by: 10thStreetReno at May 12, 2009 5:00 PM in response to House of the Day: 178 8th Avenue
I like the under contrstruction show. Has anyone else seen the spin off "10 grand in your hand" ? I'm not so convinced it's as easy as they say but some pointers.
As for these apartments - they do seem pricey but the high end finishes may distinguish them from other mediocre efforts locally. They'll sell eventually - pricing point is up for debate.
Posted by: 10thStreetReno at May 12, 2009 12:14 PM in response to 53 Lincoln Condos Hit the Market
We just fostered a dog and take her to the park daily. I'm in two minds on the whole off leash rules. I don't see us ever letting her off leash (guessing we'd never see her again !) but I do feel that some owners are very irresponsible in this regard. Watching someone screaming their dog's name for 15 minutes in desperation for them to come back tells you they should not be off leash. Having said that dogs that are well trained and obedient shouldn't have the privaledge removed because of a minority of bad owners.
What I really hate though are owners that don't scoop. Drives me nuts.
Rob - have you taken your dog down to the new dog run by the Novo ? It seems a lot better than the prior dog run in that area. Not sure how the folks in the Novo think of the big bag of steaming dog turds though....
Posted by: 10thStreetReno at May 11, 2009 2:41 PM in response to Prospect Park Vigilante Wages Canine Campaign
Agreed - well worth the money. For $1m coverage you're looking at $300-$400 per year. Not free but as other have said it's something you get and then don't have to worry about.
Posted by: 10thStreetReno at May 11, 2009 2:19 PM in response to Umbrella Insurance?
DIBS,
agreed on your points. Leveraged, tax advantaged long term real estate investments can be a superior strategy. There will be ups and downs in valuations like any other asset class, we can all speculate on that if we choose.
What & and all the other guys get fired up on their claims of 50% drops etc. But as I've said before, when the time comes to retire and folks do not have sufficient assets to make that happen comfortably, perhaps they will second guess not including this asset class.
Posted by: 10thStreetReno at May 8, 2009 5:50 PM in response to Open House Picks: Six Months Later
The windsor terrace house is nice. I haven't been in it but looks as though it has most of what folks would look for. Price could be higher end but if it shows as well as the photos that's going to sell soon enough.
Posted by: 10thStreetReno at May 8, 2009 5:21 PM in response to Open House Picks
Was anyone out on 5th Ave on Friday or saturday night ? There were lines out the door on a ton of places. Guess folks have enough money to go out when the weather warms up ! Not a sniff of an outside seat at my beloved Gate ! Euro ales on tap as well - doh.
Belleville back in my good books after saturday evening. Service and food much better than previous efforts.
Posted by: 10thStreetReno at April 27, 2009 1:32 PM in response to Open Thread
10thStreetReno wrote a review about Mura on April 27, 2009 1:19 PM
Love Mura - service is always prompt and friendly. The back garden is nice in the summer. Sushi itself is very good. We tend to stick with rolls plus they had the odd chef special here and there which have been great when we've tried them.
These views will be enough for someone to jump in. At what level, it's hard to say. Think someone will come in at the mid to low 3s on this. I like it a lot. Don't show the wife - we'll have to move again....
Posted by: 10thStreetReno at April 22, 2009 2:12 PM in response to Condo of the Day: One Main Street, #9B
What / BHO - the accounting change in 157-e just released is not mark to myth. In actuality if you read the new disclosure which no doubt you haven't, you'd understand that the FASB board backed down from the original recomendation to mark assets to distressed levels unless proven otherwise. You know why they didn't change it ? becuase the broker dealer community pushed back on it.
What basis do you have for Citi having 1 trillion of level 3 ? Once again - that's not correct. That's over half their balance sheet. Check your facts.
Posted by: 10thStreetReno at April 20, 2009 5:58 PM in response to Real Estate: The New Obscenity?
What. I can take your personal thoughts on the direction of real estate prices. Fair enough - but don't go on about the SFAS 157 disclosure and level 3 assets when it's clear you don't know what you are talking about. The level 3 (unobservable assets) disclosure tells you little if anything of a financial firms impending writedowns or financial health. Any first year analyst will tell you the disclosure has several flaws.
As for everything being priced at par - that's simply not correct to say. No doubt there's more pain to come, but given the US govt has given the financial system it's backing it's not going to fail. Worst case Govt takes equity position, cleans things up and then sells it stake. that may take a long time but it will not be the end of civilisation.
Posted by: 10thStreetReno at April 20, 2009 1:04 PM in response to Real Estate: The New Obscenity?
BHO - all you preach relates to market timing. If it's so easy why isn't everyone able to do it ?
As for real estate never coming back to peak comps we'll see about that. This down turn is nothing that generations before us have not seen before. I'm not saying prices will not decline but if you think they will never return you are are mistaken. When they come back I can't tell you but they will.
Your other comments of investing in cash and gold are retarded. How many people invested in gold the last year ???
You are clarealy a hindsight trader.
When I'm living comfortably in my retirement and you are complaining that social security has run out don't say folks didn't warn you.
As the saying goes, it's easier to buy in the middle than at the bottom and it's too easy to dance at the top.
Posted by: 10thStreetReno at April 16, 2009 5:38 PM in response to Douglas Elliman Q1 Report: Down and Downer
Team Bull wins out long term. Tax advantaged investing is hard to beat, plus renters have nothing to show for their monthly check. As for re-investing rent vs down payment, they would be far worse off over the last 2 years.
Interest rates will not be this low forever. What you save as the market girates you could easily lose and some when rates move up to combat the result of the monumental fiscal expansion - inflation. During the early 80s mortgage rates were in double digits. It's not impossible to imagine those days returning when the economy picks up, and inevitably it will.
Posted by: 10thStreetReno at April 16, 2009 2:25 PM in response to Douglas Elliman Q1 Report: Down and Downer
I agree with Denton, Belleville fell of a cliff big time. We used to love going to that place but I'd say 18-24 months ago things went down hill. Food quality became scrappy and service went down a notch.
We did go check out the new lounge. It's ok but nothing special. i can't say i'd rush back there. If we go out for vino or cocktail then typically stick to Brookvin these days up on 12th st & 7th.
Posted by: 10thStreetReno at April 15, 2009 12:12 PM in response to Brooklyn Food & Drink Round-Up
No way this goes for less than $1m. Only takes one buyer to keep that price up around the 1.4-1.5m range. There's enough on show here to suggest someone will pull the trigger.
Guess the flip question would be : if this house was fully renovated what sort of price would folks consider ? For something this close to the park fully loaded 1.7m to 2m is not out of the question. That said, and personal taste aside, i don't see how a renovation could be costing someone in 600-750k range.
Posted by: 10thStreetReno at April 14, 2009 1:02 PM in response to Price Cut at 465 13th Street
Conviviam Osteria - 5th & St Marks. Great stuff if you can get a table.
12th street bar and Grill - 12th & 8th. Steady fare..
Neuvo Tacco - off the charts mexican. None of this tex mex covered in cheese cr@p ! 13th & 5th
if you were to open best bar category then "the gate" on 5th & 3rd in Park Slope has no equal. They had barrell tasting this weekend - awesome.
A Di la & Applewood but then you knew them...
Posted by: 10thStreetReno at April 13, 2009 2:06 PM in response to Nominate Your Favorite Restaurants
House is in a good spot and likely will show well based ont the pictures. I think it'll generate a good level of interest as its in "move in condition" rather than "needs work". 1.4 is not unreasonable.
Posted by: 10thStreetReno at April 8, 2009 3:05 PM in response to House of the Day: 489 16th Street
Great work. You guys must be really happy. We're in holding mode on our reno so I read these posts with a tinge of envy that we can't quite proceed ourselves. One day though I hope things turn out as well as they have for you guys. I'm sure i speak for every reader when i say posts such as your own are a huge help to others thinking or working through the same process.
thanks.
Posted by: 10thStreetReno at April 7, 2009 6:16 PM in response to The End is Nigh
Responses to Author's Forum Comments
Why not just leave it alone?
I've had tenants move out, cancel their service with ConEd, but the lights still work, etc.
They stop billing the tenat, but I don't think they turn off the power unless the unit is severely overdue.
I have 2 meters, 1 for my unit and 1 for the common area, no commercial rate.
If you plan on re-renting that unit tell ConEd that, they'll just close the old account and wait for a new tenant to request service.
Posted by: christopher at October 16, 2009 12:46 PM in response to ConEdison & two meter building
Thanks for all of your input, Brownstoners. Although I'm not looking to drop the 4k, I am looking in the 2k range. Any thoughts there?
Posted by: crowlish at October 20, 2009 7:15 AM in response to Help with stove/range
Ask the guys at J & R on 7th in Park Slope. The Kenmore Elite line was rated very highly by consumer reports and I think the more expensive one was $1400. The Kenmore has a convection oven if you like to bake too. We just bought the GE Profile and its not as powerful as the one we replaced but is still great.
We ordered ours through J & R and they had it there and delivered in a few days.
Posted by: megunski at October 20, 2009 8:09 AM in response to Help with stove/range
"if you have a shower curtain going all the way round then where do you put your soap / shampoo etc ?"
We use chrome shelves that hook over the shower head--works fine
Posted by: Bob Marvin at October 20, 2009 8:52 AM in response to Clawfoot Tub Worth Saving?
I love my Chambers cooktop - puts out lots of BTUs. They were bought out by Kitchen Aid but the basic cooktop is still around if you Google it.
Posted by: Arkady at October 20, 2009 9:26 AM in response to Help with stove/range
We love our Jenn Air 30" slide in with downdraft and modular grill/burner option. Really good high btu burner. Good temp control. Switch out indoor grill is great. The downdraft spot is nice to push a pot off the burner to rest.
The indoor grill is surprisingly useful-
Posted by: Park Place at October 20, 2009 12:18 PM in response to Help with stove/range
Do you have a link or a picture of the chrome shelf?
Posted by: BKed at October 20, 2009 1:25 PM in response to Clawfoot Tub Worth Saving?
I recently saw a 30" Bertazoni (sp?) stainless steel range for less than $2500 on the internet somewhere. Looked great. Try EBay.
Posted by: HDL at October 20, 2009 3:42 PM in response to Help with stove/range
We also ordered our appliances from J&R and can highly recommend them. We looked at PC Richards then ordered from them. We got the Pro Electrolux 30" and have to say its probably just as good as the regular but we wanted the look too. That being said we LOVE it. We also considered the GE cafe which got highly recommended on consumer reports but we found the construction a little shoddy.
Posted by: Rocketjen at October 20, 2009 3:46 PM in response to Help with stove/range
Something like this:
Although this one isn't chrome. They're common items at hardware and mome goods stores--the same kind that people use with more modern showers. I just use a piece of wire to fasten mine in place over the shower head, since it's not stabilized by resting against the wall.
Posted by: Bob Marvin at October 21, 2009 10:03 AM in response to Clawfoot Tub Worth Saving?
We just bought a stove that we're going to put in the rental once our reno is done. It's a frigidaire 30 inch self cleaning stove. Very functional and came in at $600. We ordered at sears on the Friday and we had it by sunday ! We looked on consumer reports and they note that you don't need to go high end to get what most reasonable home cooks require. There's so many choices in this price range, it really comes down to personal preference.
Posted by: 10thStreetReno at October 19, 2009 9:43 PM in response to Help with stove/range