Legal curb cuts and guaranteed parking are reflected in the price people pay for their homes, and thereafter what they pay in property taxes. So people do pay for them, it's just hard to identify exactly how much they pay.

Posted by: Back40 at November 17, 2009 4:18 PM in response to City Planning Targeting Curb Cuts

Pomme de Terre has an even awesomer hamburger than the Farm, IMHO.

We get chinese at the place that is across from Met food, on the corner opposite Duane Reade. I don't know the name of it -- is that the New Hong Kong House? It's not bad.

Posted by: Back40 at November 13, 2009 4:00 PM in response to StreetLevel: Cortelyou Market, Wine Bar Coming Along

MM I hope you are working on a book.

Posted by: Back40 at November 12, 2009 8:21 PM in response to Walkabout: MW Morris- the Commissions Cometh

Pop -- good luck and welcome to the neighborhood.

Posted by: Back40 at October 27, 2009 3:08 PM in response to Last Week's Biggest Sales

DIBS, I'm not arguing that the downturn will never end, so of course there will be new hiring. But in fact, the level of employment on Wall Street in NYC is at the lowest it has been since before the run-up in the 1990s.

Posted by: Back40 at September 18, 2009 10:23 AM in response to NYC Unemployment Passes 10%

Squaredrive: The securities industry has lost 31,000 jobs since January 2008, and the much broader "financial activites" sector has lost about 44,000, according to data from the NYS department of labor.

Posted by: Back40 at September 18, 2009 9:57 AM in response to NYC Unemployment Passes 10%

Household net worth remains more than 12 percent below what it was a year ago, despite the increase from Q1 to Q2. While that increase confirmed that the economy cannot continue to contract forever, the overall picture reflected in the Fed's numbers is not very rosy. The credit crunch and deleveraging are highly visible in the report, and the net reduction in wealth from this episode is sobering.

OTOH, the financial sector is likely to be paying out bigger bonuses this year than people were previously thinking, which will give higher-end properties a sugar high this winter. But it won't be sustainable -- real estate lags in a downturn since it is illiquid. Charles Kindleberger has a nice treatment of this fact in Manias, Panics, and Crashes.

Posted by: Back40 at September 18, 2009 9:06 AM in response to NYC Unemployment Passes 10%

Household net worth as percent of disposable personal income is still about 13 percent less than what it was 6 years ago, so I wouldn't get too excited about the little increase, DIBS.

Posted by: Back40 at September 17, 2009 3:14 PM in response to House of the Day: 7543 Shore Road

150 A MONTH for water, for a 1-bedroom apartment?? Something is seriously wrong with that.

Posted by: Back40 at September 17, 2009 8:38 AM in response to Utilities Bill

OP - your water bills will be going up but not really because of your meter! They have been going up double digits every year.

Ideally, the new meters will allow people to manage their water usage better and to nip leaks in the bud.

Posted by: Back40 at September 1, 2009 10:25 PM in response to Wireless Water Meter Today

Another Sluggo fan here. Works like a charm.

Posted by: Back40 at August 25, 2009 4:30 PM in response to Land Snails in the Garden

Thanks most of you for your helpful comments. I am definitely going to give the polite conversation another go -- we are generally on polite terms and of course I don't want to start a war with a neighbor. There's a certain beauty to the CO detector idea and maybe I'll give that a go. He might take our complaints more seriously if he knew that the fumes were literally setting off alarms.

Posted by: Back40 at August 14, 2009 1:57 PM in response to Noxious Neighbor Help

and aside from all of the above, your property taxes will be affected.

Posted by: Back40 at August 7, 2009 2:38 PM in response to Convert 2 Family House to 3 or 4

me again -- or is this building shaped like a wedge? It just looks funny.

Posted by: Back40 at July 20, 2009 2:43 PM in response to Co-op of the Day: 209 Lincoln Place, #7CD

Is it just my browser, or does it look like the photo of the front of the building has been photoshopped onto a nice day somewhere in the country?

Posted by: Back40 at July 20, 2009 2:41 PM in response to Co-op of the Day: 209 Lincoln Place, #7CD

So, to digress slightly from the OP's question, exterior acrylic latex is fine to use generally for exterior painting -- say, window frames or porch columns? (Just a couple of the painting jobs I have in mind). I always assumed that oil based was the way to go for exterior work.

Posted by: Back40 at July 20, 2009 12:44 PM in response to Oil Paint for Porch?

DIBS, the chart (http://www.ritholtz.com/blog/2009/06/monthly-sp500-inflation-adjusted/) is in inflation-adjusted terms. Your rather incoherent rendition of relatively recent market trends appears to refer to the nominal trend.

As to your belief that history has no relevance, I will just let that go without comment.

Posted by: Back40 at July 1, 2009 5:28 PM in response to Case-Shiller: Beware the Head Fake

I get it from the chart, which shows for each secular bear market (within which there were rallies) the months until the S&P regained its peak. Average is about 300 months. As of March, we are 111 months out from the peak.

Posted by: Back40 at July 1, 2009 5:04 PM in response to Case-Shiller: Beware the Head Fake

DIBS, that is one way to look at it. Another way is that the average time to reach inflation-adjusted peak after the bear market starts is about 25 years. Thus, all those many people who had accumulated assets for retirement or whatever prior to 2000 may as well kiss it goodbye. If you're young, maybe this is not such a big deal since you have more of your savings invested at a lower base and you can ride up the recovery curve. If you are, say, a babyboomer, you won't have the opportunity. Thus the prospects for a very weak and drawn-out recovery.

Posted by: Back40 at July 1, 2009 4:47 PM in response to Case-Shiller: Beware the Head Fake

If anyone is still interested in whatever substance has been discussed in this thread, here is an interesting take on the current state of the market in historical perspective.

http://www.ritholtz.com/blog/2009/06/monthly-sp500-inflation-adjusted/

The post argues that we are in the midst of a secular (meaning long-term) market downturn that started in 2000. Admittedly, the chart only goes through 3/30 and so misses the recent rally, but it's intriguing, no?

Posted by: Back40 at July 1, 2009 2:00 PM in response to Case-Shiller: Beware the Head Fake

While the stock market is a leading indicator, it is not "the best" leading indicator -- it is one among many, and economists debate how reliable it is. DIBS I think you are endowing it with too much predictive power. It is true that this recession must eventually come to an end, and that house prices will eventually stop falling. It is also true that households have taken a huge hit and will not do much to contribute to a rebound in spending.

Posted by: Back40 at July 1, 2009 10:15 AM in response to Case-Shiller: Beware the Head Fake

Perhaps they are calculating "taxes per unit as percent of income" -- if it's 25 percent of income (as some properties are) then $8,400 in taxes assumes monthly income of about $2800, which might be a stretch for a condo you describe but not as bad as newsouthsloper's calculation.

And your broker predicting that there will be new abatements sounds like broker magical thinking.

Posted by: Back40 at June 15, 2009 11:22 AM in response to New condo property tax

I second Minka Aire. I also have been pleased with their customer service.

Posted by: Back40 at May 21, 2009 5:37 PM in response to Ceiling fans

Maybe the intent of rent stabilization is actually to stabilize rents and not necessarily to subsidize poor people. In a stabilized world, landlords are guaranteed some sort of return but don't get to gouge tenants in tight housing markets. The downside is that developers don't get the extra incentive to increase supply afforded by high profits when the market is at the top. So instead, they could get tax breaks to increase supply. In this manner, the stabilization of rents is in fact subsidized by the larger public in the form of developer tax incentives.

Just thought I'd offer a different way of looking at this issue.

Posted by: Back40 at May 19, 2009 9:23 AM in response to Rent Board Chief on Shifting Onus from Landlords

The Albemarle house was on the house tour a couple years ago. It was dreamy. Some of the furniture is original; custom made to fit the curve of the turret.

Posted by: Back40 at May 15, 2009 9:25 PM in response to Open House Picks

oy, you people! First of all, the $1 million price tags aren't likely to hold up in this environment and the fact is that most people who live in DP didn't pay anything near that for their homes -- these houses don't turn over that often.

I live in DP and who are my neighbors? Across back yard fence -- Pakistani family with a little contracting business and illegal tenants. North side of my house: Guyanese family with a day care center and a barbershop. South side of my house: retired couple with a couple of illegal tenants. Up the street: a couple of teachers, a freelance photographer, an MTA employee, an artist married to a health care worker. Across the street: Asian lady who works in the bakery. Around the corner, a few more Dept of Ed employees. We are just rich, rich, rich in Ditmas.

And Rob, you have no idea about the costs of raising children. It's true they can be raised very cheaply, but basic middle class enrichments -- music lessons, a sports team here and there, and maybe summer camp -- plus saving for college and paying for enough space for a family -- it's a lot.

Posted by: Back40 at May 14, 2009 11:28 AM in response to Can Ditmas Park Save The Middle Class?

there's also a Yahoo group -- KWTneighbors -- which is just the thing for questions like this.

For auto repairs, try Luis at the Shell station on Beverley and CIA.

Posted by: Back40 at May 12, 2009 9:35 AM in response to Newbie

“We believe that our new pricing structure creates smart investment opportunities for buyers who will be able to realize long-term appreciation on these residences"

i.e. "If you buy at our above-market prices and hold long enough, inflation will make you think you made a gain."

Posted by: Back40 at May 7, 2009 10:36 AM in response to Rentals, Price Cuts and Loan Extension at 1BBP

I thought Bklnite's costs sounded about right. I think it also matters that the Vics are cheaper to buy, so the all-in cost is still far less. You might not get as much of it back when you sell, but since I plan to be taken out of mine on a slab, I don't care!

We do our own lawn with a push-mower, and our own landscaping. We also procrastinate a lot on various upgrades and repairs, which is a time-proven short-term-cost-saving technique!

Posted by: Back40 at May 6, 2009 10:49 AM in response to Maintaining a Victorian home

I used Amendola's for a fence last year -- they were a little pricier than Bracci but otherwise I was very happy with them. They did a great job dealing with the fence around a tree that straddles my property line. I liked the guy from Bracci too but he didn't have any good ideas for dealing with the tree.

Posted by: Back40 at May 1, 2009 4:44 PM in response to Looking for a Fence Specialist

The "Bed-Stuy" house is in Ditmas Park/Midwood. (or whatever you want to call it -- Flatwood Park Square South)

Posted by: Back40 at May 1, 2009 1:08 PM in response to Open House Picks

Chosen,
My bad. I am confusing it with a different painted lady, I think.

Posted by: Back40 at May 1, 2009 12:06 PM in response to Victorian Flatbush House Tour in Jeopardy!

Bob,
Well, we won't settle the question here anyway! I do think that the house in the photo went up for sale in the year after it was last in the tour (unless I am misremembering). Also, the mansion on the corner of Albemarle and...Argyle?

Posted by: Back40 at April 30, 2009 3:05 PM in response to Victorian Flatbush House Tour in Jeopardy!

Bob, I don't have hard empirical information! However, it was my impression for a couple years in a row that several houses I'd seen on the tour went up for sale sometime in the following year.

However, maybe the stress of having all those people troop through proved too much and the owners fled. :)

Posted by: Back40 at April 30, 2009 12:40 PM in response to Victorian Flatbush House Tour in Jeopardy!

My general observation is that many of the houses on the tour are subsequently up for sale. So, this lack of participation might be a sign of the times -- people aren't planning on selling in this environment.

Posted by: Back40 at April 30, 2009 12:12 PM in response to Victorian Flatbush House Tour in Jeopardy!

And what does the bull camp think is the long-term sustainable differential in housing costs between the NY metro area and the rest of the country? Because, obviously, that is growing. How long are employers going to be willing to pay the larger increment?

Posted by: Back40 at April 29, 2009 10:18 AM in response to Case Shiller Index: Negative Numbers Across the Board

jose-
The assessment you receive in the winter doesn't tell you your taxes, only your assessed value. That's because it's for fiscal year 2010 which doesn't start until July 1 and the tax rates don't get set until June. You could use last year's tax rate as a start -- I'm not sure what it was, but it's probably in the ballpark of 15 percent. Apply that to your billable assessed value and that will give you an estimate of your taxes.

Posted by: Back40 at April 6, 2009 2:01 PM in response to Property tax math

I too suspect that the Stratford Road house is overpriced, although hopeful that it is not too overpriced since I have one sort of like it nearby, also a little smaller than the neighborhood average. We put in a third floor bathroom that retained the great bones of the sloping ceilings etc -- I'm sure a decent architect or designer could come up with something for this place that would be a plus, not a minus. The third floor wood stove is pretty cool, and has got me thinking... And gidget, your view of the need for yard reworking is really dependent on the buyer's interest in gardening and working with what's there, at least in the front. The front yard has a beautiful mature oak-leaf hydrangea (or something similar) and climbing roses on the porch that are spectacular.

I'll be curious to hear of any feedback from the open house.

Posted by: Back40 at April 4, 2009 7:33 PM in response to Open House Picks

Architerrorist-
Big difference is that the $1.1 million house is a two-family and therefore the extra income. I agree with you about its general blahness. This one is one-family and seems more charming although I've never been inside. It's got a great front garden (hard to tell in this picture since it's not in bloom) but it's on the Coney Island Ave side of Stratford which makes the back less charming. The neighbors also have a nice rear garden though so that might take some of the edge off?

Posted by: Back40 at April 3, 2009 4:23 PM in response to Open House Picks

I had a new wood board-on-board fence with a lattice top installed last year by Amendola Fence from Long Island. They did a great job, handled a tricky issue (neighbor's tree on border of my property) very aesthetically, and didn't trample the flowers. Competitively priced, too.

Posted by: Back40 at March 12, 2009 1:31 PM in response to Fence

Plus, you don't have to drive around for 45 minutes looking for a parking space. If you're of the automobile persuasion.

Posted by: Back40 at March 4, 2009 5:40 PM in response to Co-op of the Day: 415 Argyle Road, #3J

g man outed as Eliot Spitzer.

Posted by: Back40 at March 3, 2009 12:41 PM in response to Hard Times for Brooklyn Hotels

I see the pics don't include a view of the perennially empty lot next door. Anyone know what's up with that?

Posted by: Back40 at February 25, 2009 3:04 PM in response to Condo of the Day: Montauk Club Mega-Spread

I think it's more like "watch as the market crashes." The key issue facing the country is that there is a large latent supply of housing -- potential foreclosure properties -- poised to come on the market at a time when there is already excess inventory of a couple of million units. The additional downward pressure on prices will have a snowball effect leading to increased defaults and more and more homeowners under water. Thinking that there is some simple market fix for this problem is naive.

Posted by: Back40 at February 13, 2009 4:06 PM in response to Quote of the Day

Clinton increased taxes. Bush reduced them. Thus, the disappearance of the budget surplus.

Posted by: Back40 at February 11, 2009 12:22 PM in response to Wednesday Links

We have lace in a slightly unconventional pattern. Lets in the light but doesn't enable peeking. Picked it up in a fabric store and had someone sew it up.

Posted by: Back40 at February 10, 2009 9:40 PM in response to Curtain for vestibule door

I think most of the people who live in the Ditmas Park area bought way before their houses were worth $1 million. If two teachers paid $350,000 for their house and then it appreciated in a real estate bubble, does that make them not middle class any more?

Posted by: Back40 at February 4, 2009 10:25 AM in response to Forbes Discovers New York's Middle Class

BklynCynic-
That's remarkably civic minded of you, but getting a STAR reduction doesn't actually affect the budget of the department of education. The City gets money from the State to make up for revenue lost from STAR (which was sort of the original idea -- to have the state take over some of the property tax burden from local governments). So, fill out that STAR application and get your rebate to boot!

Posted by: Back40 at January 22, 2009 3:19 PM in response to Haven't Received Rebate Check

Rob,
My suggestion is get off at Cortelyou, walk up (to the right) Marlboro to Albemarle, take a little jog over to the right up Buckingham to check out that craaaazy Japanese looking house, come back to Albemarle and walk down Rugby to Cortelyou, and continue in that up and down fashion through Stratford. Then, backtrack to Cortelyou to Sycamore and have a drink.

On a second trip, go to Newkirk and meander around Ditmas Park proper, ending your walk at Pomme de Terre for a nice dinner.

Posted by: Back40 at January 16, 2009 4:14 PM in response to Victorian Flatbush in White

I agree with MM that ceiling fans are very effective for cooling and minimizing need for A/C, and I also agree with his assessment of the fan/light combo aesthetic. We bought fans from Minka Aire which are really simple and uncluttered looking (and the one in our kitchen does in fact have a light in it, but it's not one of those bulbous horrors found at Home Depot). I wouldn't put one in the parlor, though.

Posted by: Back40 at January 2, 2009 9:31 PM in response to Ceiling Fan Questions