Yes, 11217 - "moved" in the past tense. Tyburg is raising legitimate concerns about the current and future viability of public schools. He's not alone in wondering what the future will hold. You seem to be stuck in the past.

Posted by: HellsBelles at August 3, 2009 3:03 PM in response to House of the Day: 225 Garfield Place

Tyburg's concerns about the value of education in PS are valid - many families I know in this income range would prefer private, may settle for public (yes, I used the word "settle"), and are frankly terrified about looming cuts and real chaos in public education. People who have seen the education horror show unfold all over NYC have reason to be worried about the long-term viability of Park Slope's "good" schools or a guaranteed spot for your kid in the "best" district after you have spent $2 million+ on a home. By the way, private school admission in Brooklyn is at it's highest levels ever - there are no guarantees you'll get in no matter how much you spend on your home.

At any rate it's enough that there is uncertainty to turn many would-be Park Slope families away. Who wants to take a chance on your kids' education?

Posted by: HellsBelles at August 3, 2009 2:48 PM in response to House of the Day: 225 Garfield Place

I would seriously consider this as a one family, but you know there's $200,000 minimum to reconfigure the top floors and really convert from rental to single home. It's way overpriced as a single family option - and as tyburg and others have so eloquently noted already the economic and logistic reality of two rentals overhead with the pleasure of a dark bedroom on ground floor doesn't work at $2.3 MM. Price it below $2 million and single family buyers can legitimately entertain this.

Posted by: HellsBelles at August 3, 2009 2:22 PM in response to House of the Day: 225 Garfield Place

North Heights - thanks for the newsflash. So, you're of the opinion that there are people with $800,000-$1 million in cash ON HAND who will think this brownstone is a great buy? I agree that there are qualified buyers looking in Cobble Hill, but not for this house, and not at this ask. The buyers you have described have understandably higher standards, and hopefully are holding out for a lot more home for the money. I look forward to that bidding war at $1.5 million.

Posted by: HellsBelles at July 21, 2009 6:20 PM in response to House of the Day: 455 Henry Street

According to my Yahoo! street map, Kane/Degraw is the last block of Cobble Hill. I would not characterize this as the "heart" of Cobble Hill, so I stand by my comment. Based on the $1.8 million widget you have to put 20% down these days to qualify for jumbo + closing costs + minimal renovation = $500,000 to get into this place. That still leaves you with a $10,000+ monthly mortgage. The rentals are no more than $4,000 monthly, so for $6,000+ monthly (above and beyond your $500,000 down) you get to enjoy a duplex in this brownstone. That's ridiculous for a narrow house that needs work. The alternative is a single family, and that implies at last $150,000 in conversion. Who's your prospective buyer?

Posted by: HellsBelles at July 21, 2009 4:43 PM in response to House of the Day: 455 Henry Street

The only positive on this place is that it is in Cobble Hill, but only barely. It's on the fringes of Cobble Hill. It's less than 17 feet wide. A 10-minute walk from the major subways. And sorry, but you're not getting $4,000 for 2 floor-throughs in faraway Cobble Hill ($2,000 is average for a nice garden rental, and prices are dropping). It will take several $100,000 to convert to a single family and update this house. Plus no bathrooms, can't wait to see what they look like. Or the rentals for that matter. Asssume that they have built in today's obligatory "ask for at least 20% more than what we expect to get, this way the dumb buyer feels like they're getting a great deal when we accept their low offer." This house should sell for less than $1.5 million. It does not add up to a great family home or a great investment.

Posted by: HellsBelles at July 21, 2009 2:27 PM in response to House of the Day: 455 Henry Street

Why can't anyone address the substance of this thread? A major report today finds that JUMBOs are failing... fast. Of course, the most pertinent point is some guy in Texas who defaulted after borrowing for his business??? Guess what, those defaults are happening in Brownstone Brooklyn. Our rich Brooklyn neighbors are losing their jobs, their bonuses, their prospects and defaulting. The numbers are bad and starting to track as severance dries up, taxes go up, and stock market gains evaporate. Enough of these inane ponderings about mixing small business investment/real estate. Totally misses the point of the article.

Posted by: HellsBelles at February 20, 2009 3:28 PM in response to Open House Picks: Six Months Later

Montrose - I agree that credit needs to flow. But first time buyers - "those people" as you put it - have been asked to foot the bill for years, while existing homeowners have relied on the continuing escalation of their home equity to bankroll ever-increasing lifestyle and housing purchases. And the people beating the drum have been the brokers, the lenders, current owners, decorators, etc. Always GOOD news about real estate - always a sense of URGENCY. Always a rosy forecast driving the market ever-upward. I do not want to see the economy crash, but current pricing is not realistic - prices are not in line with real income and available credit. Sellers/home owners in Brooklyn seem unprepared to deal with the risk they took buying into a frothy, and inherently risky market - now that credit has eroded it would be unreasonable to think that first-time buyers face a different credit reality than they do and can still fund substantial real estate returns.

Posted by: HellsBelles at January 6, 2009 6:19 PM in response to Quote of the Day

"Just blathering on to basically say, I'm glad this sold, it sold quickly, and let's keep it going. Good news for buyer, seller, real estate broker, attorneys, movers, handimen and perhaps contractors, decorators, and more."

This is good news for existing home owners and their cadre of support, all the lawyers, brokers, attorneys, movers, etc. who have been riding the real estate wave (which now resembles a tsunami, with everyone stuck on the same beach - even if they didn't contribute to the current crisis).

This is not good news for those of us would-be first time buyers who are STILL marginalized by unrealistic prices. Basically the market has shut out scores of people, with good credit, solid financials and the wisdom to not buy in when prices escalated beyond control. Prices are going to have to come down - interesting that this blog did not pick up any of today's real estate reports from The New York Times, The Wall Street Journal, Crains reporting on the crash of Manhattan/New York real estate. I don't want to see the market crash, but I want to see a real correction that reflects the CURRENT credit market and current job and bonus prospects.

As such, I don't think anyone who contributed to the hype of the past 4-5 years should see a return. On the contrary, as prices come back to earth real estate valuations need to fall, and people who bought high on the speculative bid that it would last forever will feel the pinch just like everyone else.

Posted by: HellsBelles at January 6, 2009 4:52 PM in response to Quote of the Day

I don't know if this will go for $2.8 million (it has potential, and undeniably a great location), but I don't understand why anyone would buy right now. Every indicator is that it will pay to wait it out until sellers are pressed hard to really drop prices, or come through with significant incentives. It will be interesting to track this one and see when it moves.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aQ7HBEgYCzUE&refer=home

http://ny.therealdeal.com/articles/letter-to-santa-claus-please-help-me-sell-my-condo-units

Posted by: HellsBelles at December 23, 2008 3:13 PM in response to House of the Day: 638 2nd Street

Polemicist - please don't get discouraged by the idiots venting on this board today. Thank you for some insightful commentary.

Posted by: HellsBelles at December 2, 2008 5:10 PM in response to Last Week's Biggest Sales

I think this is overpriced - but I have friends who have an identical layout and great taste, and their apartment looks amazing. Lots of space, great light and the layout actually works (kitchen entry and all). To answer the initial question this needs a spruce up AND to come down in price. Then it would be worth considering.

Posted by: HellsBelles at November 3, 2008 6:36 PM in response to Condo of the Day: One Main Street, #3A

According to today's Wall Street Journal, prices in New York need to fall 18.2% in order to restore "historic affordability." That puts this house in the $2.3 Million range, which seems closer to reality.
http://online.wsj.com/article/SB122341352084512611.html

Posted by: HellsBelles at October 8, 2008 3:56 PM in response to House of the Day: 632 Third Street

11217 - I don't understand some of you people. You loved New York, brownstones and Brooklyn up until a month ago. Now that the economy stinks, you don't like it anymore? You probably weren't meant for NYC in the first place then.

You make some good points but wow, patronizing much? Can you let some other people in to the discussion without turning this board into a personal chat session and firing off barbs at anyone who dares to disagree?

Posted by: HellsBelles at October 6, 2008 6:29 PM in response to Quote of the Day

z - whatever. It may be a "fun feature" to you, but in 6 months it will also be a very meaningful tool to determine where today's open houses have ended up and where the market has gone since the crisis hit.

Posted by: HellsBelles at October 3, 2008 4:31 PM in response to Open House Picks: Six Months Later

Don't make assumptions about what we know, it's tiresome. I realize that there is no sales data from September, but I am looking for the most timely indicators that can allow me to make a decision about a purchase today. I thought Miss Muffet made a valid point - and I am guessing that we share the same perspective as aspiring home buyers. I look at everything out there and absolutely reach my own conclusions. My point was that we cannot take data from 6 months ago as a true read as to what we are facing now.

And yes Brownstoner has lots of great features ... all hail.

Posted by: HellsBelles at October 3, 2008 3:48 PM in response to Open House Picks: Six Months Later

Miss Muffet's point is well taken - A lot of the data isn't as relevant anymore because of the events of recent weeks. We need to look forwards not backwards, starting at post labor day 2008. Still for those of us who have been following it's interesting to track house sales status pre-September. But not timely enough to base a true read of the market and assess a current purchasing decision.

Posted by: HellsBelles at October 3, 2008 3:25 PM in response to Open House Picks: Six Months Later

Tipping Point - you're making sense. I'm not a hysteric naysayer, and I appreciate that Miami is in worse shape than the rest of the country, but things in New York just aren't looking that good. For those of us in finance the bonus outlook is really poor - assuming we can hold onto our jobs. People can't stay put paying over $8,000 in mortgages if they have no job, no prospect of pay increases, or a drastic pay cut. Prices will fall relative to the pool of available buyers, their ability to get credit, and the sense of urgency current home owners have to sell. We shall see, but I would not read too much into a 1% decline in existing foreclosures - the bigger measure is the number of people who won't be able to get into this market anytime soon.

Posted by: HellsBelles at October 3, 2008 1:31 PM in response to Third Quarter Report: Foreclosures Down in Brooklyn

$200,000 in income is about $100,000 after taxes. And, this top figure for marketing includes all bonus (which in the case of Wall Streeters is enhanced with stock options, perhaps not as perky now, but amount to millions in long term holdings). Do the math - an $8,000 monthly payment (including tax benefits) is the minimum for a "nice" brownstone/3BR; annualized you're at $96K. Basically $100,000 gone, with zero savings, and nothing left to live on. Unfortunately, REAL income is what will drive mortgages now. Let's hope that there are a lot of trustfunders out there who appreciate the charms of our borough.

Posted by: HellsBelles at September 24, 2008 10:11 AM in response to Mad Men Moving to Wall Street Digs?

Wasder - I completely agree with you that transportation is entirely subjective - "nobody can tell anyone else what train or what neighborhood works well for them" and yet you were so explicit in your post above: "To say this location has limited access to transportation is ludicrous." Glad to see we can agree on something. peace

Posted by: HellsBelles at September 23, 2008 10:32 AM in response to House of the Day: 147 St. James Place

Wasder - I am getting my information from The New York Times and The Daily News - articles published in April and July 2008 about the crime wave in Clinton Hill:
Clinton Hill quaking in crime wave; cop shortage hurts situation (April 15, 2008) http://www.nydailynews.com/ny_local/brooklyn/2008/04/15/2008-04-15_clinton_hill_quaking_in_crime_wave_cop_s.html
Muggings Revive Memories of an Area’s Bad Old Days
http://www.nytimes.com/2008/07/05/nyregion/05muggings.html?scp=1&sq=clinton%20hill&st=nyt

Posted by: HellsBelles at September 22, 2008 6:23 PM in response to House of the Day: 147 St. James Place

Z - gee, thanks for enlightening me (my reference to 20K followed 1:35 pm above, and I am sure we both benefitted greatly from your wisdom, although you seem to be unable to appreciate sarcasm). Unfortunately I am quite aware of what it costs to rehaul a brownstone, and in this case it looks like there is still much work to be done.

Posted by: HellsBelles at September 22, 2008 4:59 PM in response to House of the Day: 147 St. James Place

The issue is not what sold last month (i.e. Clinton Hill in August 2008) - but what will sell now. (It's like comparing security concerns in the pre-9/11 world to post - when perceptions and risk factors on every possible level changed). And in order for a home like this to sell, you have to assume that there will be buyers able to obtain a large line of credit from a failing bank system (at least $1.5 MM). They exist, but like me, we're holding out for something better. Although I like some of the original detail, I also have to agree that the renovation does not hold up and in no way justifies a $1 Million gain for what may increasingly revert to a neighborhod with less services, limited access to transportation and potentially higher crime rates. I have to believe that the sellers have been advised to price REALLY high and that their hope would be to make a meagre $500,000 return from Jan. 2007. Not bad for a $20,000 investment in a kitchen (which I'm sure they love...) and a coat of fresh paint.

Posted by: HellsBelles at September 22, 2008 4:23 PM in response to House of the Day: 147 St. James Place

Wasder - responsible financial management can only help. I don't think the reality of what has happened this week has sunk in here - this was posted today on ABC News: http://abcnews.go.com/Blotter/story?id=5832116&page=1
Manhattan's finest co-op apartments may have already lost a fourth of their value as a result of the financial crisis, and the worst is yet to come...

By the way - this is me i disagree... "the midlevel managers, doctors, lawyers and other dual-income professional families ..." I am qualified to buy the HOTD BUT I won't be buying until sellers (and brokers) drop their prices. Anyway either my husband or I will probably lose their job in the next round of layoffs, and just add to the pool of ever-diminishing buyers...

Posted by: HellsBelles at September 18, 2008 5:55 PM in response to House of the Day: 29 4th Place

There is credit (I think a LOT is grossly exaggerated given that the biggest lenders on Wall Street are fighting for their very existence)...IF you are qualified. I don't think many people are qualified. So yes, maybe there is some credit but few qualified buyers. Sellers need buyers, and that pool of "qualified" buyers is shrinking every day. People weren't qualified to buy into these homes to begin with - not in any real terms. Either way the market now slows down and prices fall.

Posted by: HellsBelles at September 18, 2008 4:46 PM in response to House of the Day: 29 4th Place

Two words that Brooklyn sellers are going to have to live with - Seller's Remorse (see Florida... http://www.nytimes.com/2008/09/01/us/01miami.html?_r=1&scp=1&sq=florida%20real%20estate%20remorse&st=cse&oref=slogin) Prices are only going down. There is no credit available to finance the additional $500-$750K pricing escalations which fueled the real estate growth of the past 5 years.

Posted by: HellsBelles at September 18, 2008 3:49 PM in response to House of the Day: 29 4th Place

Hideous. This is a loser. Talk about putting lipstick on a pig.

Posted by: HellsBelles at September 18, 2008 10:23 AM in response to Inside Be@Schermerhorn