IronBalls's Profile

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Author's Posts

September 18, 2009

NYC Unemployment Passes 10%


http://cityroom.blogs.nytimes.com/2009/09/17/city-unemployment-rate-exceeds-10/

I predict this news will be the catalyst that breaks our local real estate market.

Unfortunately, local real estate prices are about to plummet.

There's nothing but fluff holding them up right now. Wall Street jobs disappear, but lousy brownstones still worth millions?

Yeah, right. . . maybe there's gold in them old bricks. . .

March 21, 2009

New Bonus Taxes will Slam us!


If the Democrats in Congress get their way, these new bonus taxes could, in my opinion, be the final blow that knocks out our local economy and local real estate prices.

With Obama leading the way, the future of free market capitalism in this country looks bleaker and bleaker every day.

It's the perfect storm -- bad economy + Socialist/Democrat President and Congress. The top talent will move abroad to work and the US economy will tank further and further.

At least McCain wasn't a Socialist.

http://www.latimes.com/business/la-fi-bonuses21-2009mar21,0,2125832.story


December 21, 2008

Money managers are a complete scam!

Ever since this Madoff thing became news, I've been thinking a lot about the value of "professional" money managers as I'm sure lots of you folks have too.

I've concluded that the whole business is a fraud, since no money manager can outperform his respective index in the long term, yet fees are charged none the less.

In my opinion, no fee index funds are the only rational means of investing in the stock market, unless you're a gambler and want to pick individual stocks on your own for fun.

Hedge funds are probably the biggest scam of all since their managers charge the largest fees and just like mutual fund managers can't outperform the markets, except on rare "by chance" occasions.

Is professional money management the next big business to fall?

It's so damn easy to diversify on your own with a handful of index funds, why do folks pay more to do worse? I don't get it.

November 16, 2008

Obama's First Interview: Oh my God!


Obama today actually said:

"The United States government should not worry about deficits over the next two years while spending money to jumpstart the ailing economy."

Not worry about deficits? Spend our way out of this recession? Seriously, is he a complete idiot?

If you were planning to purchase real estate, don't. Everything is about to go to hell.

November 11, 2008

Fear of Obama drives Stock Market Down!


How low does the stock market have to go for you Obama supporters to second guess your golden boy?

Fear of his promised eminent tax increases on high earners and business is driving the market to hell.

If you Obama supporters lose half your retirement savings or more, will you admit it wasn't worth voting for somebody with zero relevant experience just because he looks and sounds different from George Bush?

Author's Comments


Keep waiting folks. Prices still have another 30% to fall by this time next year.

Posted by: IronBalls at November 13, 2009 3:30 PM in response to Open House Picks


It might be useful to hire a private investigator to figure out if he's got any assets before you start with lawyers. The international "Canada" thing could mean you'll need to hire a bigger firm which means "very expensive."

Have you filed a police report? The guy stole your money. There should be a warrant out for his arrest.

Posted by: IronBalls at October 26, 2009 10:23 PM in response to ISO Construction Lawyer


Ooops, I said water sealer, but meant stone sealer.

Posted by: IronBalls at October 26, 2009 10:13 PM in response to Removing Paint from Brick Wall


Cheap labor, wire brush, scraper, and water. PeelAway on the really tough spots. When you're finished spray on a couple coats of Thompson Water Sealer or a similar no shine product.

I've had it done dozens of times. Usually you only have to spot point the biggest holes afterwards.

I suggest doing the work before you move in. It creates lots of dust that you don't want all over your stuff.

Posted by: IronBalls at October 26, 2009 10:13 PM in response to Removing Paint from Brick Wall


You could go to the Bowery and ask one of the Mexicans restoring kitchen equipment in front of the commercial kitchen stores if they're interested in "after hours" work.

Or if that makes you nervous, you could go into one of the stores and try to work out a deal with the owner. Or maybe he'll know somebody. . .

Posted by: IronBalls at October 26, 2009 10:05 PM in response to Antique Stove Restoration


Since your true desire is to live in a house, I'd sell the apartments and spend no further money, except perhaps on a coat of paint.

I'm a real estate investor and I've flipped properties, but in this crappy market, there's no guarantee you'll be able to sell the combined unit for more than the parts.

Lately, I've noticed "combined apartments" like the one you describe sitting on the market and not selling or being taken off the market completely.

Folks with the means to buy large apartments in this economy with current lending hassles are able to be very picky. If you decide to combine the units, you better end up with a flawless product. Otherwise, you could lose your shirt.

Not to mention that real estate prices are sinking daily, so the sooner you get those units on the market, the better for your pocketbook.

Posted by: IronBalls at October 21, 2009 9:53 PM in response to Combining Apartments


My cleaning lady works six days a week and makes a bundle of money. For "some" reason, she only takes cash. Oh yeah, she also has a huge apartment subsidized by Section 8. I know because she actually bragged about it to me.

Think she's the only one not telling the government the truth about her income?

For the first time, I actually agreed with Rob. There's no question government handouts are "rife with fraud." For every dollar they give to somebody who needs it, two dollars go to folks who are scamming the system.

Of course that doesn't mean the government should stop helping folks with nowhere else to turn, but unless we find a way to stop rampant abuse by folks like the women described in this article, every tax payer in the city will continue getting ripped off.

Posted by: IronBalls at October 21, 2009 9:42 PM in response to Wednesday Links


I drained a boiler and smelled something skank today too. Kind of like rotten cabbage. . .

Posted by: IronBalls at October 17, 2009 1:11 AM in response to Radiator Smell?


I've talked to some big shot investment bankers who think it could take fifty plus years for the real estate market to recover. Apparently, things are much worse "behind the curtain" than the media reports.

Posted by: IronBalls at October 12, 2009 7:22 PM in response to Open House Picks: Six Months Later


Look up Home Depot containers online. It's affiliated obviously with Home Depot, but not run directly by them. The price is much lower than the other places, but they do enforce overweight charges, so if you're dumping dirt and rocks, it'll probably be a wash with the other companies.

Posted by: IronBalls at October 12, 2009 3:48 AM in response to Container/ Rubbish Carting Recs


It'll take years for the real estate market to bottom out.

In five years, prices will be half what they are today.

And that's still a huge price increase from a decade ago.

Posted by: IronBalls at October 12, 2009 3:44 AM in response to Open House Picks: Six Months Later


I bought one of those rather expensive shower bases recently Home Depot sells that are meant to be tiled over. It was made of a plastic membrane and was much lighter than I'd expected. It hasn't leaked so far . . . time will tell.

Posted by: IronBalls at October 6, 2009 4:03 PM in response to Shower Advice Needed Urgently


I bought one of those rather expensive shower bases recently Home Depot sells that are meant to be tiled over. It was made of a plastic membrane and was much lighter than I'd expected. It hasn't leaked so far . . . time will tell.

Posted by: IronBalls at October 6, 2009 4:03 PM in response to Shower Advice Needed Urgently


There's so much for sale cheap right now that's income producing, why would you want to buy expensive land and make nothing until you sell it years from now?

If you believe you can buy it cheaply, buy it, make it livable, and sell it in five or ten years after the market has hopefully rebounded.

Posted by: IronBalls at October 6, 2009 3:52 PM in response to Bizarre Foreclosure Scenario


I've had many radiators painted over the years with special "high heat" Rustoleum spraypaint. It works fine.

But it looks much better to have the old paint scraped off and not have any finish at all on the radiators.

And, you'll also get a little more heat out of them too.

Posted by: IronBalls at October 6, 2009 3:40 PM in response to Radiator Paint Color Options


Buy a couple cans of roof flashing and save yourself the $500 bucks the second guy wanted to charge you.

The hardest part about fixing leaks is finding them, but if you flash all the joints and seams, and use mesh roofing tape on the most obvious looking leak prone areas, you'll probably solve the problem.

Or hire a day laborer to do it and stand over him the entire time, making sure he does a good job.

Posted by: IronBalls at October 6, 2009 3:35 PM in response to Hidden Roof Leak


On that budget, plan the kitchen yourself. I'd rip out the existing shlock, and use Ikea with a solid surface countertop.

I sure wouldn't want to spend all that money and not have a beautifull brand spanking new kitchen.

Posted by: IronBalls at October 6, 2009 3:26 PM in response to Kitchen Renovation Neophyte?


And don't give in and allow pets.

They stink and make it harder to rerent next time.

Who the hell wants to rent an apartment that smells like piss?

Posted by: IronBalls at October 6, 2009 3:13 PM in response to Advice on Rental Market


I'd reprice at $1200/mo and hopefully rent it quickly.

The rental market is shit right now.

When the economy rebounds, jack the rent.

And if that were my apartment, I'd rip out the ugly drop ceiling and revamp the kitchen. Folks still love granite.

The "new economy" is over.

The Age of Obama is upon us.

Posted by: IronBalls at October 6, 2009 3:12 PM in response to Advice on Rental Market


I'd call the tenant and inform him that other tenants were complaining about the smell. What else can you do?

Recently, one of my tenants complained about a neighbor having "loud sex." I haven't spoken to the affending tenant and don't plan to.

Posted by: IronBalls at October 2, 2009 2:16 PM in response to Bad Smell from Tenant


Really good delis don't advertise "Gourmet."

Great sandwiches speak for themselves.

Posted by: IronBalls at October 2, 2009 2:12 PM in response to Streetlevel: Johnson Gourmet Deli


You should have the yellow copy of your stabilized lease. The dates on your lease are all that matters if you were to end up in court. Don't worry about the landlord registration screw up. By law, landlords must register rent stabilized lease data yearly. It's another example of stupid government bureaucracy.

Posted by: IronBalls at October 1, 2009 1:04 PM in response to Rent Control Apartment Leases


He forgot to mention Ironballs.


Posted by: IronBalls at September 30, 2009 8:01 PM in response to House of the Day: 233 Garfield Place


post a photo

Posted by: IronBalls at September 30, 2009 10:18 AM in response to Ceramic Tile Over Formica


1) If the rental is free market, the landlord doesn't have to add anybody to the lease if he doesn't want to.

2) If it's rent stabilized, I believe he does, but you should check housingnyc.com for specifics.

3) Being named on a lease doesn't effect your credit score. Nobody sees the lease but you and your landlord unless you end up in court.

3) You can't get out of the lease while it's in effect unless the lease specifically states you can.

Posted by: IronBalls at September 30, 2009 10:13 AM in response to Adding to/Breaking lease


You could file a complaint with REBNY (The Real Estate Board of NY), if the broker's a member, but many Brooklyn brokerages are not because they loath sharing commissions.

I'm also not sure the broker, who is actually the seller's agent, technically broke the law. Remember, his job is to get the seller the highest price possible, and sometimes foot dragging helps achieve that objective. He's not your representative, he's the seller's.

It does sound like the guy was slimy, but that's par for the course with small Brooklyn brokerages.

Posted by: IronBalls at September 21, 2009 5:46 PM in response to Worst Broker Experience Ever


I suggest getting exact quotes from several plumbers and not letting anybody "charge you by the hour."

Posted by: IronBalls at September 21, 2009 5:37 PM in response to Looking for: Plumber, Moving Co.

Mofiz Ullah 917-637-9694 (roofing/masonary repair)


Posted by: IronBalls at September 21, 2009 5:27 PM in response to Roofer in Manhattan


Historical detail is overhyped.

Period moldings and fireplaces can always be bought and installed later.

Good bones and location are far more important . . .

Posted by: IronBalls at September 21, 2009 2:37 PM in response to House of the Day: 135 Lafayette Avenue


Not to mention, it's open to debate whether or not Forte Green is a good neighborhood to live in. By "good," I mean worth paying millions of dollars, and not having to worry late at night about getting mugged.

Posted by: IronBalls at September 21, 2009 2:32 PM in response to House of the Day: 135 Lafayette Avenue


Next week somebody will be serving French onion soup out of that thing at a trendy restaurant in Park Slope.

Posted by: IronBalls at September 21, 2009 2:18 PM in response to Compost Tumbeler - Free


I'd ask your neighbors how their pressure is. If they have low pressure too, call the city and complain. Nobody should have low pressure in a building less than seven stories, even without a pump.

If it's just your building, call some more plumbers to help find the problem because you must have a clogged or corroded pipe somewhere that needs to be changed.

Posted by: IronBalls at September 21, 2009 1:57 PM in response to Water Pressure Problem


You can't go wrong with the Wolf/Sub Zero combo, and they'll hold considerable value for resale.

Nobody needs a $5000 range, but if you have the scratch sitting around, and if you or your other half likes to cook, it's not a bad "waste" of money.

The Wolf with the middle grill is nice, especially in NYC, since you can't grill outside easily in inclement weather.

Posted by: IronBalls at September 21, 2009 1:47 PM in response to Range Suggestions (Part 2)


Totally absurd.

Posted by: IronBalls at September 21, 2009 1:39 PM in response to House of the Day: 135 Lafayette Avenue


That's an excellent question. It is very rare that I'm not positive of the answer to a real estate related query.

If the garden level is a legal, I'd probably start with "1" on the garden level.
That way if there was a fire, or some other emergency, the "authorities" would know to check downstairs for signs of life.

If somebody saw a "B" or "G" on the wall, they'd have no clue what it meant. . .

Posted by: IronBalls at September 19, 2009 8:40 PM in response to Floor Numbers for code violation


Sky high unemployment doesn't matter?

Wall Street to the rescue?

Now I've heard everything.

Posted by: IronBalls at September 18, 2009 3:56 PM in response to NYC Unemployment Passes 10%


I'll tell you what.

I'll be generous.

I'll give you two salami sandwiches (with cheese) for the stools.

Deal?

Posted by: IronBalls at September 17, 2009 4:30 PM in response to DWR Chairs


You're going to have go way lower than that.

We're in a frigging recession, dude.

You might have to barter for a salami sandwich and chips. In other words, think out of the box.

Posted by: IronBalls at September 17, 2009 1:55 PM in response to DWR Chairs


This is the What's new blog:

http://asshathill.blogspot.com/


It's been posted multiple times on this website, but keeps getting removed. I have no idea why.

I'm also highly doubtful that the site is run my the real What. He seems to like a lot of fruity white boy bands from the 80's, which seems highly unlike the real What.

Also, his grammar has improved to the point that he no longer sounds retarded.

Or maybe he just stopped smoking crack. Who knows?

Posted by: IronBalls at September 17, 2009 1:37 PM in response to Jay-Z Slept Here


None of the folks I know, the majority of whom support Bloomberg, have ever been given a dime by the man.

Advertising only goes so far. Most sane people realize that Bloomberg has been good for out local economy as well as very strong on repairing the infrastructure, not to mention the incredible job he's done with parks on the waterfronts. I personally use them several times a day, and they make my life much much more enjoyable.

We all know most politicians really are scumbags who say one thing and do another. I'm not saying Thompson is necessarily a scumbag, but it's clear that Bloomberg isn't.

Is he perfect? Of course not. But he's obviously incredibly astute, understands not only how to run a large business, but also one of the world's largest cities, and he's incorruptible since he's already a billionaire.

Seriously, what more do you folks want? If the city were a company, who would you hire? It's not even a competition. Hiring Thompson over Bloomberg would be insane.

Posted by: IronBalls at September 17, 2009 9:17 AM in response to Democratic Primary Results


Funny, nobody has had anything good to say about Thompson.

Maybe that's because he hasn't accomplished anything noteworthy?

Posted by: IronBalls at September 16, 2009 2:19 PM in response to Democratic Primary Results


You need to start by doing good work for a reasonable price and hoping your happy clients recommmend you to their friends.

But given the massive downturn in real estate going on right now, it seems like a terrible time to start a construction business, but good luck to you.

Posted by: IronBalls at September 16, 2009 1:02 PM in response to Where Should I start?


Thompson would destroy the progress NYC has made since 9/11.

His speech was primarily an attack on the "term limits" issue. He also complained a lot about Bloomberg only caring about the rich, and complained that Bloomberg appointees on the Rent Guidelines Board increased rents for rent stabilized apartment too much, even though the increases have been tiny over the last decade. (My rent stabilized rents average $750/mo, less than half of market rents.)

Watching Thompson's speech, he seemed to me to be an angry person who blames other people instead of solving problems himself. Thankfully, this little angry man has almost no chance at all of being elected.

Posted by: IronBalls at September 16, 2009 11:14 AM in response to Democratic Primary Results


As a landlord who has purchased dozens of refrigerators over many years, I have noticed that cheaper brand refrigerators tend to make more noise than more expensive models.
Also, new refrigerators in general don't seem to be as well made as older models and certainly don't last as long before breaking.

I've had a few tenants complain about compressor noise and repairmen have never been able to eliminate the noise. If the store allows it, I'd consider trying to exchange the unit you purchased for another model.

Unfortunately, appliance stores usually don't allow returns or exchanges and you have to go through the manufacturer's warranty repair dance. Unless you complain like a wild man (which sometimes works), they'll probably say the noise is normal, and you're out of luck.


Posted by: IronBalls at September 15, 2009 11:39 PM in response to Noise with New Refrigerator


Phil, the owner of Greenwich Locksmiths on 7th Avenue in the Village can do it. His tiny space, I believe, may be the smallest privately owned lot in the city. If you've ever walked by, there are a couple old safes in front on the sidewalk.

Posted by: IronBalls at September 15, 2009 4:48 PM in response to Safe "Cracker" Recommendation?


It's lots more work (plus additional expense) to run new individual outside lines to every apartment. My apartment buildings were wired for intercoms probably 20 years ago and they are all interconnected. I'd be hesitant to run new lines as long as the existing ones work due to all the extra work involved in cutting channels in the plaster hallways, repairing the damage, repainting, as well as having to run new wiring to each intercom in every apartment and repairing any interior damage as well. You're talking about a lot of additional work just because one tenant is being a jackass. In historic buildings, you don't want ugly wire moldings either, especially in public hallways, so everything has to be hidden in the walls.

Maybe an Obama style "beer summit" will work.


Posted by: IronBalls at September 14, 2009 8:29 PM in response to Intercom Problem/Safety


Why not post your property For Sale By Owner on this website?

Maybe I'll buy it. . .

Posted by: IronBalls at September 13, 2009 10:14 PM in response to Reno: High-End or Basic?


Not if the apartments share the same line. If one apartment isn't connected, other apartments above it will also lose connection. Besides, according to NYC housing law, the tenant must let workers inside to perform building wide MCI's like this one.

If I were the landlord, I'd talk to my attorney about starting eviction proceeding against the uncooperative tenant. Unfortunately, as a tenant, you can't do much except complain to the landlord or call 311 and report the problem.

New York City would be a million times better off if rent stabilization and rent control were abolished and all the lowlifes like this jerk were sent packing back to Allentown PA or some other dirt cheap city.

Posted by: IronBalls at September 13, 2009 10:12 PM in response to Intercom Problem/Safety


Real estate prices skyrocketed for years, and they will plummet for years -- even if economic conditions improve.

It makes no sense for mortage payments to be two or three times what a property would rent for -- none.

Posted by: IronBalls at September 11, 2009 2:10 PM in response to Open House Picks: Six Months Later


I wouldn't be surprised if within five years, adjusted for inflation, Brooklyn brownstones are selling for half what they are today.

There's no rational justification for brownstone prices rising 300% to 400% in many Brooklyn neighborhoods over the last decade.

This bubble is much slower to pop than the Tech Bubble since only a small fraction of all brownstones are on the market at any one time, but as time passes and comparable home sales go lower and lower, the market will keep tanking.

Ten years ago for $2.7 million dollars you could of had your pick of twenty unit APARTMENT BUILDINGS in Brooklyn Heights (not little narrow brownstones).

Theses crazy prices have no way of holding up. . .

Posted by: IronBalls at September 11, 2009 1:52 PM in response to Open House Picks: Six Months Later

Responses to Author's Forum Comments

Sounds potentially very chilly too.

Posted by: mopar at October 26, 2009 11:42 PM in response to Removing Paint from Brick Wall

Agree with Mopar -- If that wall is exposed to the outside it's going to get cold, and if you put your sofa next to it you are going to feel like someone is breathing down your neck all winter. Personal preference, obviously, but there are both aesthetic and practical reasons for putting up insulation and sheet rock.

Posted by: wyckoff at October 27, 2009 10:45 AM in response to Removing Paint from Brick Wall

I meant "goop" not "good". Regardless, it is a dusty and wet proposition to clean, but can be done (hopefully without pissing off your new neighbors!).

As for drafts and such, that may depend on whether or not this is a chimney wall or just an exposed exterior wall. Brick isn't a great insulator, but if it's a chimney wall it may be better (or at least as good as your other exterior walls, which may just be plaster over brick and masonry, without any additional insulation).

Posted by: WBer at October 27, 2009 11:06 AM in response to Removing Paint from Brick Wall

I have been looking too - tried plumbers who've been around, antique shops, appliance repair places. If you Google 'antique stove repair' or 'vintage stove repair' you'll get some hits, but the only place I found relatively close by is in Massachusetts: http://www.goodtimestove.com/

Posted by: zeebee_in_bklyn at October 27, 2009 11:48 AM in response to Antique Stove Restoration

Belgrove is in Yonkers. I haven't used them, but see them referenced often for vintage stove sales, restoration: http://www.belgroveappliance.com/contact.html

Posted by: vinca at October 27, 2009 11:59 AM in response to Antique Stove Restoration

Whatever you do, do not go to Belgrove Appliance for repair of your antique stove! Unless your stove is a Chambers, Carla Belgrove will be clueless as to what to do with it. But, even if it is a Chambers, I would not recommend her to you as she is totally incompetent, unprofessional, and charges unreasonable prices for work she either doesn't or can't deliver. When we called her to our house to fix our antique stove (not a Chambers) stove, she was completely lost as to what to do. Used some smoke and mirrors to temporarily "fix" the problem, claimed she would return to finish the repair, collected $250 from us and, of course, never returned. We later ended up calling in another technician who doesn't market himself as a vintage stove repairman. He not only fixed the issue for us but also showed us how Carla Belgrove's so-called repair was just a mask for the problem and bemoaned the total mess she left left in her wake. Citing the bad name people like Carla Belgrove give to his profession, and realizing we were already out a chunk of money on the repair, he charged us only $75 to actually fix our stove!

Apparently, Ms. Belgrove inherited the company from her dad whom she describes as an old school master appliance repair technician. Unfortunately, she seems not to inherited either his skills nor his integrity and is a whole new ball of wax altogether. I don't think you want that kind trouble on your hands.

Posted by: Brooklynista at October 27, 2009 2:09 PM in response to Antique Stove Restoration

please tell us who you used. We have an appointment with Carlita tomorrow that I'll cancel!

Posted by: Argyle Road at October 27, 2009 4:15 PM in response to Antique Stove Restoration

sorry perhaps i wasnt entirely clear, but unless i was mistaken, the other side of the brick wall isn't actually outside. i just meant that the other side of the wall isn't a neighbor or another building. there is some sort of material on the exterior of the building between the brick wall and outside, if that makes sense.

Posted by: fishermb at October 27, 2009 4:30 PM in response to Removing Paint from Brick Wall

Argyle Road, I had a feeling you would want to know who we used. Feeling sensitive about having publicly shared his criticisms of Carlita Belgrove's "work", I'd rather you email me offline at brooklynista at yahoo dot com for his identity.

Posted by: Brooklynista at October 27, 2009 4:58 PM in response to Antique Stove Restoration

OK- thanks all.
Regarding using a Mexican....what the...?
This is an antique stove needing both cosmetic and actual mechanical restoration. It is so freakin heavy I know why the stove was not moved .But it is beautiful.THe massing and scale is so unusual.

will also be e-mailing you Brooklynista...:)

Posted by: argentina at October 27, 2009 9:04 PM in response to Antique Stove Restoration