One last comment to those cheering for a big collapse in prices: you're also cheering for the financial ruin of thousands of people. I know there are plenty of people on this site who are more than happy to root for the pain and suffering of others, but it does come off as insensitive to say the least. A real collapse in prices means a lot of people will be underwater and won't be able to sell if they lose their jobs, etc. So we're talking foreclosures and the devastating side effects to the people who have to go through it. The prospect of this can be stressful for the 100s of thousands of homeowners in NYC as the RE market slides down. Most of whom are hard working regular folks just like you, not flippers, and not millionaires.

On the other hand, if the collapse does not happen, the worst that happens to the aforementioned cheerers is that they don't get their dream home at a discount. Which, comparatively, is no big whoop.

Posted by: Kris at September 11, 2009 4:08 PM in response to Open House Picks: Six Months Later

Regarding Mr. B saying "not much to celebrate"... in addition to his own perspective as a homeowner, I think that's just a typical way to refer to a declining market.

The talking heads on TV will say things like, "it was a horrible day for Wall Street" if stocks take a tumble -- even though there are short sellers who profit when the market goes down.

Houses are not a "pile of stocks" but if their value drops significantly, people may feel trapped even if they don't need to move.... takes away a bit of their freedom.

Posted by: Kris at September 11, 2009 3:26 PM in response to Open House Picks: Six Months Later

Wow, a tiara and everything! That's awesome. Thanks for the welcome.

Posted by: Kris at September 11, 2009 11:44 AM in response to Open Thread

Ha ha, I'm "so 2000 and late" - love it!

Hey, while I am here, would someone mind telling me what PLUSA stands for? I see it in the other threads, too.

Posted by: Kris at September 11, 2009 11:33 AM in response to Open Thread

Hi, Open threaders,

I don't normally read or post here, but I have just learned that The What now has a blog of his own, and I thought I'd share. Maybe you already know about it, but I had to tell someone!

http://asshathill.blogspot.com/

Posted by: Kris at September 11, 2009 11:20 AM in response to Open Thread

I'm reading it right now. It's fun for me to see so many places from the 'nabe, but it's not the Park Slope that I inhabit at all. The main characters all are toxic, loathsome, and stereotypical. Not a single redeeming trait among them. That doesn't enrage me like it will some Slopers, but it does get a bit boring for me. The book is occasionally funny, but the writing is poor and choppy and - since they are so loathsome - I just don't care about any of the characters.

According to Property shark, less than 1/4 of all Park Slope households have children living at home.... a small minority. I admit I do find it annoying when the myth that "everyone" in this neighborhood is a yuppie parent is asserted over and over and over....

Posted by: Kris at September 10, 2009 11:21 AM in response to Sitting Down with Prospect Park West Penner

Thanks, Why! We probably won't be doing it for at least six months, but I'll be sure to post if I find a good carpet place.

Posted by: Kris at September 8, 2009 2:01 PM in response to Co-op Hallways Reno Costs?

Thanks, guys. I'm sure we would want a simple job (read: cheap), so no skim-coating.

I don't think the building would go for vinyl tiles, partly because the stairs are really crooked. (It think removing the carpet would emphasize that.) I'd love to have the wooded floors and stairs exposed and refinished, but I don't think they will go for that, either, because of the noise.

Posted by: Kris at September 8, 2009 10:08 AM in response to Co-op Hallways Reno Costs?

David Steinberg is a real mensch. Honest, very experienced, nice: dave@summitfunding.com

The bank pays the broker. No broker should ask you for money up front - all that stuff is usually built into the closing costs.

Good luck

Posted by: Kris at September 7, 2009 4:59 PM in response to Mortgage Broker for Refinance

I agree it is a small minority of people who litter.

Posted by: Kris at September 3, 2009 2:36 PM in response to Dumping on Vanderbilt Avenue

My re-fi with HSBC also took forever and I had to call all the time. I think the banks are just overwhelmed. I'd keep at it, calling every day. Don't pay extra to extend - the delay is their fault and they know it.

Posted by: Kris at September 1, 2009 12:25 PM in response to How Long to Refinance?

I went to the restaurant at Le Blue recently, and saw a whole family of them on the roof below us. I think it was the roof of the taxi garage. There were about four babies (very cute) and a mama going in and out of a drain pipe.

Posted by: Kris at August 27, 2009 10:57 AM in response to Raccoons Evidently Digging 4th Avenue

Ha! Yes - I remember the hemorrhoid ad!

Posted by: Kris at August 20, 2009 1:37 PM in response to Condo of the Day: 145 Park Place, #2G

According to the listing, that $457 tax *does* include a j51 tax abatement. Maybe that means it's the annual tax?

Posted by: Kris at August 20, 2009 1:36 PM in response to Condo of the Day: 145 Park Place, #2G

I agree it is key money, and illegal. It also sounds like he's not the landlord at all, merely a super. Call the real landlord (the ones you send the check to) and let them know what he's up to... there's a real chance they won't be happy that he's selecting tenants based on who will pay him a bribe.

Posted by: Kris at August 19, 2009 11:30 AM in response to Landlord Problem

And one more thing, MFN: earlier you said you were on to the fact that some buyers might be asking for a ludicrous price, solely to accept significantly less and make the buyers feel like they are getting a bargain. But now you say you "guarantee" that they rejected lower offers and lost out on $ in the process.

The above represent two different scenarios, and you can't possibly know what these sellers expectations were.

Posted by: Kris at August 18, 2009 6:49 PM in response to Last Week's Biggest Sales

MFN, Clearly you didn't read the posts earlier, since you're just responding to them now. So I was simply stating the truth, and not giving you a dig at all. I had honestly (and naively) thought that if you *had* read in the comments how the prices have greatly risen on these properties in the last few years, you'd see that these sellers have not taken a loss at all.

But I was obviously unaware of your mindset. Rest assured, I am as baffled by your logic as you apparently are by mine. To each his own.

Posted by: Kris at August 18, 2009 6:42 PM in response to Last Week's Biggest Sales

MoneyForNothing, I am disagreeing with your insistence that the above sales are evidence of price declines. These houses all fetched top dollar - well above their 2006 prices.

I happen to agree that the NYC market is most likely going down from here. I would not buy right now, either.

None of us knows for certain what the future holds, though, and it bugs me when people 1) confuse their opinions for facts, and 2) are rude and hostile to those who disagree with them.

Posted by: Kris at August 18, 2009 3:45 PM in response to Last Week's Biggest Sales

1842, I wondered the exact same thing. Clearly, that tactic works on some people (like MoneyForNothing).

Posted by: Kris at August 18, 2009 3:18 PM in response to Last Week's Biggest Sales

MFN, You don't "rep" anyone but yourself. I'm mostly bearish on the market myself. But if you think asking prices (as opposed to comps) are the metric that counts, then you're even dumber than you are douchey.

Posted by: Kris at August 18, 2009 3:13 PM in response to Last Week's Biggest Sales

MoneyForNothing, I am guessing you just post without reading anyone else's comments. Am I right?

Posted by: Kris at August 18, 2009 2:17 PM in response to Last Week's Biggest Sales

The $5 million BH house last traded for $1.475 in 2003.
The $2.7 million Ft. Greene last traded for $1.75 in 2005.
The $1.6 Clinton Hill seems to have last traded for $1.4 in 2005.

10th Street house last sold in 1999, couldn't find the price.

Posted by: Kris at August 18, 2009 1:27 PM in response to Last Week's Biggest Sales

BHO, when do you think the "peak" was? 'Cause these seem like high prices, not lower than any previous price. As we all know, asking price (and changes to asking price) is meaningless.

The Park Slope house sold for 44% more than what the owners paid in 2006. And it seems they didn't even renovate!

Posted by: Kris at August 18, 2009 1:16 PM in response to Last Week's Biggest Sales

The Park Slope house also seem quite a bit over priced, no?

Seems to be a flipper selling it - bought by a corporation. It was purchased less than a year ago for $1,865,000. They want almost a million dollars for that reno. I don't think they're gonna get it.

Posted by: Kris at August 14, 2009 1:27 PM in response to Open House Picks

Agreed the South Slope house (6th Avenue) was way over priced for it's size and location. It was purchased in 2005 for barely over a million. What were they thinking with an asking price up nearly 50% since then? I have no idea about the reno, but I can't see it being worth that much.

Posted by: Kris at August 14, 2009 1:15 PM in response to Open House Picks: Six Months Later

The 8th Ave house was purchased in 1990 with a mortgage of $306,000, according to Property Shark. Looks like they took some more money out over the years, but still don't owe a ton on it. I'm guessing they were just fishing to see how much they could cash it in for... maybe they are retired folks who don't have a real need to sell.

Posted by: Kris at August 14, 2009 1:14 PM in response to Open House Picks: Six Months Later

Since you didn't even have a/c before, I am guessing this is not the poshest of places. You are between a rock and a hard place. I wouldn't rat them out, because it seems like they will find a way to punish you. She's smoking in her own office with the door closed, right? Maybe you can explain to your boss (Sr. or Jr.) that the smoke really bothers you, and propose a solution such as buying smoke-eaters. You know, those ashtrays that suck in the smoke, or some other air filters. They could put one in her office and one right outside the door.

Posted by: Kris at August 14, 2009 12:41 PM in response to Smoking in the Workplace

Sorry, our posts crossed.

Posted by: Kris at August 7, 2009 11:01 AM in response to Landlord Neglected Building

Quote from Rob: It's just as valid as yours.

Hmmm, I would disagree. The poster is asking for advice and yours is just stupid. Living in a dangerous situation is just not acceptable. Obviously this landlord is slumlord. Making much-needed repairs will not magically transform this building into a fancy-schmancy one.

Posted by: Kris at August 7, 2009 10:59 AM in response to Landlord Neglected Building

I think you have to see this in person to appreciate how ugly it is. For me, it's all about the brick. They really jump out at you. They look fake and weird.

Posted by: Kris at August 6, 2009 4:03 PM in response to Aesthetically-Challenged on Columbia Street

Baluchi's is pretty good... Although I went there last night (for about the fifth time since they have opened) and discovered that they recently jacked up the prices considerably. Like +40%, since they now require you to purchase rice separately. Also the service was brutally, painfully slow. It made me sad, 'cuz I had been so happy with them previously.

Posted by: Kris at August 5, 2009 12:01 PM in response to The State of 7th Ave

RE: the spelling. My guess would be that the writer is not a native speaker of English.

Posted by: Kris at August 5, 2009 10:56 AM in response to The State of 7th Ave

Per usual, just ignore Rob.

Posted by: Kris at August 4, 2009 1:40 PM in response to Covering Up Exposed Brick

FSRG, like I said, it takes time.... and yes, I meant decades. But no one can deny there are fewer and fewer RC apts every year, and there are only 50k of them right now.

There are fewer and fewer of RS apts every year, too (although there are a lot of them). No new construction is Rent Stabilized, so each year the percentage declines

Buildings with fewer than 6 units aren't regulated, either, unless the tenant has been in place since the 1950s. This is most of Brownstone Brooklyn.

Posted by: Kris at August 3, 2009 2:56 PM in response to Heights Rent-Controller Out on a Technicality

Well, I guess it depends on the building. In my building, none of the middle-aged kids of RC parents were there. Of course, my building was also a dilapidated crap hole.

Posted by: Kris at August 3, 2009 1:48 PM in response to Heights Rent-Controller Out on a Technicality

boofer, you are protected as a tenant as long as you make less than $175k/year. When you move out, though, your apartment will be market rent.

Posted by: Kris at August 3, 2009 1:35 PM in response to Heights Rent-Controller Out on a Technicality

We're talking about two different things: I'm talking about how things are, and you are talking about how things should be.

In any case, Rent Control was abolished long ago for new tenants. Rent Stabilization is also basically over because of vacancy rules and MCI. So we are moving towards a non-rent-regulated city, it just takes time. Doesn't this mean the problem is being fixed?

Posted by: Kris at August 3, 2009 1:34 PM in response to Heights Rent-Controller Out on a Technicality

lechacal, are you talking about people who bought in the 1930s? I think if they bought during the Great Depression, they probably did OK.

Regardless, I thought we were talking about the current situation. Rent laws have been in place for almost 70 years.

Posted by: Kris at August 3, 2009 12:48 PM in response to Heights Rent-Controller Out on a Technicality

fsrq: Kris - please explain to all of us dummies how "eventually all the RC and RS tenants leave"? - b/c as far as I know there is no vacancy decontrol - only a rent level decontrol @ vacancy

I wasn't implying anyone is a dummy, just thought it was obvious: eventually they die or move out. The vast majority of Rent Control tenants are pretty old. The dude in this story is an exception - and a scammer who illegally took over his parents' place. Rent stabilized folks are usually younger, but also pay a closer-to-market rent than the RC peeps. And sometimes they move on and give up their RS apartments, because said apts are usually crappy walk-ups. I gave mine up, and so have a lot of my friends.

When a RC/RS tenant moves out, the landlord can renovate and then raise the rent through Major Capital Improvements (MCI). Once the legal rent is over $2000, the apartment becomes deregulated. It doesn't matter how low the base rent is, a determined landlord can do enough reno to get the legal rent above $2k.

I am not taking a totally anti-landlord view at all. I rent out a house myself, so technically I am a landlord. I think I am actually right in the middle on this issue. There are entitled jerks who scam the system as tenants, and there are also unscrupulous slumlords who kick little old ladies out of their homes for greed.

Posted by: Kris at August 3, 2009 12:39 PM in response to Heights Rent-Controller Out on a Technicality

When rent control / stabilization started, the rents were already in place at market value. They were not artificially lowered, as lechacal implies. The problem is that stabilized rents haven't risen on par with market rents - not even close. The original idea was to protect tenants from landlords jacking up the rent unreasonably and unfairly. While I agree it is a poorly designed system to say the least, landlords really haven't been screwed by it. Anyone buying a building with below market / rent stabilized tenants knows what they are getting into and pays considerably less for the property. Taxes are lower, too, based on rent roll.

And eventually all the RC and RS tenants are gone. Since there is an effective vacancy decontrol in effect, the landlords are the ones who reap the most benefit, like the one in this story.

Posted by: Kris at August 3, 2009 12:11 PM in response to Heights Rent-Controller Out on a Technicality

I vote for the bluestone.

Posted by: Kris at August 3, 2009 11:00 AM in response to Poll: bluestone or black slate?

They are being unreasonable.

Posted by: Kris at August 3, 2009 10:45 AM in response to Tenant demanding compensation

And you are?

Posted by: Kris at July 31, 2009 5:07 PM in response to No Rent Reduction: Stay or Go?

I'm not a broker, but I know from my own experiences renting in NYC that people who rent out a portion of their own home have a lot more leeway with the law. And with good reason -- it is their home, after all. There's evidence all over state and city law. Feel free to read up on it yourself.

Posted by: Kris at July 31, 2009 4:58 PM in response to No Rent Reduction: Stay or Go?

Per NYS law, it is illegal to charge more for an additional person who moves into the apartment. However, most of these NYS rent laws only apply to buildings with more than 4 rental units. So if East New York only has one unit downstairs, he is free to do as he pleases in this regard.

Posted by: Kris at July 31, 2009 4:36 PM in response to No Rent Reduction: Stay or Go?

PS - the only way you do NOT have the right to sublease your apartment is if you live in a building with fewer than four rental units.

Posted by: Kris at July 31, 2009 4:19 PM in response to Breaking Lease to Buy?

I still say that you DO have the right to sublet, per NYC. Here's a link:

http://www.housingnyc.com/html/guide/basics.html#Sublet

Posted by: Kris at July 31, 2009 4:15 PM in response to Breaking Lease to Buy?

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Posted by: max senises at October 8, 2009 10:57 PM in response to Co-op Hallways Reno Costs?

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Posted by: max senises at October 8, 2009 11:33 PM in response to Covering Up Exposed Brick