MacD's Profile
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Author's Posts
September 15, 2009
Need New Accountant
I filed my taxes for 2008 in February of 2009 via e-file, only to find out in July that I am being audited by NYC. They didn't send a refund, just a request for more information. I sent them more information, and now they want even more (I filed an itemized return). I have been working with an accountant, but am beginning to think that maybe they're part of the problem. I'm just not liking their lack of attention to detail, and I really don't like the fact that I'm being taken through the ringer twice on this. My accountant is not inexpensive, and I have provided good documentation -- from the beginning. Anyone have an accountant they like? Please let me know. I'll probably see this situation through with the one I currently have, but when all is said and done, I think I will be taking my business elsewhere. Thanks in advance.
August 5, 2008
81st Pct's Annual National Night Out: Tonight.
There seems to be an uptick in the helicopter action over Bed Stuy lately (especially last night -- what's up with that?). Anyway, whatever our personal view of the police may be, it is important to keep the lines of communication open.
The 81st Precinct is holding its annual National Night out against crime, August 05, 2008 (that's tongiht) at PS 81. Stuyvesant & Dekalb Aves. 4-9 pm. Food will be served.
Please come out, grab a burger and chat with some officers and neighbors about what's been going on: Your concerns, support, lack of support, want for change, observation of change, whatever. Just show up for your community, and yourselves. This is important.
July 28, 2008
Thinking of converting 3 family oil system to individual gas heating units
Anyone have any thoughts, ideas, feed-back, etc. on converting a 3-family brownstone currently heated by an oil burner, into three seperate gass meters -- so that each apartment pays their own heating expense? Do I need special permits to do this, is it cost effective? I'm seriously considering doing this, so any help would be greatly appreciated.
Thanks.
July 23, 2008
Heating Oil Company/Resources
I am in the process of doing research on how to handle the oil for my 3-family brownstone for the next 12 months. So far I have contacted my local drop delivery oil COD guy, whose price today is $4.49/gal. There is also Petro who is offering a $4.74 lock or $5.19 cap rate (also a $4.29 drop rate, but I'm told that may be a "teaser"), then HEATUSA is at $4.32 today and you sign a 1 year contract. Rates are not fixed with HEATUSA. Finally, there's an organization called NYIRG. With them you join by filling out an application and submitting a $30 fee, but I couldn't get anyone on the phone to tell me what their rates look like. Anyway, can anyone else tell me what they are finding/doing for the coming year?
Thanks.
June 19, 2008
Corner of Bedford and Gates
Anyone know what's going into the corner lot (SW) that used to be a day treatment program "Determination House?" I've heard possibly a supermarket, but others think it'll be more housing. Anyone know?
April 5, 2008
tub reglazer
Can anyone please recommend a quality shop/person that does tub reglazing? I have an old tub in a rental unit that was previously painted, is now peeling, and is in need of reglazing.
Thanks.
April 2, 2008
Oil bills this winter too hot for me
Dear fellow brownstoners:
This was my first winter in my new brownstone, and I learned a lot about heating and heating costs. I don't have to tell you that oil prices were sky high over the past 8 months. Not only that, but in my case, the boiler which is old but functional, kept breaking down. I'm told this is due in part to the fact that the tank is 1/2 full of sludge. As a result, I could only fill about 100-150 gallons at a time, and I had to pay close attention, lest the sludge clog my boiler and shut it down. This constant attempt to keep things regulated was pretty sucessful, but I still had about 12 episodes when I had to call a dear neighbor or friend to come by and check out/fix my system.
The long and the short of it is, I am considering all of my options for next winter. Here are the options that I am aware of:
-- Clean out the sludge in the tank and see how things go next winter.
-- Convert to a gas system.
-- Figure out some other, more green option.
No matter what I decided to do, it has to be cost effective, not break down 12 times, and hopefully have some kind of pricing incentive program.
Please share your ideas, suggestions, knowledge.
Thanks so much.
March 25, 2008
Huge taxation increase - What to do?
I am writing this question on behalf of a good friend of mine who owns a small commercial property on the Clinton Hill/Bed Stuy border off of Fulton Street. Last year, taxes for his commercial property (i.e small parking garage with office) ran in the area of $12,000. This year, they are being raised to $30,000 with no explanation. He is trying to hire a lawywer, but is having difficulty finding someone with experience in this issue to handle his case. The taxation department has reviewed his case already at his request, and does not seem to be budging on the increase. My friend wonders if something fishy is going on, and I have to agree with him. Over the past few years many investors have approached him with offers to buy his property (the building is not what they are after -- obviously it's the land for building coops, or whatever). At any rate, he's never entertained selling, which is why he's wondering if someone is behind the sudden taxation increase (i.e. [getting someone from that office on their payroll) to force his hand into selling. Sounds a bit paranoid, I realize, but stranger things have been known to happen. Anyway, he wants to keep his place, but doesn't want to pay the increase in taxes. I'd appreciate any suggestions or recommendations you might have. Thanks in advance for your help.
October 8, 2007
Plaster dust
Just finished doing some renovations, and I cannot seem to get rid of the plaster dust that is coating my hardwood floors. I've used vinegar and Murphy's Oil Soap, but there remains a residue. Anyone know how to get rid of the stuff once and for all? I've tried three times already.
Also, anyone know of a good cleaning service to do deep cleaning? I'd like to get the carpets, insides of regrigerators, windows, etc. cleaned before the weather starts to turn cold.
Thanks.
August 24, 2007
HELOC
I closed on my 3-family brownstone in April, 2007 and am having trouble getting a HELOC. HSBC won't give one to me until I have 2-yrs history as a landlord since my ability to pay the mortgage depends on my income plus the 2-apartment units I am renting. I am looking for a fixed-rate HELOC. Anyone know where I can get one for @ prime w/o having to pay for closing costs? Thanks.
Author's Comments
The Armory/homeless shelter will not be turned into a rec center. Check with people who live around the area. Locals have been fighting against it becoming central booking for all of the homeless for the entire NYC-area. Proceed with caution.
Posted by: MacD at August 21, 2009 10:55 AM in response to Crown Heights Condo
Rodolfo will get ask for it. I've never worked with, nor do I know him, but he has an excellent track record. I'd be interested to what happens 3-6 months from now.
Posted by: MacD at August 6, 2009 2:14 PM in response to Co-op of the Day: 27 South Portland Avenue, #3
Well, bk, how about this one, from the same source:
"Taylor, Bean & Whitaker's problems surfaced Tuesday afternoon, when the federal Department of Housing and Urban Development announced that it had suspended the lender from underwriting mortgages insured by the Federal Housing Administration.
HUD said that it had suspended Taylor, Bean because the lender "failed to submit a required annual financial report and misrepresented that there were no unresolved issues with its independent auditor even though the auditor ceased its financial examination after discovering certain irregular transactions that raised concerns of fraud."
The next day, Taylor, Bean & Whitaker announced that it was ceasing all lending operations immediately. The Wall Street Journal reported that the company's CEO sent an e-mail to employees, saying that the company was ceasing operations and that all nonessential employees would be laid off that day."
'Nuf said.
Posted by: MacD at August 6, 2009 9:41 AM in response to Brooklyn Monthly Foreclosures
On a related (?) note, this is from bankrate.com site:
"The big mortgage news of the week concerned the abrupt failure of Taylor, Bean & Whitaker, a top-15 lender overall, and the third-biggest originator of FHA-insured loans. Taylor, Bean & Whitaker's swift demise Wednesday afternoon stranded possibly thousands of would-be borrowers. The lucky ones were early in the process, and had applied for loans and were waiting for approval. The unlucky customers had been approved for loans and were waiting for them to close. All must start over and submit a new application with another lender."
Have any of the big mortgage lenders been above board over the past few years? Disgusting.
Posted by: MacD at August 6, 2009 9:29 AM in response to Brooklyn Monthly Foreclosures
Congrats to all of the winners! On a side note, is it just me, or are the majority of contestants from Bed Stuy? Hey, we may have a bad rep, but damn if we haven't got some nice flowers.
Posted by: MacD at August 5, 2009 4:27 PM in response to Closing Bell: Greenest Block in Brooklyn
Key institutions are always an important factor. I remember when I was looking to buy a home, my Mother would always tell me to buy something near a University. However, a cultural center, or something special that draws positive attention would be wonderful! I don't think that's quite what the poster had in mind. How does one go about getting a museam in their neighborhood anyway? That would be great.
Posted by: MacD at July 30, 2009 2:23 PM in response to What Does Bed Stuy Need?
My wish list:
- A jazz club that rivals Bluenote in Manhattan. Where are the big names? Seriously.
- Authentic Thai, Mexican, Japanese, Vegetarian.
- Top quality fish store, and a butcher.
- Fresh baked goods.
- Specialty food shop (like a citarella)
- An inexpensive restaurant that is still a nice place to eat with good food and strong coffee with free refills.
- Wine bar.
- Bar with a nice vibe and a mix of people.
Posted by: MacD at July 30, 2009 2:09 PM in response to What Does Bed Stuy Need?
I recently did a re-fi with my current mortgage company (Wells Fargo). If I went to another mortgage company, there would have been an extra @$6,000 that Wells would have charged the new mortgage company to transfer my loan. The new mortage company would have passed this charge to me. Could this be the problem? If it is, the new mortgage company should be able to lower your rate accordingly (i.e. to make you whole) if they want your business. Have you talked to the banker you are dealing with? What are they saying?
Posted by: MacD at July 28, 2009 2:26 PM in response to Refi Closing Costs - Shoe Drops!
Anyone else get the feeling this will be operated by the same guy who runs "Larry's Liquid Love" (a bar on Bedford Ave.)? Seriously.
Posted by: MacD at July 20, 2009 11:18 AM in response to 275 Park Avenue Market Revealed
Beautiful home on Bainbridge recently went for @$950:, but it took a while. There is something so peaceful about that block.
Posted by: MacD at July 17, 2009 3:29 PM in response to Open House Picks
Dave - I noticed on the Decatur house, the lot is under 2,000 sq ft. (something like 1,700 sq ft., but I don't want to go back to look it up). This might be an 18fter, which could explain why it is worth less than you would think at first glance. That said, it's a great deal. Wish it were around when I was looking.
Posted by: MacD at July 17, 2009 2:57 PM in response to Open House Picks
Okay, I understand your points -- espcially the one about holding up a closing due to unfounded legal B.S. Also, if they are advertising the place for more than the FSBO, well ... that's just unethical. But you know, what goes around comes around, as we see happening here.
DIBS as for Mr.A being the What - no way. I can see him being Amzi Hill (I probably just botched that s/n, but you know who I mean). Mr.'s A -- both of them are too refined to speak the kind of trash that comes from the What. With all due respect, however, I can see you having a lot of fun having the What be one of your alter ego's, but I've never heard you fess up to such a thing and don't see you doing so in the near future. Hummmmm, could it be?
Posted by: MacD at July 16, 2009 6:44 PM in response to Arlene Waye Responds to 180 Adelphi Fiasco
Even if Waye's firm did advertise the listing intentionally what's the harm? Can someone please 'splain. The seller doesn't have to let the real estate broker show the place if they don't want to (although, again, I don't see why not). And if the seller doesn't allow the broker to show the place, the broker's client is free to contact the seller directly, no?
Posted by: MacD at July 16, 2009 3:48 PM in response to Arlene Waye Responds to 180 Adelphi Fiasco
Edged out for a mere $10,000. Ouch. I know that's gotta hurt because the same type of thing happened to me. And no matter how many people told me "this happend for a reason, blah blah blah," I wasn't hearing any of it. That is, until I came across my current home, which I never thought I would be able to afford, in a much nicer area. It was everything I wanted (my whole wish list realized). So, to the people who lost out on this house, I can only hope that a much better place is waiting for you out there. Don't be afraid to look for deals you think are beyond your grasp. You never know until you try. Good luck, and let this go.
Posted by: MacD at June 15, 2009 11:47 AM in response to 1094 Park Place Finally Sells
I just checked and the link above expired. Here's the link to the new post:
http://newyork.craigslist.org/brk/abo/1191220085.html (apts by owner)
Posted by: MacD at May 27, 2009 11:03 AM in response to Neighborhoods for Great Deals?
I've got a 1.5 br in Stuyvesant Heights on the top floor of a brownstone right now for $1450. It's on a beautiful, clean, quite, green historic block. Stuyvesant Heights is in Bed Stuy, off the A-express train and offers a great value. I'm showing it now. Good luck. Here's the link:
hous-twkqs-1185959129@craigslist.org
Posted by: MacD at May 27, 2009 10:51 AM in response to Neighborhoods for Great Deals?
In truth, Chez Oscar had some a few months ago that were excellent. If you ever see them on the menu there, give 'em a whirl.
Posted by: MacD at April 13, 2009 12:21 PM in response to Open Thread
I have used the online service for the Super Food Town (SFT). They were quite good, as you say. My issue is, if I want fresh goat cheese or something a little more fancy, SFT can't match Fresh Direct. I'd even wager that their crabcakes aren't as good as Fresh Direct's (I remember you specifically wanted Butternut's to be "lump" -- and I've been looking for "lump" crabcakes everywhere since you said that and have been very unhappy with the results. Thanks a lot!).
Posted by: MacD at April 13, 2009 12:11 PM in response to Open Thread
Off the openthread topic, but thought you might like to know that Fresh Direct made a delivery to my house yesterday even though they say they don't deliver to 11233 on their website. I was shocked and e-mailed this morning to confirm that they will deliver to my block (in the Stuyvesant Heights section of Bed Stuy) and that it wasn't an accident. They will and it wasn't. There goes the neighborhood (but I probably will use them on occasion).
Posted by: MacD at April 13, 2009 12:00 PM in response to Open Thread
I was going to say that maybe "Potted Meat" is British, until I saw "America's favorite" on the side of the can. I've never heard of it before.
Posted by: MacD at April 8, 2009 2:44 PM in response to Open Thread
Ever notice all of the things they can? The other day I came across canned shrimp right next to the canned salmon. Blah.
Posted by: MacD at April 8, 2009 2:17 PM in response to Open Thread
Okay, here's one that I actually enjoy, "you're not the only tin can in the dump." This is usually said around salary negotiation time.
Posted by: MacD at April 8, 2009 1:54 PM in response to Open Thread
Awww - Thanks. I've been working, Biff, and writing my dissertation proposal (don't ask). But I am ex-corporate America and I just had to jump in on this even though I'm not able to give it my all. Bxgirl, I'm not sure I have your e-mail address anymore (I cleaned house last month), but I did send the Great Evil a note on her private account (the one I think she doesn't check) before I did a massive zapping. Would love to see you guys -- all of ya'll -- some time after March 4th (that's my deadline).
Posted by: MacD at April 8, 2009 11:01 AM in response to Open Thread
"...bring it to the next level." Like nails on a chalk board.
Posted by: MacD at April 8, 2009 10:36 AM in response to Open Thread
I enjoy this blog and many of its posters, but since I am not super rich, an intellectual’s intellectual, or someone with a lot of time to chat, I look for information about what is most pressing and then move on with my day. For me right now, that means refinancing options and rates for a 3-family. Also, although it is off topic, I also enjoy knowing more about how international issues/currency/investments and commodities impact the dollar and how that translates into the health – or not – of our economy. For better or worse, this means I usually zero in on “discussions” between The What and DIBS and try to take what’s meaningful from their exchanges. I am also interested in information about cutting expenses through insulation, cost-effective green initiatives, as well as what Master Plumber shares because heating is one of my most major expenses and I’d like to know what to do to save money, decrease pollution, and what to look for if/when it comes time to convert my oil system to natural gas. I’m a new homeowner, and a conscientious one at that, so when it comes time to renovate, I also really appreciate the thoughtful input from previous posters who share their careful restoration experiences – and that runs the gamut from cornices to tiles, and everything in-between. I generally veer away from posting just for posting’s sake. I tried it for a while, but it really just isn’t me.
Posted by: MacD at March 27, 2009 11:18 AM in response to Let's Talk About Commenting
Since I don't plan on selling anytime soon, the value of my home is less significant to me than my ability to retain good tennants. I have a very good relationship with them now, but if the downtown coop/condos that are going rental offer similar space for less money, well.... I am currently getting market rates and seriously considering offering one-year leases with no rent increase when the leases are up late in spring/early summer. As long as I keep my job and my property filled I'm all set. Enter a complication into the equation, and I'm in trouble. I wonder how many people are in my situation -- I'm guessing quite a few.
Posted by: MacD at March 3, 2009 10:24 AM in response to Brownstones, Co-ops Outperformed Condos in Q4
Sure, $850. No frills.
Posted by: MacD at February 24, 2009 6:00 PM in response to Great Stair Guy!
3C
Posted by: MacD at February 24, 2009 4:02 PM in response to Co-op of the Day: 360 Clinton Avenue
This used to be my old building too, Wasder. Loved living here (2001-2007). I know the owner of this apartment, and yes it is two combined. She has put extensive time and money into renovations. The people who used to live above her also had the apartments combined (without much renovation. when it came time to sell, they couldn't get as much for the whole, so they put a wall back and sold the two apartments individually. Made at least a million -- or very close to it -- if I am not mistaken. Might be something to consider here -- although theirs was for sale in 2007. Anyway, good luck to the seller! Certainly wish her luck.
Posted by: MacD at February 24, 2009 3:40 PM in response to Co-op of the Day: 360 Clinton Avenue
I second this. I must have seen the same positive commments for Bill of Fine Circular Stairs on Brownstoner as the original poster. I hired him to do the stairs from my basement to the garden-level. He came the same day I called for an estimate. When I agreed on the price, he asked for a depost and I gave him a check for $450, but told him I would have cash for the entire project ready for him after he finished so that he could return the check to me then rather than deposit it as the downpayment. And that's what happened. He came on a Sunday, the job was finished the following Saturday afternoon. I think he gets most of his work by word of mouth, and I am happy to spread the information about him. Honest, reliable, and nice. Thanks.
Posted by: MacD at February 24, 2009 6:42 AM in response to Great Stair Guy!
Hi Booboo:
I am in the market for a small ornate radiator. It has to be no more than 24" high because it is going under my kitchen window. Have anything like that and I'll pay cash and come pick it up -- perhaps even this weekend.
Thanks,
MacD
skr200@nyu.edu
Posted by: MacD at February 19, 2009 6:11 PM in response to Antique Radiators
Thanks housebywe - HSBC's program is for refi? I thought the Community Works rate was for new purchases. Certainly worth looking into.
Posted by: MacD at January 16, 2009 3:12 PM in response to Jumbo Limits-Worth Refinancing?
Brownstoner - Who gave you the quote of 4.875%? Wells Fargo just quoted me 5.25% for a three-family conforming (assuming my house appraises with 25% equity -- I put in 18% 2 years ago, so it's iffy). The extra 5%, I am told, is a cushion for distressed areas -- they said NY qualifies under this category, but I'm in Bed Stuy, so I'm not sure what the deal really is. Thanks.
Posted by: MacD at January 16, 2009 12:15 PM in response to Jumbo Limits-Worth Refinancing?
Anyone able to look in their crystal ball and see the market closing down 9% or more today? Since the action has been taking place in the last hour of trading lately, it is possible that the last 30 minutes will be stunning. Then the Fed will cut rates over the weekend and we will claw our way back up a percentage or two on Monday. Problem is, then we'll be out of our usual bullets, and then it's really going to fly. Just a thought. TGIF!
Posted by: MacD at October 24, 2008 2:04 PM in response to Oh no.. World markets collapse..
Biff:
Thank you for putting this together. I'm sorry I did not attend, but I needed to go to the Bed Stuy Townhall Meeting to discuss the shelter issue on Putnam and Marcus Garvey (we're supposed to get the brunt of the homeless as Atlantic Men's Shelter seems to have sucessfully lobbied against it). It took a lot longer than I thought, but hopefully it will be worth the investment in time and energy. Note: Fingers crossed that Bed Stuy will be able to come together like Crown Heights did, and a special thanks to the Crown Heights folks who offered to share the infrastructre they have already put into place with us.
Glad to hear you all had a lovely evening, and I look forward to that next holiday party,
MacD
Posted by: MacD at October 17, 2008 10:28 AM in response to Here's To Our Future
You're right DIBS, market is certainly moving right now. I hope it explodes to the up-side. I still haven't gotten out of a few positions that I'd like to liquidate. I don't see the trend being truly higher until after the election. A lot of ups and downs between now and then.
Posted by: MacD at October 16, 2008 3:09 PM in response to Your future.....
Actually, that looks about right to me. I went back into the market Friday at around 3:30PM and then quickly pulled the plug on Monday at about the same time. Now I am waiting until after the election to get back in. I am a social worker by profession, but I worked in business in the past, so I've learned to go with my gut on these kinds of things. Cost me a lot of money to learn how valuable my gut is, but I guess that's life. I think this time next month we'll all be holding our noses and buying.
Posted by: MacD at October 16, 2008 2:21 PM in response to Your future.....
The tides are a turning.
Posted by: MacD at October 10, 2008 3:25 PM in response to Dow Status Check
Actually DIBS, it was so beautiful out today, I took the day off. Just came back inside not too long ago. I'm trying to follow your cool, calm, collected approach to going about my life as usual and not focusing too much on the short-term. I even put in a little today into my 403B. How's that for a sunny outlook?
Posted by: MacD at October 10, 2008 3:15 PM in response to Dow Status Check
Final hour of trading is upon us. Looks like market is trying to go higher. It would be so nice to see a close on the + side for a change.
Posted by: MacD at October 10, 2008 3:02 PM in response to Dow Status Check
Um, I think I could get $750K right now for my Brownstone, BrooklynGreene and I'm in Bed Stuy. You want $750K for your rowhouse in FG??? Where's that guy who rants about wanting to buy a brownstone in Brooklyn Heights or 3/4 of a million? You could probably sell to him pretty easily right now for your asking price. But why would you want to?
Posted by: MacD at October 10, 2008 2:36 PM in response to Dow Status Check
Putnam's demise was their own fault. They got a firm offer of $750K (arranged by the broker) but they refused it. By the time they realized their mistake, it was obviously too late.
Posted by: MacD at October 10, 2008 1:37 PM in response to Open House Picks: Six Months Later
Is this finally the capitulation the markets have been waiting for, or have we broken through another trend-line?
I thought about putting a little of my cash reserves back into my 403B just now, but didn't just in case there's more downside action ahead. It's gotten so bad, I'm no longer panicking -- just watching it as though it were a cult classic. Thoughts?
Posted by: MacD at October 9, 2008 4:03 PM in response to Don't worry be happy...
As someone who is a bit anxious by nature, I can understand thinking about backing out of this deal given the current market env't. However, if it is a Condo and you can rent the apartment should you need to, I don't see how you can go wrong over time. In terms of losing the 10%, that's real money. Any market fluxuations are just paper losses until you sell. Can you afford to hold onto the place for 7 years -- even if you had to get a renter for a while? If so, I'd move forward and bring a bottle of Single Malt with me to the closing (seriously). BTW - Part of me likes Corcoran's idea of trying to negotiate better terms for yourself before the closing -- using the market env't and your willingness to back out as a reason to do so. However, I'd be very cautious about taking that approach in the event that you'll run into the sellers at some point down the line. Kharma is a factor.
Posted by: MacD at October 7, 2008 10:21 AM in response to Front Page Forum: Walk Away from Downpayment?
As I understand it, the steps we need to take to fight deflation (which will lead to a depression, which is worse than a recession) will likely lead to a recession. But we're already in a recession, FYI. The questions I have are: Can we avoid deflation with the bailout plan, if so, how long will the recession be? Buffet seems to feel like any plan is better than doing nothing. We need a huge capital infusion into the system, and a little bit of luck.
Posted by: MacD at October 2, 2008 11:16 AM in response to Buyers Cooling to Brooklyn
greet = greed, you know I need glasses. Happens over 40, or so I hear.
Posted by: MacD at September 30, 2008 11:54 AM in response to Streetlevel: New Market for Bed Stuy
Let's channel that energy into greet, bxgrl, it's better for the economy. Better for DIBS. Let's not lose our focus on petty little things like the ability to get fresh, delicious, reasonably priced food within 2-blocks of where we live. Besides, you've got ... well, I'm sure you've GOT something over there (feel the burn).
Posted by: MacD at September 30, 2008 11:53 AM in response to Streetlevel: New Market for Bed Stuy
I'm always excited when someone has a good idea and executes it well. If anyone is going to be sucessful at a venture like this, it's you DIBS. I'm so looking forward to coming home from work, looking in my fridge, feeling uninspired and then remembering that right around the corner (sorry MM and Bxgrl) awaits delicious food that is healthy and dare I add reasonably priced?! Not only that but I get to support a member of this fantastic community in the process. Way to go!
Posted by: MacD at September 30, 2008 8:33 AM in response to Streetlevel: New Market for Bed Stuy
I'm not convinved that the paradigm shift on wall street necessarily has to spill over to Bed Stuy. There are just too many other factors at play here.
Posted by: MacD at September 24, 2008 12:30 PM in response to New Bed-Stuy More Like Old Bed-Stuy?
Responses to Author's Forum Comments
Auto generated photo? Huh? Spam alert...
Posted by: Putnamdenizen at August 21, 2009 9:46 PM in response to Crown Heights Condo
charise, re Case Shiller you should know that there are a few regulars here that believe the world is coming to an end, or at least the Great Depression II is about to unfold. And that therefore anyone who buys property is an idiot. Brownstones Half Off is one of those people, hence his log in name.
Posted by: denton at August 22, 2009 6:53 AM in response to Crown Heights Condo
charise,
You should also know that there are a few regulars here that somehow equate a correction in real estate prices (from INSANE to SANE) as an end to the world.
Regarding this depression (that's my opinion), remember when they said there was no bubble, then no subprime contatgion (spreading to prime, etc.) and finally no recession. Fast forward, look where we are. You have to read deeper than in the Times and CNBC. That's all I'll say about that.
Back to the topic, since denton had something to write but no explanation of what Case-Shiller is, it's a home price index for resales of single family homes. There's a nationwide 10-city composite and there's an individual index for NYC Metro/Tri-State. Many think because multi-family brownstones, condos, coops and new constructions aren't included that the index has no relevance. But if you look at the data from '97 to the recent peak, the index tripled just like the values of the aforementioned property types. Relevant on the way up, relevant on the way down.
If you look below you'll see that when the change in YOY (change from same month last year) between consecutive months approached zero, the bottom in home prices was in. 1991 coincides with the experience of many market participants in brownstone Brooklyn back then. And it stayed relatively flat 'til mid 96, about five years.
MONTH, READING, CHANGE FROM PEAK, YOY
Sep-88 85.54 PEAK
Oct-88 85.14 -0.47%
Nov-88 84.82 -0.84%
Dec-88 84.33 -1.41%
Jan-89 84.32 -1.43%
Feb-89 83.77 -2.07%
Mar-89 83.27 -2.65%
Apr-89 82.94 -3.04%
May-89 82.97 -3.00%
Jun-89 82.95 -3.03%
Jul-89 82.67 -3.36%
Aug-89 82.63 -3.40%
Sep-89 82.38 -3.69% -3.69%
Oct-89 82.36 -3.72% -3.27%
Nov-89 81.85 -4.31% -3.50%
Dec-89 81.32 -4.93% -3.57%
Jan-90 80.89 -5.44% -4.07%
Feb-90 80.53 -5.86% -3.87%
Mar-90 79.99 -6.49% -3.94%
Apr-90 79.34 -7.25% -4.34%
May-90 79.05 -7.59% -4.72%
Jun-90 78.96 -7.69% -4.81%
Jul-90 78.78 -7.90% -4.71%
Aug-90 78.21 -8.57% -5.35%
Sep-90 77.41 -9.50% -6.03%
Oct-90 76.80 -10.22% -6.75%
Nov-90 76.14 -10.99% -6.98%
Dec-90 75.60 -11.62% -7.03%
Jan-91 74.59 -12.80% -7.79%
Feb-91 73.69 -13.85% -8.49%
Mar-91 72.87 -14.81% -8.90%
Apr-91 72.29 -15.49% -8.89% ACTUAL BOTTOM
May-91 72.63 0.47% -8.12%
Jun-91 73.50 1.67% -6.91%
Jul-91 74.39 2.90% -5.57%
Aug-91 74.90 3.61% -4.23%
Sep-91 75.06 3.83% -3.04%
Oct-91 75.01 3.76% -2.33%
Nov-91 74.84 3.53% -1.71%
Dec-91 74.74 3.39% -1.14%
Jan-92 74.59 3.18% 0.00% BOTTOM PICK (only 9 months late!)
Feb-92 74.38 2.89% 0.94%
Mar-92 74.27 2.74% 1.92%
Apr-92 74.40 2.92% 2.92%
May-92 74.69 3.32% 2.84%
Jun-92 75.14 3.94% 2.23%
Jul-92 75.47 4.40% 1.45%
Aug-92 75.79 4.84% 1.19%
Sep-92 75.74 4.77% 0.91%
Oct-92 75.48 4.41% 0.63%
Nov-92 75.38 4.27% 0.72%
Dec-92 75.35 4.23% 0.82%
Jan-93 75.54 4.50% 1.27%
Feb-93 75.42 4.33% 1.40%
Mar-93 75.32 4.19% 1.41%
Apr-93 75.34 4.22% 1.26%
May-93 75.71 4.73% 1.37%
Jun-93 76.44 5.74% 1.73%
Jul-93 76.84 6.29% 1.82%
Aug-93 76.99 6.50% 1.58%
Sep-93 76.99 6.50% 1.65%
Oct-93 76.92 6.40% 1.91%
Nov-93 76.88 6.35% 1.99%
Dec-93 76.71 6.11% 1.80%
Jan-94 76.61 5.98% 1.42%
Feb-94 76.43 5.73% 1.34%
Mar-94 76.60 5.96% 1.70%
Apr-94 76.88 6.35% 2.04%
May-94 77.55 7.28% 2.43%
Jun-94 78.20 8.18% 2.30%
Jul-94 78.78 8.98% 2.52%
Aug-94 79.08 9.39% 2.71%
Sep-94 79.08 9.39% 2.71%
Oct-94 78.87 9.10% 2.54%
Nov-94 78.50 8.59% 2.11%
Dec-94 78.36 8.40% 2.15%
Jan-95 78.28 8.29% 2.18%
Feb-95 78.29 8.30% 2.43%
Mar-95 77.95 7.83% 1.76%
Apr-95 77.77 7.58% 1.16%
May-95 78.03 7.94% 0.62%
Jun-95 78.58 8.70% 0.49%
Jul-95 78.99 9.27% 0.27%
Aug-95 79.17 9.52% 0.11%
Sep-95 79.17 9.52% 0.11%
Oct-95 79.11 9.43% 0.30%
Nov-95 78.85 9.07% 0.45%
Dec-95 78.70 8.87% 0.43%
Jan-96 78.63 8.77% 0.45%
Feb-96 78.73 8.91% 0.56%
Mar-96 78.90 9.14% 1.22%
Apr-96 78.94 9.20% 1.50%
May-96 79.36 9.78% 1.70%
Jun-96 79.52 10.00% 1.20%
Jul-96 79.97 10.62% 1.24%
Aug-96 80.31 11.09% 1.44%
Sep-96 80.45 11.29% 1.62%
Oct-96 80.35 11.15% 1.57%
Nov-96 80.02 10.69% 1.48%
Dec-96 80.03 10.71% 1.69%
Jan-97 80.08 10.78% 1.84%
Feb-97 80.08 10.78% 1.71%
Mar-97 79.97 10.62% 1.36%
Apr-97 80.03 10.71% 1.38%
May-97 80.53 11.40% 1.47%
Jun-97 81.53 12.78% 2.53%
Do you want to buy a depreciating asset? Don't you want the most for your money. The rental market is also collapsing. They say you throw your money away when you rent but you throw away even more if you buy in this bear market.
Good luck!
***Bid half off peak comps***
Posted by: Brownstones Half Off at August 22, 2009 11:20 AM in response to Crown Heights Condo
bid half off peak comps, would you care to reprint the rest of the Case-Shiller index #'s for 1997 to the present so we can check that out apples to apples?
Posted by: brooklyndoug at August 23, 2009 10:52 AM in response to Crown Heights Condo
It would be my pleasure, brooklyndoug.
MONTH, READING, CHANGE FROM PEAK, YOY
Jul-97 82.32 13.87% 2.94%
Aug-97 82.72 14.43% 3.00%
Sep-97 82.80 14.54% 2.92%
Oct-97 82.84 14.59% 3.10%
Nov-97 82.94 14.73% 3.65%
Dec-97 83.11 14.97% 3.85%
Jan-98 83.36 15.31% 4.10%
Feb-98 83.85 15.99% 4.71%
Mar-98 84.28 16.59% 5.39%
Apr-98 84.76 17.25% 5.91%
May-98 85.52 18.30% 6.20%
Jun-98 86.58 19.77% 6.19%
Jul-98 87.70 21.32% 6.54%
Aug-98 88.48 22.40% 6.96%
Sep-98 89.04 23.17% 7.54%
Oct-98 89.31 23.54% 7.81%
Nov-98 89.41 23.68% 7.80%
Dec-98 89.43 23.71% 7.60%
Jan-99 89.49 23.79% 7.35%
Feb-99 89.89 24.35% 7.20%
Mar-99 90.56 25.27% 7.45%
Apr-99 91.59 26.70% 8.06%
May-99 92.49 27.94% 8.15%
Jun-99 94.07 30.13% 8.65%
Jul-99 95.47 32.07% 8.86%
Aug-99 96.88 34.02% 9.49%
Sep-99 97.67 35.11% 9.69%
Oct-99 98.24 35.90% 10.00%
Nov-99 98.59 36.38% 10.27%
Dec-99 99.28 37.34% 11.01%
Jan-00 100.00 38.33% 11.74%
Feb-00 100.54 39.08% 11.85%
Mar-00 101.27 40.09% 11.83%
Apr-00 102.41 41.67% 11.81%
May-00 104.35 44.35% 12.82%
Jun-00 106.00 46.63% 12.68%
Jul-00 107.52 48.73% 12.62%
Aug-00 108.90 50.64% 12.41%
Sep-00 109.76 51.83% 12.38%
Oct-00 110.51 52.87% 12.49%
Nov-00 110.89 53.40% 12.48%
Dec-00 111.87 54.75% 12.68%
Jan-01 112.66 55.84% 12.66%
Feb-01 113.51 57.02% 12.90%
Mar-01 114.48 58.36% 13.04%
Apr-01 115.60 59.91% 12.88%
May-01 116.38 60.99% 11.53%
Jun-01 117.90 63.09% 11.23%
Jul-01 119.66 65.53% 11.29%
Aug-01 121.41 67.95% 11.49%
Sep-01 122.91 70.02% 11.98%
Oct-01 123.86 71.34% 12.08%
Nov-01 124.74 72.55% 12.49%
Dec-01 124.72 72.53% 11.49%
Jan-02 125.19 73.18% 11.12%
Feb-02 125.40 73.47% 10.47%
Mar-02 126.50 74.99% 10.50%
Apr-02 127.93 76.97% 10.67%
May-02 129.89 79.68% 11.61%
Jun-02 132.20 82.87% 12.13%
Jul-02 135.18 87.00% 12.97%
Aug-02 137.74 90.54% 13.45%
Sep-02 139.69 93.24% 13.65%
Oct-02 141.58 95.85% 14.31%
Nov-02 143.29 98.22% 14.87%
Dec-02 145.20 100.86% 16.42%
Jan-03 146.55 102.73% 17.06%
Feb-03 147.30 103.76% 17.46%
Mar-03 148.38 105.26% 17.30%
Apr-03 149.53 106.85% 16.88%
May-03 150.88 108.71% 16.16%
Jun-03 151.86 110.07% 14.87%
Jul-03 153.50 112.34% 13.55%
Aug-03 155.14 114.61% 12.63%
Sep-03 157.10 117.32% 12.46%
Oct-03 158.73 119.57% 12.11%
Nov-03 160.59 122.15% 12.07%
Dec-03 162.31 124.53% 11.78%
Jan-04 163.63 126.35% 11.65%
Feb-04 164.92 128.14% 11.96%
Mar-04 166.61 130.47% 12.29%
Apr-04 168.30 132.81% 12.55%
May-04 170.52 135.88% 13.02%
Jun-04 172.90 139.18% 13.85%
Jul-04 175.74 143.10% 14.49%
Aug-04 177.93 146.13% 14.69%
Sep-04 179.79 148.71% 14.44%
Oct-04 181.90 151.63% 14.60%
Nov-04 183.69 154.10% 14.38%
Dec-04 185.16 156.14% 14.08%
Jan-05 187.19 158.94% 14.40%
Feb-05 189.29 161.85% 14.78%
Mar-05 192.17 165.83% 15.34%
Apr-05 194.10 168.50% 15.33%
May-05 195.96 171.07% 14.92%
Jun-05 197.77 173.58% 14.38%
Jul-05 199.86 176.47% 13.72%
Aug-05 202.33 179.89% 13.71%
Sep-05 204.83 183.34% 13.93%
Oct-05 207.64 187.23% 14.15%
Nov-05 210.30 190.91% 14.49%
Dec-05 212.68 194.20% 14.86%
Jan-06 213.50 195.34% 14.06%
Feb-06 214.47 196.68% 13.30%
Mar-06 214.33 196.49% 11.53%
Apr-06 214.97 197.37% 10.75%
May-06 215.57 198.20% 10.01%
Jun-06 215.83 PEAK
Jul-06 215.25 -0.27% 7.70%
Aug-06 214.34 -0.69% 5.94%
Sep-06 214.09 -0.81% 4.52%
Oct-06 214.29 -0.71% 3.20%
Nov-06 214.24 -0.74% 1.87%
Dec-06 213.79 -0.95% 0.52%
Jan-07 212.78 -1.41% -0.34%
Feb-07 212.52 -1.53% -0.91%
Mar-07 212.40 -1.59% -0.90% [FALSE GLIMMER]
Apr-07 211.62 -1.95% -1.56%
May-07 210.51 -2.46% -2.35%
Jun-07 209.49 -2.94% -2.94%
Jul-07 208.37 -3.46% -3.20%
Aug-07 207.17 -4.01% -3.35%
Sep-07 206.38 -4.38% -3.60%
Oct-07 205.53 -4.77% -4.09%
Nov-07 204.36 -5.31% -4.61%
Dec-07 202.08 -6.37% -5.48%
Jan-08 200.44 -7.13% -5.80%
Feb-08 198.29 -8.13% -6.70%
Mar-08 196.51 -8.95% -7.48%
Apr-08 194.73 -9.78% -7.98%
May-08 194.22 -10.01% -7.74% [FALSE GLIMMER]
Jun-08 194.74 -9.77% -7.04% [FALSE GLIMMER]
Jul-08 193.70 -10.25% -7.04% [FALSE GLIMMER]
Aug-08 193.48 -10.36% -6.61% [FALSE GLIMMER]
Sep-08 191.66 -11.20% -7.13% [BACK TO REALITY]
Oct-08 189.68 -12.12% -7.71%
Nov-08 186.55 -13.57% -8.72%
Dec-08 183.54 -14.96% -9.17%
Jan-09 180.92 -16.17% -9.74%
Feb-09 177.80 -17.62% -10.33%
Mar-09 173.32 -19.70% -11.80%
Apr-09 170.48 -21.01% -12.45%
May-09 170.51 -21.00% -12.21% [FALSE GLIMMER?]
There was an upturn in YOY from Apr to May (-12.45% to -12.21%). But there have been multiple such turns previously (FALSE GLIMMER...OF HOPE]. Let's see how long this one sustains itself.
Raw data (new readings every last tuesday of the month) is available in excel format on the Standard and Poor's website under alternative indices. The last two columns were generated by myself. More details available on the website.
***Bid half off peak comps***
Posted by: Brownstones Half Off at August 24, 2009 12:44 PM in response to Crown Heights Condo
lay that chart over real wages from the same time period. I think we'll all collectivelly puke.
Posted by: Springs at August 25, 2009 10:23 AM in response to Crown Heights Condo
More organic produce, more affordable restaurants, less hipsters and less white people. Lets not be mistaken, its not about gentrification, it's about (white)ification. More white people come in, and gently push out the black folks and the families. It's a tight knit family community with a beautiful culture and history, it's disappearing...sadly...
Posted by: the_truth at August 27, 2009 10:50 PM in response to What Does Bed Stuy Need?
More organic produce, more affordable restaurants, less hipsters and less white people. Lets not be mistaken, its not about gentrification, it's about (white)ification. More white people come in, and gently push out the black folks and the families. It's a tight knit family community with a beautiful culture and history, it's disappearing...sadly...
Posted by: the_truth at August 27, 2009 10:52 PM in response to What Does Bed Stuy Need?
I wish I could help, but I also have a problem with my accountant which I need to address and this is what I decided to do. I have had him for many years, but the last two years, I have had the IRS coming back to me due to small errors and omissions, which are not huge but annoying non the less. I had to pay 2600 dollars because he forgot to report some income which I had (and gave him). I gave my self a hard time for being too dependant on this guy and not knowing exactly what he is doing and not being able to check him, so I am getting Turbo tax and getting more actively involved in my own taxes as a check on him and to ask more questions. Maybe I might even be able to save 800 bucks and do it myself. Anyway, good luck.
Posted by: donatella at September 15, 2009 9:39 PM in response to Need New Accountant
I use jewish accountant company at 65th st and Bay Pway. Their phone 1(718)256-9669. I had no problems with them so far.
PS: using Turbo Tax is like throwing money at the IRS.
Posted by: bobjohn at September 15, 2009 10:19 PM in response to Need New Accountant
NYC=NYS, but you already knew that. Thx.
Posted by: MacD at September 15, 2009 8:44 PM in response to Need New Accountant