the main reasons I want to buy in ditmas park area (including parts that border Midwood) are for the pretty houses and parking space ... if you want good food, then just hop in your car

anyone want to guess where house prices in ditmas park area is headed? my wishful thinking is around 800K (some might still qualify for the tax credit) all the houses that I have seen in the area needs renovations

Posted by: ZooLander at November 16, 2009 1:03 PM in response to Ditmas Park Gets the 'Living In' Treatment

735 Rugby has been for sale for over 3 years
below is the Brownstoner open house link from 11/2006

http://www.brownstoner.com/brownstoner/archives/2006/11/open_house_pick_95.php

2006 asking price 995K
2009 asking price 890K

needs a lot of work. should be priced under 750K

Posted by: ZooLander at November 6, 2009 1:46 PM in response to Open House Picks

DitmasSnark
i think it could move quickly because the ask was drop by 25K 2 weekends in a row so the owner appears to be motivated (from property shark it seems like the owners used their house as a pig bank)

we got there a little late so we only got a quick look ... seems like it's ok but it doesn't have a parking space ... agent says you can add a carport in the front of the house but I think it makes the house look bad visually with respect to the other houses... 663 argyle road recently went into contract with ask of 800K (don't know the contract price but assume it got ask) I much prefer 663 argyle visuals but I wasn't able to get a inside look because it went into contract once the ask dropped to 800K

Posted by: ZooLander at October 30, 2009 4:22 PM in response to Open House Picks: Six Months Later

DitmasSnark - I was at the open house last weekend. Checkout the streeteasy history of the house - Prudential Elliman is current selling the house now at 800K.

StreetEasy History
04/30/2009 Previously Listed in StreetEasy by Brooklyn Properties at $995,000.
08/11/2009 Listed in StreetEasy by Prudential Elliman at $850,000.
08/13/2009 Delisted by Brooklyn Properties. Last priced at $850,000.
10/14/2009 Price decreased by 3% to $825,000.
10/22/2009 Price decreased by 3% to $800,000.

Posted by: ZooLander at October 30, 2009 1:47 PM in response to Open House Picks: Six Months Later

664 Westmister is currently listed for $800K

http://www.streeteasy.com/nyc/sale/444176-townhouse-664-westminster-rd-midwood-brooklyn

Posted by: ZooLander at October 30, 2009 12:58 PM in response to Open House Picks: Six Months Later

oldehook - I'm interested in getting a fha 203K renovation mortgage too. Can you recommend a bank or broker? Was it a difficult process? Is there an income limit on the borrower - I think I might make too much to qualify?

Posted by: ZooLander at October 29, 2009 1:33 PM in response to FHA contractor

how much money did you plan for the renovation and what was the actual total cost?

Posted by: ZooLander at October 19, 2009 2:14 PM in response to Recs from Renovation

Home prices will continue to fall as long as the NYC unemploymnet continues to rise. NYC unemployment rate is 10.3% and rising.

Posted by: ZooLander at September 18, 2009 3:39 PM in response to Open House Picks

went to open house couple of months ago and the broker told us that there are 8 units in the building, 4 are available for sale and 4 have RENT STABILZED tenants!!!

Posted by: ZooLander at June 10, 2009 3:49 PM in response to Condos of the Day: 707 Carroll Street

there is a good reason why the prices are low --> bad renovation & rent stablized tenants!!!

Posted by: ZooLander at June 10, 2009 1:17 PM in response to Condos of the Day: 707 Carroll Street

DIBS, just because a few idiots buy overpriced places and are posted on blog doesn't mean prices are not going to drop...

Posted by: ZooLander at March 31, 2009 11:24 AM in response to Getting a Jump on the Q1 Post-Mortems

DIBS,

how can you have any confidence that the Brooklyn real estate will not get really bad before it gets better when unemployment in NYC is over 8% with many predicting over 10% by next year ... it's just crazy to think people are willing to buy a place unless they're getting a great deal in this kind of economic enviroment!

Posted by: ZooLander at March 31, 2009 11:04 AM in response to Getting a Jump on the Q1 Post-Mortems

I had tried unsuccessfully to negotiate with a landlord to reduce the asking rent from 2500 to 2375 for May 1st in park slope (Union Street between 8 Ave & PPW) ... it was a 2br/2bath the second br was smaller and the living/kitchen window was really small and got little light ... the landlord came down to 2400 but would not go lower ... all I wanted was another $25 lower per month ... my wife thought I was crazy for negogiating so hard for an extra $25 per month but I knew we were in much a stronger position.

... thank god I was unsuccessful because Stuyvesant Town is giving 2 months free, electric & gas included and a 500 bonus if you sign within 24 hours of the first appointment. Since my job was within walking distance from Stuyvesant Town, I also saved on subway ...

Renters would be crazy not to consider re-negotiate or move to Manhatten where landlords are so much more willing to reduce rent.

Posted by: ZooLander at March 30, 2009 12:25 PM in response to It's Good To Be A Renter Right Now

been living in a small 1 br (bedroom just fitted a bed and dresser) on President St (7th & 8th Ave) for around 1900... going to sign a lease today for a real 2 br /2 bath (living room a little small) on Union St on 3rd floor (2 flights up) walkup with recent renovations for 2375 starting May 1st. Owner wanted 2500 but was willing to listen to lower offer.

it's definitely a renter's market out there. you have to do research on craigslist and be willing to move if you're asking for a reduction from your current landlord.

Posted by: ZooLander at March 24, 2009 11:38 AM in response to Renegotiating Rent in PK Slope

right on! cornerbodega

quote of the day

"OMG!!!!!! Your quote was to support Dibs but instead you've made him look IMPOSSIBLY more retarted!!!!!! Bed stuy -75% is enough humiliation, 3 others?"

LOL

Posted by: ZooLander at February 23, 2009 1:43 PM in response to NYC Real Estate Market 'Most Challenged'

right on! cornerbodega

quote of the day

"OMG!!!!!! Your quote was to support Dibs but instead you've made him look IMPOSSIBLY more retarted!!!!!! Bed stuy -75% is enough humiliation, 3 others?"

LOL

Posted by: ZooLander at February 23, 2009 1:43 PM in response to NYC Real Estate Market 'Most Challenged'

DIBS,

I don't think you need "a mass of people leaving Brooklyn" for prices to fall. Obviously, people who bought in the last 5 years will NOT sell if they're going to lose 20% or more off their home (investment) UNLESS they absolutely have to. With unemployment rising (especially in NYC because high paying Wall Street jobs are disappearing, my prediction 9% unemployment in NYC by the end of 2010) some (not all or in mass) homeowners will not be able to afford their homes and will be forced to sell but the demand (available buyers who can afford the down payments and monthly mortgage payments) will not be there ---> price reductions (maybe free fall).

"sticky gentrification" vs Market forces (Supply and Demand) --> I'm pretty sure market forces will always win out!

ZooLander

Posted by: ZooLander at February 23, 2009 1:23 PM in response to NYC Real Estate Market 'Most Challenged'

just because some people are willing and able to pay high prices for properties in Brooklyn does NOT mean that Brooklyn real estate is not due for a major correction ... take a look at the stock market today ... we headed for a long economic decline but if people don't want to negotiate significant price reduction below ask then I want to offer congrats to the lucky sellers

Posted by: ZooLander at February 17, 2009 5:15 PM in response to Last Week's Biggest Sales

799k ... too funny ... seller is living in la-la land

90 Eighth Avenue #4C is going for 649K (priced dropped by 50K 4 days ago) ... oh look they're listed by the same company Brown Harris Stevens ...

Posted by: ZooLander at February 9, 2009 1:45 PM in response to Co-op of the Day: 90 8th Avenue, #2A

I (nodding my head with team BEAR) was searching for 2Br, <700K, open houses for this weekend in real Park Slope on Streeteasy and there were a few coop & condo with some large price drops within the last 7 days.

Address
190 Garfield Place #3F - Price reduced 30K
209 Lincoln Place #9B - Price reduced 51K
45 Seventh Avenue #5 - Price reduced 49K
90 Eighth Avenue #4C - Price reduced 50K
320 Eighth Avenue #4A - Price reduced 51K

502 1st Street #4 - Price reduced 97K
502 1st Street #3 - Price reduced 61K
502 1st Street #1 - Price reduced 95K

unemployment at 7.6% and heading higher ... more price reductions coming

Posted by: ZooLander at February 6, 2009 12:44 PM in response to Toll Even More Serious Than We Thought About Price Cuts

another victory for team BEAR ... more to come ... not the bottom yet

Posted by: ZooLander at February 5, 2009 10:14 AM in response to Toll Brothers Gets Serious About Selling at Northside Piers

Brokers are the most honest people I know (Brooklyn Bridge is on sale). When Prudential Douglas Elliman says prices for Brownstones are increasing means everyone should buy one. There's only a limited supply of Brownstones. Buy one now! Next year Brownstone prices will ONLY increase (Madoff recomended investment). Mortgage rates are at historic lows (if you have perfect credit or a huge downpayment). New York City (Wall Street layoffs projected to be over 200,000) especially Brooklyn Heights and Park Slope are immune from the economic downturn.

Posted by: ZooLander at January 13, 2009 10:48 AM in response to Elliman: Condos Down, Co-ops Flat, Brownstones Up in 4Q

why would any bank lend to developers when everyone is expecting a 20% or more hand cut coming?

Miss Muffet keep waiting and posting, your day is coming!

http://ny.therealdeal.com/articles/manhattan-home-prices-down-around-20

"Both residential and commercial real estate markets have softened substantially since the last report, most notably in Manhattan," said the edition of the Federal Reserve Board's "beige book" that came out earlier this month.

The report, which looks at market conditions in various cities eight times a year, found that "the prices of Manhattan co-ops and condos are reported to have fallen by 15 to 20 percent since mid-summer

Posted by: ZooLander at December 17, 2008 10:11 AM in response to Residential Construction Financing Hard to Come By

11217 - If only everyone who bought homes were as conserative as you, the economy wouldn't be in the situation it is now ... the point is that alot of people bought homes with no "rainy day fund" and if they lose their job, they lose their home.

Posted by: ZooLander at December 10, 2008 1:21 PM in response to Recovery Sooner Than Later?

"stucker rally"

just because some guy says we going to have stock recovery in 3 to 6 months doesn't mean it's going to happen ... if the Fed thought all they needed was $350,000,000,000 (which Paulson has already spent in the last 2 months) to solve the financial crisis, they wouldn't have asked for $700,000,000,000 for TARP or guaranteed over 5,000,000,000,000 assets. Banks will need more money/capital when mortgage assets continue to fall and credit card debt blow up. More pain is coming. Unemployment is headed towards 8-10% if we lucky. Even if mortgage interest rates goes to 4.5% doesn't mean home prices will stablize or go up if the economy keeps losing over 500,000 jobs every month (unless you make loans to jobless people).

Posted by: ZooLander at December 10, 2008 12:44 PM in response to Recovery Sooner Than Later?

25/50% Drop: totally agree ... even thought I prefer to live in Brooklyn, every non-native NYCer I know prefer Manhattan

Posted by: ZooLander at November 26, 2008 10:15 AM in response to Wanna Save Money? Leave Brooklyn For Manhattan

to all those who thinks 50% drop in home prices in Manhattan & elite Brooklyn is impossible you should youtube "Peter Schiff" ... he predicted the financial meltdown exactly back in 2006

the last 7 years of economic growth was built on debt and now the US government is printing money like Zimbabwe ... WE'RE all in deep trouble

Happy Turkey Day ... better enjoy it because next year who knows what we all eating

Posted by: ZooLander at November 25, 2008 10:56 PM in response to Last Week's Biggest Sales

$8.317 trillion according to the latest CNBC artilce

Potential Cost of US Financial Bailout: Over $8 Trillion
http://www.cnbc.com/id/27912307

8,317,000,000,000.00

I think my great grand kids will probably have to repaid this back

Posted by: ZooLander at November 25, 2008 8:54 PM in response to Last Week's Biggest Sales

11217 - If you use your 2.3 Trillion from last night you will have to add today's 0.8 Trillion = 3.1 Trillion

What if this is not enough and does not work? After a certain point US dollars may not be worth the paper it's printed on.

Here's how I came up with my figure of 5 TRILLION dollars

as of 11/18 CNBC article the bailout total 4.2 Trillion and you add today's 0.8 Trillion contribution you get 5 TRILLION dollars

http://www.cnbc.com/id/27719011

Financial Crisis Balance Sheet
Government Entity Billions of Dollars
Federal Reserve
TAF (Term Auction Facility) 900.0

Discount Window Lending
Commercial Banks 99.2
Investment Banks 56.7
Loans to buy ABCP 76.5
AIG 112.5
Bear Stearns 29.5
(TSLF) Term Securities Lending Facility 225.0
Swap Lines 613.0
(MMIFF) Money Market Investor Funding Facility 540.0
Commercial Paper Funding Facility 257.0

(TARP) Treasury Asset Relief Program 700.0

Automakers (for more fuel efficient cars) 25.0
(FHA) Federal Housing Administration 300.0
Fannie Mae/Freddie Mac 350.0

Total 4284.5

Posted by: ZooLander at November 25, 2008 8:41 PM in response to Last Week's Biggest Sales

mopar:"Fact is that parts of Brooklyn are now locations for the elite just like Manhattan, San Francisco, Boston, Paris, Palo Alto, etc."

if you compare Harlem, Manhattan to Park Slope you might have a point but that's some serious crazy-ness to think Park Slope is as good as UES or UWS

I don't understand why people are in denial that prices may/can drop by 50% when prices in NYC has increased by 100% or so in the last 8 years ... people wake up ... the Federal government in the last 2 months has guarantee/bought/gave banks over 5 TRILLION dollars and home prices which is the heart of the financial meltdown has NOT stop falling

Posted by: ZooLander at November 25, 2008 8:03 PM in response to Last Week's Biggest Sales

Nay!

Muffet - Prices will fall by next year when NYC unemployment is around 9% ...

Posted by: ZooLander at November 25, 2008 3:04 PM in response to Last Week's Biggest Sales

There might be a month or two more of these crazy [sucker] prices because most likely these buyers/sellers went into contract 2 or 3 months ago. Manhattan prices as well as prime Park Slope & Brooklyn Heights WILL follow national trends [20% to 30% price reductions] especially with Wall Street laying off over 100 thousand jobs. NYC real estate is going to be hit hard by next spring.

Outlook Grows More Dire for Housing Market
http://www.nytimes.com/2008/11/26/business/economy/26housing.html?ref=business

Case-Shiller report ... Los Angeles, Miami, San Diego and San Francisco all had annual declines of more than 26 percent. Prices in New York have fallen 7.3 percent since September 2007.

[NYC]Inventory Rises, if Not Sales
http://www.nytimes.com/2008/11/23/realestate/23deal2.html?ref=realestate

The number of apartments that went into contract or had accepted offers in October plunged by 20 percent compared with September, and by 62 percent compared with October 2007, according to figures provided by the Corcoran Group, a residential real estate firm.

Posted by: ZooLander at November 25, 2008 1:34 PM in response to Last Week's Biggest Sales

interest rates are low but when the rest of world (China) stops buying our debt (Treasury, Fannie & Freddie crap), interest rates will have to rise ... when interest rise, home prices will fall no matter how good the hood is!

no new taxes , no spending cuts, but like magic we have $700,000,000,000 to bailout wallstreet

Posted by: ZooLander at November 18, 2008 7:27 PM in response to Quote of the Day