Umm...
It says co-op not condo, so 498K is pricey.
A brownstone with an elevator?
90 sqft does not make a bedroom.
A lot of the 900 is wasted. I wonder if you could knock out the central wall between bathroom and living room?

Posted by: doctor_j at July 15, 2006 7:18 PM in response to Condo of the Day: Greenpoint, Address Unspecified

No one can know whether we're in for a 'soft landing' or crash, whether or when prices pause or fall or start to rise. Too many unknowns from too many external factors. Rather than look back to 80s NY, the best I can think of is compare to recent markets in comparable cities. The anomaly arguments about NY being a different or special market can be made for London UK and Sydney AU. The economic conditions in these cities are broadly comparable to those here, with some differences in timing: they peaked 2-3 years ahead of NY. London appears to have been flat since 2003 and Sydney is down about 10-15% overall in that time.

So I'd be surpised if prices started rising again faster than inflation here before the end of the decade, and I'd also be surprised if they'd fallen more than 10-15%. Best guess is that what people are willing to pay a month as a percentage of salary on a new mortgage stays about the same for a few years and prices move sideways according to interest rates.

Posted by: doctor_j at September 24, 2006 10:20 AM in response to Open House Picks: Apartments