etson's Profile
Author's Posts
March 23, 2009
"Fair Value" for Real Estate
How do people think about how to calculate a 'fair value' for real estate without using comps?
The comment is often made on Brownstoner about that property values in general are way too high relative to incomes. The reponse from the bulls is generally relates to low interest rates and limited supply of high quality property.
So what metrics (other than comps) would readers use to estimate a fair value for a property? I presume it would involve some kind of multiple of income to determine the mortgage amount and then adjusted by a loan to value ratio to get a value for a property. I don't know what the right income multiple would be, or the degree to which the prices of other assets (e.g. stock market levels etc) should matter at all.
Obviously there is no set answer. I am just really interested to hear how people derive their views of whether / how much the market as a whole is overvalued. Thanks.
Author's Comments
Couldn't hook up with anyone tall if you had that bedroom space.
Posted by: etson at November 19, 2009 1:08 PM in response to Co-op of the Day: 150 Joralemon Street, #5F
"Too Short" prob not the best name choice for a dirty rapper.
Posted by: etson at November 19, 2009 11:37 AM in response to Open Thread
m4l:
"Look man, I'll pay whatever it takes"
Posted by: etson at November 19, 2009 10:51 AM in response to Open Thread
Rob:
"From now on I'm only buying organic"
Posted by: etson at November 19, 2009 10:23 AM in response to Open Thread
11217:
"Park Slope blows. I hate the boutiques"
Posted by: etson at November 19, 2009 10:18 AM in response to Open Thread
Most of the OT ladies:
"Cats really creep me out. Ugly bastards."
Posted by: etson at November 19, 2009 10:11 AM in response to Open Thread
Unless you are referring to the disaster movie presumably, bxgrl.
Posted by: etson at November 19, 2009 10:07 AM in response to Open Thread
Seven words bxgrl would never utter:
"You know, Dick Cheney ain't that bad"
Posted by: etson at November 19, 2009 9:58 AM in response to Open Thread
Apparently Catherine Austin Fitts also supports the "9/11 truth movement".
And yeah DIBS, she's hawt.
Actually does look kinda mannish, but don't think your type.
Posted by: etson at November 19, 2009 9:50 AM in response to Open Thread
Looking to supplement your income, Kens??
Sure you could find some good customers among the PLUSA's.
Posted by: etson at November 18, 2009 3:06 PM in response to Open Thread
Can't remember this one but I remember being surprised by several good looking contextual smaller modern buildings in this area last time I wandered round there.
Posted by: etson at November 18, 2009 3:03 PM in response to Development Watch: 169 16th Street
Hope the CDog gets better soon! Sounds like a good sign.
Posted by: etson at November 18, 2009 2:51 PM in response to Open Thread
reek, not wreak.
Posted by: etson at November 18, 2009 2:29 PM in response to Open Thread
It's probably because you smoked in your apartment, DH ;-)
Posted by: etson at November 18, 2009 11:39 AM in response to Open Thread
tinarina,
I am from the UK originally. Guns are an increasing issue and (fatal) teen knife crime in London is getting almost as prevalent as teen gun crime here. Both trends are as the result of cultural changes more than the availability of weapons.
Posted by: etson at November 18, 2009 11:08 AM in response to Shooting In Boerum Hill
Agree with tybur's basic point but don't agree with his $10,000 math:
1) Don't need to pay for two apartments for an overlapping month.
2) Don't generally need to pay a broker if you are well prepared for your search.
Posted by: etson at November 18, 2009 11:05 AM in response to Open Thread
"maybe the people that kids actually DO look up to should come out and try to put an end to violence."
Totally agree with this. Also, all this stuff about out of state guns is just NYC trying to pass the buck to other states for its own problems in its own communities. Working on people's behavior should be the priority.
Posted by: etson at November 18, 2009 10:44 AM in response to Shooting In Boerum Hill
Have we de-grossed the thread now? (not that I mind really.)
Congratulations on the move in mopar & good luck. I'm sure it's stressful and exciting all at the same time!
I agree with you as well tybur, it's especially difficult if the person has a family.
Posted by: etson at November 18, 2009 10:37 AM in response to Open Thread
Hah cobble, don't think so - different school districts.
We definitely went to different high schools, although chicken's was closer to where I grew up than my own was.
Posted by: etson at November 17, 2009 6:10 PM in response to Open Thread
I'm not a huge Oasis fan (even though I am from near them) .
chicken - that's pretty close to several of my relatives! Think I mentioned to you before - I grew up a couple of miles further out just off Kingsway in Cheadle.
Posted by: etson at November 17, 2009 6:03 PM in response to Open Thread
I can't remember them off the top of my head, but I have always had relatives in Burnage so there's a decent chance I may have been in.
I do remember the Godfather Kebab House on Kingsway!
My sister lives in Burnage now.
Posted by: etson at November 17, 2009 5:40 PM in response to Open Thread
I may even have eaten from there, chicken..
Posted by: etson at November 17, 2009 5:35 PM in response to Open Thread
Don't think I have ever eaten a hush puppy.
Where I'm from that's a brand of shoes.
You need to try mushy peas with it!
Posted by: etson at November 17, 2009 5:23 PM in response to Open Thread
And the best fish to use is haddock, although cod is much more common.
I'm making myself hungry.
Posted by: etson at November 17, 2009 5:14 PM in response to Open Thread
You don't need tartar sauce on fish & chips! Should be served with a good coating of salt & vinegar.
Posted by: etson at November 17, 2009 5:10 PM in response to Open Thread
So what do you wet-wipers do when you aren't at home? Does it gross you out to be in a dry-wipe only environment? Or do you carry a pack with you at all times?
Posted by: etson at November 17, 2009 2:56 PM in response to Open Thread
Yes, they like to boil humans, didn't you hear?
Posted by: etson at November 17, 2009 1:21 PM in response to Open Thread
Menudo smells pretty much as I would imagine boiled humans to (sorry if this sounds culturally insensitive, just had a bad experience with that stuff).
Posted by: etson at November 17, 2009 1:17 PM in response to Open Thread
The apartment itself looks OK for the price. The building is right on the main road, which has always been v.busy whenever I am over that way.
The listing says apartment 6C, but I can't see six storeys on the exterior photo (unless 'C' indicates the third floor, or they count the basement)
Posted by: etson at November 17, 2009 1:06 PM in response to Co-op of the Day: 1110 Caton Avenue, #6C
Weather Up + Cornelius = my favorite BK night out. As jester and CGar know!
Not tried the Vanderbilt yet.
Not sure about this place, but Washington Commons looks good & want to try it soon..
Posted by: etson at November 17, 2009 12:34 PM in response to New Bar Opening in Prospect Heights
Wasn't it just one new rental building in E.Harlem? Don't see a problem as long as people agree when they sign their leases.
Posted by: etson at November 17, 2009 11:51 AM in response to Open Thread
Rob,
You could always just raise your good cholesterol by drinking more beer & red wine.
(I have high cholesterol as well, but it really doesn't seem like a big deal).
Posted by: etson at November 17, 2009 11:43 AM in response to Open Thread
"Hugh Jackman is a great gay porno name."
Or just HJ for short.
Posted by: etson at November 16, 2009 5:33 PM in response to Open Thread
You have more than one favorite Nazi movie? Indiana Jones??
Posted by: etson at November 16, 2009 2:05 PM in response to Open Thread
"Anyone else fuckin tired of Lady Gaga?"
Yes, but now I have 'Poker Face' going through my head. Thanks.
Posted by: etson at November 16, 2009 1:05 PM in response to Open Thread
I like it. Nice light place in a perfect location. Think it goes close to ask - $800-850 range.
Posted by: etson at November 16, 2009 12:54 PM in response to Co-op of the Day: 130 8th Avenue, #7C
If she's bi Snappy and DH can share.
Posted by: etson at November 16, 2009 12:50 PM in response to Open Thread
Yeah, I understand he is using the litter box properly now. When he first came & was nervous he did it in the corner of the living room a couple of times.
Posted by: etson at November 16, 2009 11:59 AM in response to Open Thread
My sister has a new cat (her first). Never thought I would say this but he sounds like quite good fun.
(I'm not sure what the smell is like though).
Posted by: etson at November 16, 2009 11:48 AM in response to Open Thread
Yeah, I have heard Stella called 'wifebeater' in London as well. No idea why...
Posted by: etson at November 16, 2009 10:00 AM in response to Open Thread
I usually just enjoy the day off work & cook steak for myself on Thanksgiving. Drink too much & watch football. My US family are too far away to bother to travel.
Always go back to the UK for Christmas, though.
Posted by: etson at November 13, 2009 4:33 PM in response to Open Thread
Yes, I'd like to meet tybur as well, CGar.
Posted by: etson at November 13, 2009 2:58 PM in response to Open Thread
"Its like eating chinese food with a plastic spoon."
I always just ask for a fork in Chinese restaurants now. gave up on chopsticks years ago & refuse to be embarrassed by not knowing how to use them.
Posted by: etson at November 13, 2009 10:35 AM in response to Open Thread
That's an insult to Houston, jester.
Posted by: etson at November 13, 2009 10:32 AM in response to 574 4th Avenue: The Full Monty
Why are so many new buildings done in these horrid yellow and orange bricks? Some of them would look tons better if they used darker brick.
Posted by: etson at November 13, 2009 10:18 AM in response to 574 4th Avenue: The Full Monty
Don't know any pure plays off the top of my head DIBS. DeBeers is private now. AngloAmerican has a big diamond business, but lots else as well.
Posted by: etson at November 12, 2009 5:54 PM in response to Open Thread
The commodity desks that guy was talking about were around well before ICE. It's been possible to speculate without taking delivery for a long time. He's right that a lot of capital has flowed into commodities, but don't see why that's a conspiracy, more a reflection of low returns in other asset classes.
Posted by: etson at November 12, 2009 5:39 PM in response to Open Thread
"I am dangerous with mulled wine. I can put back way too much in one sitting. It's very comforting."
I could say this about most drinks.
Posted by: etson at November 12, 2009 4:58 PM in response to Open Thread
Hot red wine with spices, Snappy. Delicious...
Posted by: etson at November 12, 2009 4:48 PM in response to Open Thread
stevie,
For the record Kens is originally from Mongolia and works as a bodyguard.
Posted by: etson at November 19, 2009 3:35 PM in response to 150 Bond Finally Sells—For a Loss