wait a month or two and you'll see comps in the 400K range. I know someone in contract now for the low 400s. Friendly advice, not a good time period to waste money.

Posted by: inthehood at November 4, 2008 12:55 PM in response to House of the Day: 808 Lincoln Place

Reality check. Nice little program, but $24 million will not make a dent in the macro situation even when macro means NYC real estate. The bubble has burst. Reality will force its ugly head upon us. There is no way to escape a serious downturn. All of the bailout plans are just making the distribution of pain unfair and unjust. Remember, real estate downturns are normally caused by a recession due to layoffs, etc. What we got here is a whole new story. Things were getting bad b/c of real estate. The impact of layoffs (on Wall St., Amex, Time Warner, etc.) will only now start to make things worse. We will now get a classic hit to the real estate market, people losing jobs have less money, prices decline.

Or, If the govt bails out everybody, it will need a 10 trillion bailout, but don't worry, by the time it's all over that 10 trillion will really on be worth $100 in today's dollar.

Posted by: inthehood at October 31, 2008 2:31 PM in response to City Will Buy Foreclosed Homes

I have to agree with the chicken. When the prices adjust by 50%, we'll start to see some action. I've seen the housing prices double and triple here in Crown Hts over the last 5 years. Anybody that thinks this run up in Brooklyn was not part of the bubble generated by unsustainable govt policy and business practices should go take some finance, econ and common sense classes. In CA, plenty of people thought things were different b/c they have international buyers, great weather, strong economy, limited supply, etc., etc. The run up in crown hts had plenty of input from flippers, liar loans, subprime loans, negative amort loans, etc. FYI, look at 1269 Carroll, it looks similar and sold for 875K in Jan 08, before the Wall St. meltdown. Most of the world understands that prices are falling. Some dreamers seem to think prices will rise another 20% this year????

Posted by: inthehood at October 26, 2008 11:45 AM in response to Open House Picks