I understand your question, and I'd have to say the answer is.... well, things change. I am one of those people you are asking about, white, married, professional with 2 kids living in brownstone that would fetch probably $1.5 million on a good day. Here's how I got here: I lived in the E. Village for 8 years in an apartment paying $300 a month, then got married and moved overseas, and had a kid. When I came back, in 1999, I rented my cousin's house on 14th that he had paid something like $175K for two years earlier. After my second kid was born, I bought my place current place in 2001 for like $650K , putting down half using money I inherited when my dad died. I put a bit more into it, and now its worth alot more even than that. I could never afford to buy my house for what its worth now with 20% down and cover the mortgage with our salaries. But I already own it, so that isn't an issue.

I moved to Park Slope because I wanted to stay in NYC after getting married and having kids. Sure, I could have moved to Jersey or Westchester, but my friends are here, I don't have much of a commute, and I like living in the city better. It's different than the 1970s, schools are good now and the crime problem is under control. I have enough access to houses outside the city that my kids get to run around outdoors enough, and eventually I'll buy a shack on the Jersey shore for summers.

There are probably others like me and others who have a million different reasons for moving here, including the ones you mentioned. That said, there are still people living on my block who were born in the house they live in.

Posted by: slopenick at March 13, 2008 10:59 AM in response to GENTRIFICATION

Well, first of all let me say that this is one reason I love Brownstoner. I use that park all the time, and news like this is absolutely fascinating and not easy to find.

Second, I'm so glad that they are redoing that section of the park (though I doubt the softball teams will be too pumped about losing their admittedly asphalt paved and sloping field). The skate park will be totally cool - I'm even thinking of taking up skateboarding even though I'm in my 40s.....

As for the turf issue, I must say that much as I dislike anything artificial, if you have seen the problems they have keeping grass growing in the area in front of the Old Stone House, I don't think there's any other choice. It would be too bad to have that huge place turn into a mudfield for three quarters of the year.

Posted by: slopenick at March 17, 2008 11:28 AM in response to Extreme Makeover Planned for J.J. Byrne Park

Let's start with the basics: your view. If you believe (or are concerned) that interest rates will go DOWN, then you borrow at an adjustable rate. If you believe they will rise, then you borrow fixed. I encourage you to think in the context of your complete financing needs, not just this loan. You say this is a "second" loan. Does that mean there is another, even larger loan? Is that fixed or floating/adjustable? Could you refinance ALL of it? Have you looked into that?

Also, are you absolutely sure that "it won't be locked in at all?" Usually, adjustable rate mortgages have an initial "lock" anywhere from 1 to 10 years where the rate stays the same. After that period, there rate can change, but often, there is a limit as to how much the rate can rise. Rates vary depending on the length of lock, but at 5.0%, I'd imagine that would be a short lock, 1-3 years.

Going ONLY on what you have said, i.e. you plan on staying a minimum of 10 years, you pay 7.1% now, and you have been offered an adjustable rate of 5.0% as an alternative, I would go with the 5%. Interest rates are going down - hey, the Fed cut TODAY and is likely to cut again in April. That will reduce your payments IMMEDIATELY, and given the seriousness of the problems in the housing market and economy, its going to be a while before rates start rising again. Who knows, things change, and maybe you'll be in a different financial situation 5 years down the road. If you want to be conservative, get the adjustable rate, but don't pocket the savings - use it to pay down the principal. At least that way, if rates do go up down the road, you'll be paying the higher rate on a lower amount of principal.....

my guarantee: advice always worth what you pay for it.

Posted by: slopenick at March 18, 2008 4:25 PM in response to Switch to a variable rate loan?

9:22 You are right that the Fed cutting rates has no effect on fixed mortgage rates, but it certainly has a very direct effect on the prime rate, which is what an adjustable rate mortgage is tied to. Long term fixed mortgage rates have been going up lately, but adjustable rates have been going down with the Fed's recent cuts.

Posted by: slopenick at March 19, 2008 10:25 AM in response to Switch to a variable rate loan?

I had a look at that link. I assume you are talking about the Super Inverter with the "Ceiling Mounted Cassette" type indoor unit. (The link is to a different product). First, you do realize this is a commercial unit, not a residential one, right? Other than that, I can't see anything wrong with it. My question would be whether condensation forms on it, and if so, where does it drain to? Otherwise, it seems like a great idea..... (sorry, no personal experience)

Posted by: slopenick at March 26, 2008 1:14 PM in response to ? re Daikin Ductless Split A/C System

As a landlord, I think a broker is a great deal. Sure, renters don't like them, but so what? Anyway, it's my opinion that you will get a better quality tenant and have a better experience renting your place out using a broker. First, a broker will put the ad out for you, field the phone calls, make the appointments, and deal with the people who do and don't show up. If you work, that right there is a big, big plus. Second, they will act as a sounding board regarding prospective tenants. One tenant wanted to call around and ask for references about me! (Our broker suggested we choose someone else, and we did.) Third, they will vette the tenant for you, which is a bit of an uncomfortable process since you are asking for a lot of personal info from people you don't know. Lastly, and in my opinion most importantly, if someone is going to go to the expense of paying a broker to rent an apartment, they are probably not going to leave early or after just one year, since they've already paid the broker's fee and doing that every year would be silly. We've used Shaye on 7th Ave. in Park Slope twice with great results both times. Never missed a month's rent in 7 years......

Posted by: slopenick at March 27, 2008 1:06 PM in response to Rental Apartment in Brownstone

Loved, loved, loved the comment from 10:12. Spoken as only a true artsy-fartsy, faux liberal, holier-than-thou whitebread could. May your hypocritical hipsterism keep you well stocked in PBRs, Chuck Ts, and cheap noserings for the rest of your deeply creative and meaningful life, sir (or madame)!

Posted by: slopenick at March 31, 2008 12:04 PM in response to The San Fran-Brooklyn Love Connection

Some people just amaze me. They act like they are the first people in the world to think of the most obvious things.......

Anyway, my guess is it would cost significantly less than 7K to knock out a fireplace and sheetrock over it. First, there's no law against you yourselves taking a sledge hammer and busting the thing up, then calling in a handyman type to fix up the wall. (It would give you the satisfaction of seeing something ugly being broken up into little bits too!!!) I'd expect to pay no more than $2K for both with the walls sealed up behind them. I could be wrong, but $7K for a demo job is way, way out of line. You could get a whole new bathroom built for that....

Posted by: slopenick at April 2, 2008 11:03 AM in response to removing a fireplace

we have a parlor floor door to a deck. I'd imagine you'd want a real door and a storm/screen door on the outside. Talk to a contractor and look at the premade doors at Lowe's or Home Depot to get an idea of how much they cost. My one bit of advice is, if you are getting a door with a window AND a screen/storm door outside, make sure that the door window isn't bigger than the screen on the screen door, or else you'll be looking though the window at the screen door. Hope that helps.....

Posted by: slopenick at April 4, 2008 12:48 PM in response to Replacing parlor floor window with door

Gotta say, that would be great. It might even make it worth going to Williamsburg....

Posted by: slopenick at April 11, 2008 10:31 AM in response to CB1 OKs Brooklyn Greenway Bike Path

The only thing I can think of for them trying to unload (lemon) property is they want usd or british pounds or maybe euros.

Romania has the worst economy in eastern europe.Their political
situation is a nightmare.

It will never recover.

Bad investment.

Posted by: Ysabelle at April 18, 2008 1:33 PM in response to Real estate appropriateness in Romania

The only thing I can think of for them trying to unload (lemon) property is they want usd or british pounds or maybe euros.

Romania has the worst economy in eastern europe.Their political
situation is a nightmare.

It will never recover.

Bad investment.

Posted by: Ysabelle at April 18, 2008 1:34 PM in response to Real estate appropriateness in Romania

website is broken.

Posted by: z at April 18, 2008 2:03 PM in response to Real estate appropriateness in Romania

Their political situation is a nightmare.

It will never recover.

Bad investment.

Posted by: Ysabelle at April 18, 2008 1:34 PM

No offense Ysabelle but that sounds like NYC in the 70s and 80s

BUY BUCHAREST!!!!

Posted by: daveinbedstuy at April 18, 2008 3:47 PM in response to Real estate appropriateness in Romania

HEY! I want your floors, but you didn't leave an email, so how can I contact you? See my post above and please email, thanks!!

Raisa

Posted by: guest at April 19, 2008 11:43 AM in response to auntbert

My Aunt Bert is no longer with me - but she would have been worth a quadrillion dollars - she was a great lady.

Have a good weekend.

Posted by: bigblackpants at April 20, 2008 9:27 AM in response to auntbert

I'd be interested also: hegelian@upguild.com

Posted by: hegelian at April 21, 2008 3:05 PM in response to auntbert

Slopenick, did you really just say that ("Either way, you could (hopefully) refinance your way out of a bad deal.") -- have you been under a rock for the last two months?

You might be able to refinance your way out of a bad deal, you might not. You might end up being part of the next foreclosure crisis. If rates fall and you have maintained good credit, you might be able to re-negotiate a fixed rate mortgage, but I wouldn't enter an ARM on the theory that you can just refinance later if interest rates skyrocket.

It sounds like OP should do a lot more research about how mortgages work before s/he signs a million dollar one. Do a web search for "Understanding Mortgages" or check out on of PACC's first time homebuyer classes.

http://www.prattarea.org/homeservices.htm

PS. I'm with 9:25 on looking up the rates for yourself. Any newspaper with a real estate section publishes that information.

Posted by: amanda at May 8, 2008 5:13 PM in response to Mortgage?

Brooklynsafe: it sounds like you recently had a negative experience with a biker. I sympathize with you and always try to be considerate of pedestrians while biking (which is not that often). But in my experience bikers really get the short end of the stick in this city. For example, pedestrians are constantly walking out into the bike lanes even though sideways are their domain. I see this every single morning on dekalb avenue. Also, cab passengers cause accidents by not looking before they open their doors. Just yesterday, I saw a woman open her cab door without looking and slam a biker into a parked car. And he was in the bike lane! She could have looked behind her, but instead she carelessly caused an accident that could have killed him. What if she'd slammed him into oncoming traffic? So, please know that although there may be a couple of rude bikers, the vast majority of us are careful. I sincerely hope you extend us the same courtesy.

Posted by: guest at May 13, 2008 3:38 PM in response to law on safe bikes

1) all pedestrians must cross the street only at corner cross walks
2) all pedestrians may only cross the street on a green light
3) You may not enter any part of the crosswalk until the light is green
4)you must complete walking across the street in a single cycle
5) if you are walking towards a parked car, you must walk in the street until you reach your car

Posted by: guest at May 13, 2008 4:33 PM in response to law on safe bikes