That’s not bad, donatella, espcially if you bought before buyers, sellers, and the banks went crazy. I know a few people in Clinton Hill and Bed-Stuy who are at least 100K upside down right now, but I’m guessing they wouldn’t be had they not taken out construction loans to renovate. I guess that means values aren’t THAT far off from peak, as BHO would like us to believe.
I got an appraisal of my brownstone. It is 18% lower than the appraisal I got in early 2006 (however, house was only partially renovated then). I estimate that the price is down 25% from where highs were in 2007 (on a fully renovated basis). Banks have cut off HELOCs arbitrarily, i.e. nothing to do with ones credit (to limit their RE exposure.) They force you to pay for an appraisal (reimbursed if they reinstate you).
Thanks DeLepp. I wanted a place on a stream…I’m on the Paunacussing Creek.
But the number one criteria was that it had to be walking distance to same place to drink, hence the proximity to the Carversville Inn!!!!!
dibs, what a lovely area you are in.
That’s not bad, donatella, espcially if you bought before buyers, sellers, and the banks went crazy. I know a few people in Clinton Hill and Bed-Stuy who are at least 100K upside down right now, but I’m guessing they wouldn’t be had they not taken out construction loans to renovate. I guess that means values aren’t THAT far off from peak, as BHO would like us to believe.
donatella, i don’t think appraisals are keeping up with market prices now. The whole appraisal process was messud going up and is now messed up again.
By etson on August 31, 2010 12:05 PM
“Alaska has 698,000 people. Staten Island 500,000.”
There’s a bridge to nowhere joke in there….
but I am not going to bite. Etson, have you ever been to Staten Island? 🙂
DeLepp…I’m in Carversville which is at the end of Fleecydale Road coming up from Lumberville.
I’m 5 houses up from the carversville Inn
I got an appraisal of my brownstone. It is 18% lower than the appraisal I got in early 2006 (however, house was only partially renovated then). I estimate that the price is down 25% from where highs were in 2007 (on a fully renovated basis). Banks have cut off HELOCs arbitrarily, i.e. nothing to do with ones credit (to limit their RE exposure.) They force you to pay for an appraisal (reimbursed if they reinstate you).
ishtar, he usually has his facts mixed up if he ever even has any at all.
pay him no mind. he’s missed the housing market since 1995.
Yeah…that Thai place on Fulton is nasty. I think it’s call Thai on Fulton or something like that.