Quote of the Day
The places that will suffer most in real estate losses are the suburbs where the hedge fund managers and all those guys who made all their money off this crisis they created, paid many millions of dollars for huge houses they can only sell to the similarly very rich. There was a recent article in…
The places that will suffer most in real estate losses are the suburbs where the hedge fund managers and all those guys who made all their money off this crisis they created, paid many millions of dollars for huge houses they can only sell to the similarly very rich. There was a recent article in the NY Times about that, if anybody saw it. I’d rather be in my little Brooklyn neighborhood that’s still affordable to those from many OTHER industries, than sitting in a huge house in one of these suburbs, knowing my former Wall Street neighbors are all going bankrupt and their houses will sit unsold and unuccupied for possibly years.
— by traditionalmod in A Letter From The Inside
FYI, just to clarify, when I was talking about the fat cat Wall Street neighborhoods in the suburbs in this quote yesterday, I was talking about places with houses that cost $3 million on the low end, and well above that for big houses and properties.
$1-2 million for a house in Brooklyn is still a lot of money of course, but that’s a price range other industries can afford without massive Wall Street bonuses like those other guys were getting.
i just find it so funny to read comments from people on this site bashing the wall street “fat cats” as the cause of this current crisis. Did they play a big part? You bet. But this housing bubble and “mortgage at all costs” mentality was fed by all the clowns out there crowing about how real estate is the safest investment and the only way to grow wealth is through your home. Idiots.
It’s been my experience that people in New Jersey are the most uncivilized, obnoxious, and depraved people in the United States. Every time I step foot in that state I feel a sense of relief once I return to Brooklyn and a desire to take a shower.
Hell, I can barely stand riding my bike near Penn Station during rush hour – dodging the New Jersey filth is just too much for me.
Well of course the economy is strong. Where do you think we live? Argentina? Get off your duffs and buy a beautiful house in NY, NJ, or Conn. Buy a nice car too. Don’t let your pants’ zipper nip you like the goo-goo’s hope.
Whatever. the economy is still strong. Everyone will be fine. Buy some stocks while they’re on sale if you’re smart. In 10 weeks you libs will be scratching your heads again wondering why the world didn’t end for the 879,075th time like you predicted.
Don’t overlook Purchase, Harrison, and Rye. They have absolutely gorgeous architecture, speedy trains to GCT, and public schools that make the city’s private schools look like poor relations.
For real value look at New Jersey, don’t go to the richie-rich towns like Alpine, but check out Westwood and Haworth. I mean these are gorgeous towns with big houses that you can buy for the same price as a rowhouse in Bed Stuy -but without the tenant in the basement!
Why young people are paying these weird prices to live in bad areas of brooklyn astounds me. I moved to brooklyn Heights years ago, and believe me, I often think I should have spent my money in Bergen County or Rockland, some of those towns are so beautiful…and the people are not all stuck up and holier-than-thou.
Agreed. I think Pelham Manor is one of the more palatable suburbs for city lovers who are forced for whatever reason (and there are a few) to consider the suburbs. It feels a little like a 1920s Ditmas Park, with higher taxes and excellent schools.
“I am a big fan of Pelham/Pelham Manor…”
I’ve got in-laws that moved there from Brooklyn. It’s not for me, but it’s very nice as suburbs go.
Connecticut is a really depressed market right now once you get away from the nearby suburbs. Even there, who knows?
You can buy a fabulous house in that state for a relative song.
Pelham manor is also really nice. If you like the schools there -why not? Think of the r.e. taxes as “tuition” -and your city psyche may be happier.
Of course, once you leave the city and stop paying the city income tax you are already way ahead, and if you leave the state of NY, even for another high-tax state, you will not believe the difference. And car insurance is, I kid you not, maybe a quarter of what it is in Brooklyn (I have lived here and there) so you will have a lot of savings to offset the r.e. taxes -and those taxes go directly to your community and local schools!