Thursday Links
Falling Out of Love with Home Ownership [NY Times] EN of Africa: A Work in Progress [NY Times] Three Killed in Spate of Road Accidents [NY Post] Renovate Or Just Buy a New House? [NY Daily News] LIRR Terminal a Monument to Fear and Paranoia [Brooklyn Paper] 100th Anniversary Coming for Brooklyn Heights Association [Brooklyn…
Falling Out of Love with Home Ownership [NY Times]
EN of Africa: A Work in Progress [NY Times]
Three Killed in Spate of Road Accidents [NY Post]
Renovate Or Just Buy a New House? [NY Daily News]
LIRR Terminal a Monument to Fear and Paranoia [Brooklyn Paper]
100th Anniversary Coming for Brooklyn Heights Association [Brooklyn Eagle]
Felder’s Departure Sparks Scramble for Brooklyn Seat [Crain’s]
Photo by Kari Giselle.
I can also tell you, knowing what the rents are in good locations in Uptown these people are paying the same in rent for what they likely spent on a mortgage for a little house in Powderhorn Park. Rents in Minneapolis would surprise you. It’s why people do become eager there to buy even if it’s not in the greatest neighborhood.
Thing is, ecoux, the difference is profound between Powderhorn Park, Minneapolis and brownstone Brooklyn. When the couple returned to Minneapolis after selling and taking a vacay they rented in Uptown which is a lot more like brownstone Brooklyn than Powderhorn Park, in that one can walk to good restaurants and shops and clubs. I know Minneapolis and there are a lot of cute historic houses in those farther neighborhoods but I would never want to live in them. They’re true suburbs – entirely residential with nothing around. Of course it’s why houses in those far neighborhoods are cheap and houses in Uptown are not. So this is really a story about how this couple chose to rent in a better neighborhood rather than own in a less desirable neighborhood. It’s a location story, not a rent vs own story.
“the magical Kingdom of Brownstone Brooklyn”
You’re learning!!!!
I thought the most interesting line was the line about how people used to buy houses to live in and now they buy them as speculative RE investments.
There is nothing wrong with owning your own home- but its not for everyone. And I say that as a glad, not bitter renter.
So, the couple in Minneapolis would have suddenly wanted to fix things if they lived in the magical Kingdom of Brownstone Brooklyn? Where one owns wasn’t the issue of the piece.
yeah but the housing decline after 1987 didn’t begin right away. Maybe 1990 or so?
I owned a home in Chicago and was renovating an additional one at that time and prices didn’t start to rebound until about 1992-1993, specifically because rates were soooo high.
From Babs Corcoran…
“this is the best buyers’ market we’ve seen since the stock market crashed in 1987!”
What she fails to mention is that 30 year fixed mortgage rates from Oct 87 through the end of 1988 remained above 10%
10%!!!!!!
The NY Times article about home ownership is very relevant to brownstone Brooklyn. It covers home ownership in:
1. Powderhorn Park, Minneapolis
2. a colonial revival in Atlanta
3. a Merced County, CA tract home
4. a house on the Main Line outside Philly
5. a Medford, MA house.
But some of the drama is fun to read!!!!