Shit Sandwich For Sale: Suckers Wanted
Guess the bargain basement price that this benevolent developer (who undoubtably received some kind of handouts from the government to slap up this eyesore) is asking for this Fedders special in Bed Stuy? $785,000. What a rip-off! For a hundred grand more, you could have the gorgeous Park Place limestone we listed in
Guess the bargain basement price that this benevolent developer (who undoubtably received some kind of handouts from the government to slap up this eyesore) is asking for this Fedders special in Bed Stuy? $785,000. What a rip-off! For a hundred grand more, you could have the gorgeous Park Place limestone we listed in Open House Picks on Friday. And guess who’s gonna end up getting boned on this one? The poor sap who scrapes together the 3% down that’s probably required by the government program that financing the whole thing. What a joke.
New Construction 3 Family [Craigslist]
I’m not attempting to start a debate. I was just curious to know if you realized that investment income, capital appreciation and inflation – although all good things to consider when making an investment, are in fact 3 separate entities.
Eryximachus, did you just say that investments rarely appreciate in value and that most capital appreciation can be attributed to inflation? Are you honestly attempting to equate the rise in value of residential properties in the NYC real estate market to inflation?
I apologize in advance if the answer to either of those questions is no, but clarification of your views and the reason for your response would be most appreciated.
obviously not everyone wants to live in a brownstone but to claim that these buildings would be less hassle is dubious. these houses look like they would fall over in a wind storm while brownstones have been standing for 100 years. i’d like to see these houses in 100 or even 50 years.
I agree with your sentiments. However, can we keep the commentary above a childish mudslinging level?
LadyFtGreene
Investments generate income, and only rarely appreciate – when they do, it is because of supply and demand economics. This is more true here in NYC, but in most of the country there is no shortage of land or building materials. And it won’t be true in NYC forever either (high density development is coming to a neighborhood near you!).
Most “appreciation” is nothing more than inflation. You buy a house for $5,000 in 1960. You can buy $5,000 cartons of eggs. The house goes up to $10,000 in 1970. THe problem is, now eggs are $2 a carton. The house has gone up in value, but the purchasing power remains the same.
This is the problem with the stock markets. Yes, the dow is at a historic high in strictly numeric terms, but on an inflation adjusted basis, it is still quite a bit away from the 2000 high.
oh, for a mere “hundred grand more” i can get into the brownstone club. When did $100,000 become so easily added to someone’s purchase price?
what you talking about willis?
this building is hot!!
This can’t be real. I think we’re all being punk’d here!
It looks so cheap. Classic home depot doors. Bent metal studs. Sheetrock that got wet. Cheapest toilets on the market. The refrigerator door opens the wrong way and sticks out too far. Classic lowes tile in the baths. And you will hear your neighbor fart. Yes once again anyone can make their dreams come true by being a developer. God Bless the USA..