Brooklyn's First Bubble
At this rate, we might as well declare this Charles Lockwood week here on Brownstoner, but that’s not going to stop us from sharing this apt quotation he dug up from Philip Howe in the mid-1830s: Men in moderate circumstances have become immensely rich merely by the good fortune of owning farms of a few…
At this rate, we might as well declare this Charles Lockwood week here on Brownstoner, but that’s not going to stop us from sharing this apt quotation he dug up from Philip Howe in the mid-1830s:
Men in moderate circumstances have become immensely rich merely by the good fortune of owning farms of a few acres of this chosen land. Abraham Schermerhorn has sold his farm of 170 acres at Gowanus, 3 miles from Brooklyn, at $600 an acre; four years ago…he offered it for sale at $20,000, and would have taken $18,000; today he pockets $102,000, and regrets that he sold it so cheap.
Bricks and Brownstone [CharlesLockwood.com]
Tom, good observation, and the loss was even greater than you mention because most of the mortgage payments made in the 5 years went to interest, not equity.
it goes both ways. my aunt had a house she bought in the 1920’s on Crown Street in Crown Heights. She sold it in the 1970’s for the same price she bought it.
I also know of a Condo in Carrol Gardens for sale in 1988 (last bubble) for 289,000. Sold for about that. The owner left in 1993 and sold it for 225,000. about a 65K Loss, plus closing costs and commissions.
i love reading old real estate news- funny how not much has changed- also funny to me that my house on lefferts pl was bought in 1978 for $1 from the city. talk about selling cheap.