A Successful Buy-and-Hold Strategy on Hoyt Street
What is it about stories about people who scored beautiful houses in Brownstone Brooklyn three decades ago that are at once so irresistible and envy-inducing? Whatever it is, The Times served up another dose this weekend in its Habitats column. In this case, the lucky owners are a charming couple that met at Pratt in…
What is it about stories about people who scored beautiful houses in Brownstone Brooklyn three decades ago that are at once so irresistible and envy-inducing? Whatever it is, The Times served up another dose this weekend in its Habitats column. In this case, the lucky owners are a charming couple that met at Pratt in the late 1960s before nabbing their 22-foot-wide brownstone on Hoyt Street in Boerum Hill in 1973 for a cool $49,500. Of course, there’s the requisite context of urban grittiness to smudge our rose-colored glasses. Wyckoff Street was an open drug bazaar, with guns and hookers everywhere, said Frank Cusack, one half of the pioneering real estate couple. Decades of block association work and one celebrity couple neighbor later, of course, Hoyt Street is a whole different animal, though Ms. Cusack still conducts her exercise classes for neighborhood ladies in the parlor floor living room. The couple just finished a renovation (a conversion of the garden floor to a rental), the last of many in the 36-year span they’ve occupied the house.
Shrink or Expand to Fit [NY Times]
DIBS–it would appear you and I are saying the same thing. I was just trying to relate it today’s dollars.
If it falls to a million, they have a profit of $951K (we don’t know how much money they put into it) which is a profit of 20X their money!!!
You guys have to get out. Sit on your stoop. Hang out on the corners, play dominos. Drink beer outside a bodega. Get up from your computers and throw open your windows and scream ; “I’m sick as hell and I ain’t goin’ to take it any more”
Because you need to get out and play in the fresh air.
Yeah but the equivalent in todays dollars is around 200 right. So if this place falls to about a million as BHO is suggesting, that still leaves them with a 400% profit. He was implying that the couple in this article would “feel the pain” that he is hoping will befall all of us and I was wondering how that could be.
BHO-I read the lyrics to Jay Z’s “We go hard” and am still trying to figure out what it has to do with real estate.
wasder….they bought it for $49,000
BHO–I agree that I could envision a scenario by which that house traded at a million clams, but how would that pinch the folks that bought it for the equivalent of 200G?
1.04(average annual inflation)^36(2009-1973)*49K = $201K
That’s how low these brownstones can go in value (4 or 5 times that is not far fetched). Think about that.
ROTFLMMFAO….You may have been right on some things but to believe this property is going to $200k is delusional. Get a grip people….the market is telling us something over the past 5 days.
And what was the name of the chinese take out at the site of Bar tabac?
The bar on the SouthEast corner of Smith and Bergen?
The name of the barber shop at Robin Dubois?
The shoe shop at Clovers and Rocket Ship? (That’s an easy one)
The name of the Brooklyn Inn after it was Huberts?
“What is 49K in today’s terms? Anyone have a guess?”
1.04(average annual inflation)^36(2009-1973)*49K = $201K
That’s how low these brownstones can go in value (4 or 5 times that is not far fetched). Think about that.
You forgot to factor in the distortion from the Mutant Asset Bubble (HOT MONEY) coming into all asset classes giving the retards a sense of “Rising Value” and now the Wizards are trying to plug the hole spewing radiation all over the financial landscape. Good luck with that…
The What
Someday this war is gonna end..