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]
Yeah, but how much is a taxi ride from the LES to Philly @ 4am on a Saturday?
“So you are suggesting that the Wyckoff house could trade at 200K in the near term?”
No, I implied 4 to 5 times that. Still mind boggling to most.
***Bid half off peak comps***
A house that size with those garages (nonexistant in Center City) in Philly would be well over $800k.
What the hell are you people saying ? It either makes no sense is mean or stupid or all of the above. Makes me miss the bad old days.
if they were going for 500k they would be in line with nicer parts of Baltimore and Philly.
and Brooklyn is attached to Manhattan so they wont get that low any time soon.
You know something? When I read these threads I wonder about your thought process (Team Bullsh*t). I wonder where did you get the assumptions that housing prices and your neighborhood will hold up. In 2005 we was chanting the Bulls***t phase “Real Estate allays goes up” and “You can’t lose buying a house” now in 2009 we are on the brink of a world wide Depression. Please Team Bear leave these delusion people alone and go something else with you life. I don’t see the merit on re-hashing the same old Bullsh*t. We are in a depression and if you made the bet your property will go up/hold value then more power to you. Please you don’t have to keep validating your belief system to me. I know and you know what’s coming down the pipe…..
The What (Welcome to yesterday)
Someday this war is gonna end…
I was pretty hungover on Saturday its true. So you are suggesting that the Wyckoff house could trade at 200K in the near term?
Hahah “Brooklyn We Go Hard”
It’s from a Santogold song “Shove It”
Jay-Z sampled it on some song.
“BHO–when you say ‘we go hard’ what does that actually mean?”
Ask Jay Z, wasder. How’s the hangover?
“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.
“Thank you BHO, but what I meant was that your 12:38 post literally made no sense.”
I know, right? Sometimes I write in my own language.
***Bid half off peak comps***