208 Midwood Sells for $995,000
When 208 Midwood Street in Prospect Lefferts Gardens was a House of the Day back in September, the small brownstone was asking $1,150,000, a lot for the nabe but worth trying for given the gorgeous interiors. In the end, though, the market spoke and the seller had to settle for $995,500, just shy of the…
When 208 Midwood Street in Prospect Lefferts Gardens was a House of the Day back in September, the small brownstone was asking $1,150,000, a lot for the nabe but worth trying for given the gorgeous interiors. In the end, though, the market spoke and the seller had to settle for $995,500, just shy of the mansion tax. Is this price what you expected? GMAP
sorry, no. your original statement was “can we all agree that folks paying $1 million or more for a small home are a bunch of idiots and the root cause of NYC’s financial woes?? … I think we can agree on that.”
Posted by: i disagree at April 15, 2009 12:41 PM
WOW…this is New York City. You need a reality check. People pay those prices because they can. People eat out at expensive restaurants paying $500 for dinner for two because they can. Should all the dinners be $19.95???
“I think the idea that some people feel entitled to live in the most expensive areas of the city to be a strange NYC phenomenon.”
I think you fundamentally misunderstand the reaction some of us have to the kinds of real estate prices we’ve seen over the past 8 years. It’s not about entitlement to live in the most expensive areas, it’s shock at HOW expensive the expensive areas are, shock at how quickly modestly priced areas have become expensive areas, and just generally, shock at the extremity of income inequality, not to mention wealth inequality, which is a national problem and of which NYC is exhibit A. Right now, we have great extremes of wealth in this country than at any time since 1929.
If you think of the US as a giant corporation, it’s one which has made absolutely immense profits over the past 30 years, the vast bulk of which has accrued to a very tiny minority.
I think that is what is unsustainable. Real estate prices are, indeed, a symptom of that, insofar as the only way the median consumer could keep up his/her standard of living in the face of flat or even declining real wages, was to go way too far into debt, using his/her home as collateral.
“I consider Astoria, Jackson Heights, Kensington, Midwood and Ditmas Park nice neighborhoods where you can buy a home on 100K a year salary.”
I haven’t done much research into schools in those areas, but what about “smarter” folks who are planning to buy a place so they can raise a family and not have to move 3 times or put their kids in private school ( not that I can afford that anyways ).
I consider Astoria, Jackson Heights, Kensington, Midwood and Ditmas Park nice neighborhoods where you can buy a home on 100K a year salary.
I think the idea that some people feel entitled to live in the most expensive areas of the city to be a strange NYC phenomenon.
“good prices is what they were before the massive run-up in 2001 or so. when someone aspiring to make $100K/yr actually meant that person could buy a nice house in a OK neighborhood and still be able to save some money”…
THANK you, ‘more4less’, that is the sound of SANITY!
We are going to come out on the other end of this housing bust with prices in NYC still being too high for what you consider realistic, Tyburg.
You do realize that, correct…?
sorry, no. your original statement was “can we all agree that folks paying $1 million or more for a small home are a bunch of idiots and the root cause of NYC’s financial woes?? … I think we can agree on that.”
(as a side note… I said “root cause or a major symptom,” not the sole cause or a major effect. These are no synonymous phrases… and I’m not too concerned that you can’t be bother to “engage on [sic] it.”
Not being sure if the overinflated housing market is just a major symptom of general irrationality in the marketplace or actually the cause of the the general irrationality doesn’t strike me as illogical… I just haven’t taken the time to do a full regression analysis.)
tybur6: people who would agree with your original statement need a lesson in logic and critical thinking. now you’ve amended your statement to something pointless – it’s either the sole cause or a major effect?? – i can’t really be bothered to engage on it. take a position and offer some support for it and then we can talk.