280 Hicks Sells in Auction Bidding War
Here’s another bullish indicator for the blue-chip Brooklyn market. When 280 Hicks came up for Public Auction last October with an opening price of $2,000,000 it garnered nary a bid. When it was listed again last week with an opening price of $1,800,000, it garnered multiple bids and ultimately sold for $2,080,000. For a list…
Here’s another bullish indicator for the blue-chip Brooklyn market. When 280 Hicks came up for Public Auction last October with an opening price of $2,000,000 it garnered nary a bid. When it was listed again last week with an opening price of $1,800,000, it garnered multiple bids and ultimately sold for $2,080,000. For a list of the other properties that sold, check out the list on the jump.
Public Estate Auction This Weekend [Brownstoner]
432 Halsey Street $450,000
199 Hancock Street $525,000
961 Lorimer Street $695,000
1167 Halsey Street $330,000
1035 E. 53rd Street $455,000
484 Greene Avenue $450,000
258 E. 28th Street $395,000
1395 Carroll Street $760,000
Versa Place, Shirley, NY $80,000
I have read the data. There has been a bounce, certainly. Is it just a bounce before further declines, or a bottom?
To me, it’s just a bounce, to you it’s a bottom. Great.
I still don’t believe you’re gay.
“But, I want cheaper than RIGHT NOW. And, I will certainly get it.”
Time will tell. I doubt it. Prices have risen since 4Q2009……. Here are the facts……
http://www.prudentialelliman.com/images/marketreports/Brooklyn_Q1_2010.pdf
read the data…the market bottomed.
Dave, you are thick in the head. Somehow it’s fun arguing with people who don’t listen.
I just told you that I am NOT buying now because I expect FURTHER price depreciation. I COULD find you data point showing that I can buy a similar place to yours for cheaper RIGHT NOW. But, I want cheaper than RIGHT NOW. And, I will certainly get it.
Prices are down big already. I expect further declines. And I will be happy to wait for the further declines. I posted the graph to show you that historically housing crashes take a while to play out. This one isn’t close to being over yet….
Dave and Joe:
The correct response is:
My SPY (stock) investments went up 80% since March (and I _did_ actually buy at the bottom) and the dividends on my ‘down payment’ is now happily providing a very significant chunk of my rent. With the savings from not having to pay a mortgage and maintain a house, I can invest in better financial assets, and within 30 years, my rent should be entirely paid from my portfolio income.
Best of all, I don’t have to pay property taxes, deal with tenants, live near the projects, spend my weekends stalking historic doors, or worry about the heating system going and freezing the pipes. And if our lovely state government tries to tax me to oblivion, I can pick up and move.
Should housing prices drop to the point where the price/rent tradeoff changes, I’ll re-consider.
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Has anyone else noticed that to buy this place, you are talking about putting down 2100k + 500k(or more) to renovate it. And when you are done, assuming it was financed at 6%, you are talking about yearly interest costs of $150k + taxes and maintenance of 40-50k/year.
So realistically, you are talking about $200k of after tax money (most of which is not tax-deductible) each year. Given the increased tax rates, this means that you have to believe that you’ll be making at least $600k/year for 30 years, and for that you only get two floors and a very dark building?
Typical, whenever asked for a datapoint or a hadr example, all the bears bury their heads up their asses again and come back with cut-and-paste from the internet of history and far off places!!!. LOL
Ask the real buyers on this site what they are experiencing…m4l and a few others!!!!
Show me one now!!!!
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Why, I’m not looking now.
I expect the market to continue to go down. You don’t.
Housing crashes take time….
http://thenewmortgagecompany.files.wordpress.com/2009/08/property-history-credit-bubbles-property-values2.jpg
By joeingowanus on May 5, 2010 11:23 AM
Dave, I will buy when the time is right and be living rent free alongside you when the mortgage is paid off. It’s just that I will have bought a similar house for significantly less than you.
There aren’t any on the market!!!!! Show me one now!!!!
“As I noted before, the market for Brooklyn brownstones bottomed at the end of 2009.”
I’ll probably post this just as the whole Europe mess fades from the news for the time being and the market goes up, up, up. A short-term bounce is due here, perhaps even back to a 52 weeks high. But just like the financial markets never go straight down, the financial and real estate correction continues onward with the current uptick drawing back buyers. That’s the hideous nature of bear markets. Just as the crowd believes the bear market is over, it resumes.
In real estate, it’s been all about credit the past 20 years. This is a credit-induced recession and will take many years to correct itself. The debt crisis is now moving from the retail and commercial markets to the US states and sovereign markets. When countries cannot get funding, how easy will it be for buyer “Joe” to find a loan with only 20% down with its collateral falling in value. As credit is withdrawn, expect prices to follow.
Dave, I will buy when the time is right and be living rent free alongside you when the mortgage is paid off. It’s just that I will have bought a similar house for significantly less than you.