712 Degraw Sells for $1,150,000
sold Six months and one price cut after it hit the market, the three-story house at 712 Degraw Street in the Lower Slope closed for $1,150,000. The listing said that the interior was in “great shape” and had “lots of detail,” in which case it sounds like a decent deal. Most interesting of all, the…
sold
Six months and one price cut after it hit the market, the three-story house at 712 Degraw Street in the Lower Slope closed for $1,150,000. The listing said that the interior was in “great shape” and had “lots of detail,” in which case it sounds like a decent deal. Most interesting of all, the deal was struck “post-Lehman,” on November 6, 2008 to be exact.
House of the Day: 712 Degraw Street [Brownstoner] GMAP P*Shark
712 Degraw Street Listing [Leslie J. Garfield]
cornerbodega, yes, everyone has heard plenty about the real estate ‘bubble.’ As I mentioned, I believe that prices are declining and I think they will continue to do so for at least a while. However, there are many, many diverse factors at play here. So, again, no one – including you – knows what is going to happen.
A couple of points: The price/income ratio is always higher in NYC than in the country at large. The average income is also high here. Also, about 80% of NYers rent and aren’t even in the sales market. Another important thing to remember is that real estate prices in NYC did decline for most of the 1990s. In that time, they lost 40% of their value… Interest rates were high, and lending was tight. Many have argued that prices in the late 90s and early 00s were quite low by historical measures, as a result of the 90s decline.
Just because I don’t share your egotistical belief that you are omniscient does not make me ignorant or delusional.
Asuume all you want Miss Muffett. All very plausible.
If you’re positive that’s the way things will pan out.
Try doing some comparative calculations using current interest rates and higher ones as well as currrent home prices and lower ones. See where the math takes you on the monthly payment amounts.
Please do the after tax calculations as well.
DIBS – Why do assume CGfan will be paying rent in retirement years when (s)he could snap up a great deal sometime in the next few years (when prices return to sane levels, and instead, have paid off the mortgage in a shorter amount of time and/or with lower payments to allow savings for other things in life?
CGfan…people buying properties they can’t afford is another story. I’m not a proponent of that.
I hope you’re happy paying your rent in your retirement years while all the homeowners are living rent free by then. Get it now???
Brooklyn Prices Are Falling Down…Falling Down…Falling Down
Brooklyn Prices Are Falling Down…My Fair Asshat
***Bid half off peak comps***
“Buying your primary residence is always a good call…”
That was the ideology pushed by the previous administration and certain financial institutions over the last decade or so, and it’s actually been proven wrong. In fact, some economists are now saying that people should not have been pushed into buying property they could not afford, and that there’s nothing wrong with more people remaining renters. If you look at stories of low-income families in Florida, Arizona, and other places where the housing market has truly collapsed, you will see how they were told exactly this, and why it was not a good decision and merely pushed up housing prices to levels that could not be sustained.
cornerbodega, I do agree with you and others that anyone who bought in the last couple of years with the intention of flipping, especially in fringe areas, might be in a lot of trouble. But, again, those who bought, can still afford to pay their mortgage and other expenses, and are planning on living in their homes long term (something it appears both shillstoner and DIBS have in common – maybe the only thing they have in common), should have far fewer regrets.
I don’t see where any brownstone valuations are “falling off a cliff.” cornerbodega
Please cite some examples. Try looking in the other threads today.
What is it with your constant fatheadedness????
cornerbodega, I should have also qualified that with, “that he can afford to carry through this economic collapse”, which I suspect he can.