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]
What gets me is people who post here and just KNOW what the real estate market is going to do. Here’s the thing, Miss Muffet and everyone: no one knows!
I own a modest apartment and I do think sale prices in NYC are likely to continue to drop for a while… Maybe they will lose half their value over the next 10 years… or maybe they will just level off and stay flat for years. Maybe interest rates will soar, or maybe they will stay low.
Please, can we stop with the evangelizing already?
“Lets define collapsing. I say its when virtually everything is down 30% or more. People didn’t use that term in the stock market until about 40%.”
I buy that definition. And that is what is currently happening. We’re 10% to 15% down and on our way to 30%. Maybe 40% in some areas. I call that collapsing.
Posted by: shillstoner at January 23, 2009 1:01 PM
ONE JUST CAN’T ARGUE WITH THAT KIND OF LOGIC.
Q.E.D.
‘but that does mean I “don’t know how to buy a house”
Miss Muffet admits she is overwhelmed with the process of purchasing her dream home.
‘perhaps our new President can be a role model here.’
I thought he now lived in a White Box Schlock Washington D.C., maybe he’d rather have a brownstone!
“BHO–how do you reconcile these two statements?”
9:52, wasder.
***Bid half off peak comps***
I just don’t understand all the anger at Miss Muffett. She thinks prices will continue to fall, which is a perfectly reasonable supposition given this economy. You guys can argue forever about whether the decline will be 1% or 50% but I sure wouldn’t bet my money on the Brooklyn housing market getting any stronger in the next year or two. So there’s very little downside in waiting. Are there some posters here seriously arguing that prices are only going to get higher over the next year? Is Brooklyn somehow immune from economic forces that have historically always meant that the real estate market was cyclical and the many years of boom will of course be followed by a decline? I don’t mind some reasonable argument to the contrary, but having lived through previous real estate boom and busts in NYC, I highly doubt that we aren’t about to experience some sort of decline. Hopefully it won’t be too bad and the recovery time will be short, but anyone who thinks we’ve already hit bottom is simply living in denial.
“Lets define collapsing. I say its when virtually everything is down 30% or more. People didn’t use that term in the stock market until about 40%.”
I buy that definition. And that is what is currently happening. We’re 10% to 15% down and on our way to 30%. Maybe 40% in some areas. I call that collapsing.
DIBS: a collapse – or big decline – when represented graphically, always starts with a line pointing in a direction – down. Even before it gets to its destination (30-40-50% whatever it winds up being), the direction is clear. The direction of that line is what is becoming clearer with each passing day.
everyone?? Hardly. Just those that start it. Mea culpa accepted.
happy faces 🙂
But you’re still wrong about it “collapsing” There are three examples of it not right here today on this thread and above on Six months later.
Lets define collapsing. I say its when virtually everything is down 30% or more. People didn’t use that term in the stock market until about 40%.
OK, I called you a child and referred to your behavior as “pathetic.” Mea culpa. Hardly on par with what you call everyone, but nonetheless…