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]
Please show me where the market is “collapsing” shill. Please. Necvada, California, Florida?? No, here.
Please add something to the discussion or go to the Open Thread and get your sorry ass PWNED over there.
Benson, as I’ve said repeatedly, the cuts have just begun, and this would be consistent with your neighbor doing fairly well selling a condo that presumably went into contract pre-meltdown, or perhaps early enough in the meltdown that people hoped it was a blip, and not the major, long-term problem that is now becoming clearer to us. The declines on condos will accelerate faster than houses, mainly due to inventory, but those declines will impact the house market too.
Benson,
Why would anyone pay $1.03M when you have just dipped you toe over the mansion tax line?
IF you intend to live in your house for a long, long time, VALUE is mostly based on opportunity cost and carrying costs (not purchase and sale price). Like a stock’s value is based on it’s stream of dividends.
For example, if it costs $5,000+ after tax to RENT a house but $3,500 after tax to own AND you intend to stay in the house for a long time (15 years say), the capital gain or loss on sale in 15 years is almost irrelevant. $100 in 15 years is worth $24 today @ 10%.
Sure, if you think the market is going to crash or really go down in 2009, it makes sense to wait to try to “time the market.”
My point is, if all Team Bear said was true now, rents would be crashing. Yes, they’re coming down and yes, they may crash but I don’t think you can say that renting a townhouse is cheaper NOW than owning a house on a monthly basis.
Show me a comparable townhouse renting for $3,000 in a comparable area and then (I promise) I’ll believe the bear hype. Plus, if prices crater but rates are back up to 7% you’re screwed on carrying costs.
If you’re in for the long haul, it’s all about monthly cost of ownership, not purchase price.
God, the shills get so nasty as the market collapses. Dibs and 11217,instead of b–ing at people why don’t you just go back to the open thread and waste the day posting witty bon mots to each other?
“Another one for Team Bear!” BHO
“Wait, the house last changed hands for $667,000 in 2003, and you’re telling me that selling for $1,150,000 five years later demonstrates the bearish quality of the market? Huh?” –Squaredrive
BHO–how do you reconcile these two statements?
Muffie;
Would you really consider a price decline of less than 2% evidence of a bear market? You were trying to imply that the condo market was tanking, and hence stories like that of my neighbor would be an increasing rarity. Not so at all (at least, so far). As I discussed above, the selling price in my complex has declined by less than 2% in 1.25 years. During this time, my neighbor propably paid off that much towards his equity with his regular mortgage payments.
11217 – a while back, you said you did not harbor such nasty feelings towards me – what’s with the change of heart? We even wished each other happy holidays, and if I wasn’t so consumed on Inauguration day, I would have wished you a Happy Obama Day!
“Yup, and the VAST majority of these are in California, Florida, Arizona and Nevada. To use your cut and pasted snippets about the National Housing Market and apply it to Brownstone Brooklyn (btw, only 5% of the housing in Brooklyn is Brownstones) shows once and for all how completely out of touch you are.”
Lets recap shall we…
Bear Sterns, Lehman Bros, Fannie Mae, Freddie Mac, Citibank, Merrill Lynch and AIG.
These major Banks/Insurance companies war gone or will be dean in a couple of months. The whole US housing making is having an Aneurysm. The UK Banking system is on life support. Unemployment is skyrocketing and you think this has nothing to do with our beloved “Brooklyn Brownstone” neighborhood?
See folks (Team Bear) this is RETARDED! So ether 11217 is a Asshat living in the Ghetto and is trying to justify his/her decision or will be a future debt slave. Leave them along and just laugh at them..
The What
Someday this war is gonna end..