Analyze This: New York Puts Brownstoner on the Couch
Considering the tone of what New York Magazine has written about some other blogs, we thought that this week’s cover story about Brownstoner, and its culture of commenting in particular, was reasonably thoughtful. Sure, it had some the magazine’s signature sensationalism, but underneath that were some interesting thoughts about what the commenting culture on the…
Considering the tone of what New York Magazine has written about some other blogs, we thought that this week’s cover story about Brownstoner, and its culture of commenting in particular, was reasonably thoughtful. Sure, it had some the magazine’s signature sensationalism, but underneath that were some interesting thoughts about what the commenting culture on the blog says about the collective psyche of Brownstone Brooklyn. Our only major gripe was that it played up the importance of one egomaniacal commenter over some of the more constructive aspects of the community. In the end, though, it did include one belief of ours that we’ve clung to from the beginning: That as messy as many of the threads get, the tough issues that underlie much of the change that Brooklyn has experienced in recent years—class, race, gentrification—are at least getting discussed, and often among people who wouldn’t otherwise be mingling offline. The conversations could be a lot more polite, but at least they are happening.
The Brooklyn Wars [New York Magazine]
Illustration by Zohar Lazar
What the article left out is that the tone of the comments has changed drastically since the beginning of the site. The rather lax moderation policy means that people who are more controversial, confrontational, and just plain offensive have driven others away with the nastiness, name calling, and obvious trolling.
I’m familiar with some of the sites The What must read (I’m of a similar, if slightly less apocalyptic mindset than our anonymous friend as to the future of real estate in the city as a whole, and parts of Brooklyn in particular.)
“Chucky” in this case is Charles Consumer — a reference Karl Denninger of Market Ticker (http://market-ticker.denninger.net if html formatting doesn’t work) uses to refer to the average, house-poor, house-as-ATM US Consumer.
Denninger is unwaveringly negative as to his beliefs for the future of the economy as a whole, and housing as a part of it in particular. I don’t disagree — the era of 100% LTV, piggyback 2nd’s, no-doc loans is over, and the free money that people used to fluff the market to the point that it is now is no longer.
Is Brooklyn real estate theoretically “worth” more than it was 5, 10 years ago? Possibly. As Warren Buffett famously has said though, houses cannot /intrinsically/ increase in value, as they don’t produce anything.
In this case, the surrounding areas where many of these fine homes were built have gone from terrifying blight of the 60s-70s to the safer neighborhoods that they are today. However, some neighborhoods have accelerated in value significantly more than is rational due to the “free money” gasoline poured onto the market. There is no way, rationally, that a house that merely 5 years ago would trade at 400k is worth 3-4 times that now. It’s just nonsensical, looking at the historical appreciation of real estate.
What that means in the long run, who knows — it’s possible that prices will stay where they are now and just not increase for 5-10 years, rather than plummeting as they have in other overinflated markets (Arizona, Florida, Nevada, California.) The possibility of a plummet exists, of course, as any number of externalities (continued bank failures and job losses in the financial industry) can change the landscape of both available buyers and needy sellers. Who really knows.
Hey What where do you live and what do you do… You should work for the Fegeral reserve since you know exactly whats going to happen in the market…Except in reality you are a geek who sits on his computer all day being a negative dweeb and makes no money…
GREAT JOB…
“I think The What is none other than NY Mag writer Adam Sternbergh.
Think about it…”
Ah no.
The What
Someday this war is gonna end…
“The whole article is a joke. Brooklyn will maintain its value just because of proximity and desire to live here. The people that are speculating in Bed Stuy and Windsor Terrace and Crown Heights it may take them longert to make money on their places but areas like BK heights/Burg/Boerum-Cobble-Carroll will be fine becasue of the demand factor.”
This why I post. Delusional Kool-Aid drinkers and Asshats make my blood boil!
The What
Someday this war is gonna end…
I think The What is none other than NY Mag writer Adam Sternbergh.
Think about it…
I think (hope) Mr. B knows he NEEDS The What to keep things interesting around here. He stirs the pot. Makes people uncomfortable. Ruffles some feathers. And, once in a while, says something of value, and truth.
The whole article is a joke. Brooklyn will maintain its value just because of proximity and desire to live here. The people that are speculating in Bed Stuy and Windsor Terrace and Crown Heights it may take them longert to make money on their places but areas like BK heights/Burg/Boerum-Cobble-Carroll will be fine becasue of the demand factor.
Here is my point if you can buy a place and get about 10-15% less than the selling price I would do it because lending standards are going to become easier on the simple fact that companies are going to have to start and make money again and cant be as strict as they are for too much longer…
“Jesus, The What is probably reading this with one hand down his pants.”
Nope up your wife ass.
“TheWhat is a loser who want attention. Everyone knows markets go in cycles, so of course eventually his doomsday predictions will come true. The What must be a very a sad person.”
Nope Homeboy, I’m very happy these days. I didn’t know that NY Maggrag was going to write a piece about Brownstoner. I thought they was kidding.
I’m not posting for the fame! I believe in what I say! I’m glad I didn’t give any comments for this story.
Oh well get it on!!!
The What
Someday this war is gonna end…