Auction Time for 306 St. James Place
At the same public auction where 82 Cambridge is coming on the block, 306 St. James Place will also go to the highest bidder. This one’s not looking quite so cheap though. According to the flier, the opening bid for the four-story, two-family house is $1,400,000. It’s probably still a good deal at that price,…
At the same public auction where 82 Cambridge is coming on the block, 306 St. James Place will also go to the highest bidder. This one’s not looking quite so cheap though. According to the flier, the opening bid for the four-story, two-family house is $1,400,000. It’s probably still a good deal at that price, judging from the one interior photo, but we doubt it’ll end up going for a whole lot more.
Public Sale 8/13/08 [NYC.gov – PDF] GMAP P*Shark
82 Cambridge Place Coming Up For Auction [Brownstoner]
Dowhat: This is getting so intriguing. I love getting an answer from the What in such reasonable terms. Thusly we shall be able to have dialogue.
I don’t think I bought for “prevailing price” for Clinton Hill, as we got the house for about 250G under its original ask, but still for me its a super big purchase, big enough to make me question myself sometimes. But I love the house, I need the space, I love my neighborhood, and because I can work from home and deduct, it makes my monthly nut quite doable–cheaper on a monthly basis from the two bedroom I am moving from. This is the factor that all the economic raving in the world can’t trump–people in NYC with families still gotta live somewhere. I am not moving to the burbs, there’s just no question. So this is what I do, and I don’t always (rarely in fact) appreciate being harangued because I am trying to establish a nice domestic situation for my family.
See what happens DoWhat when you play nice? You can actually have conversation. I like this persona much better. I must admit I never fully bought the street/ghetto personality. Anyway, thanks for actually discussing something.
Dow:
Extremely sage advice. We’re looking to trade up, and our money guy told us to sell within the next six months (we’re in PS) and rent for a few, putting our dollaz elsewhere.
“I have asked several times for an honest answer to the question ‘if it is such a bad idea to buy a house in Brooklyn, what should I do?’ Where should I go?”
Since I’m What’s alter ego:
Unless you liken a home to a luxury vehicle, don’t buy at a prevailing price near the top of the biggest housing bubble you are ever likely to experience in your lifetime. Understand inflation. Understand that no matter what happens nominally, you are unlikely to EVER see a near-top purchase price again, in your lifetime, in real terms. You cannot win unless you get an incredible deal.
If you don’t own, keep renting. If you do own and just want to trade up, cash out and rent (it’s not too late to take profits, is it?). You’re only a family of three with one on the way. You can stick it out for a few more years in a 2 or 3 BR apartment or for how ever long it takes.
Stay in cash and treasuries. The commodity markets are too risky (too many bubbles) and the security market is on life support (what’s my name?). However, do be on the lookout for an alternative fuels and/or drilling rally (future bubble to take advantage of) as the DOW approaches 800 (2003, not too long ago!). Rates are gonna go up but not at a greater rate than home prices go down (more cash down on a cheaper house will factor out higher mortgage rates). The dollar is gonna go up.
Or do what I’m doing. I have a wife and kid myself. We’re doing all of the above but are also lowballing half off asks/comps. Although early to realistically expect results, you’d be suprised at the follow-up attention I get from brokers.
Bottom line: Follow the S&P Case-Shiller Home Price Index for NY Metro. Many will tell you it’s irrelevant to brownstone Brooklyn (it’s only resales of SFH’s) but if you study the numbers available on the website, you’ll find them to be consistent with the uptick in brownstone values (+200%). Relevant on the way up, relevant on the way down. My buy signal will be either when an owner hits my lowball or when the rate of this index gets back in the “green” and stays there for at least a year. I could be wrong but I am quite confident that I am right.
Keep your eye on that Case-Shiller index.
You guys are right. That’s what happens when we blog from the beach!
No, you didn’t say Park Slope was super. There was a discussion about WT and you denigrated WT saying how it was second choice for PS. Self-awareness of insecurity helps overcome it.
It’s hard to tell whether this price is achievable without knowing what sort of work it will require. There are certainly comps for places within one block that needed significant work that sold above $1.4MM in the last year, but again, we don’t the condition inside this place.
ditto,
I expressed insecurity of some kind about Park Slope??
Huh?
Park Slope is super. Windsor Terrace on the other hand is the boonies. sorry, that’s my world view and I’m sticking with it.
Sam – you mean the obvious insecurity you demonstrated on the HOTD thread about Park Slope?
Fair enough Sam. There is no doubt that the What taps into insecurities for me and I have no problem admitting that. For a long time on here I would say a similar thing–ignore him and he will go away. But somehow I got converted into the “hunt the What” camp. Maybe I am too sensitive, maybe its because my wife and I are about to have our second child and are buying a house right in the middle of Asshat Hill, but the What’s disregard for the well-being of everyone else pisses me off and it is more satisfying to hunt and ridicule him than to let him rule the roost.