Bearish Brownstoners Miss Mark on 2nd Street Sale
So far we have precious few data points on the predictive powers of the pricing widget. For a while, the only HOTD or COTD to sell was 316 Cumberland Street, which sold for $2,250,000 in June, a shade less than the asking price of $2,295,000 but almost $360,000 more than widget voters predicted. And now…
So far we have precious few data points on the predictive powers of the pricing widget. For a while, the only HOTD or COTD to sell was 316 Cumberland Street, which sold for $2,250,000 in June, a shade less than the asking price of $2,295,000 but almost $360,000 more than widget voters predicted. And now our second data point shows an equally bearish disposition: 93 2nd Street, which generated a predicted selling price of $914,379, just closed for $1,086,312; in our defense, we said at the time that “We could see it getting pretty close to” the asking price of $1,125,000. Interesting, eh?
House of the Day: 93 2nd Street [Brownstoner]
11217 u r correct that murders r down in NYC from last year.but most discussions on here r about BK.and in Brooklyn murders r up from last year.so the What was right.crime is on the rise.the biggest uptick in homicides is in Brooklyn south
If I was slightly annoyed at my rental but not desperate right now I think I’d look a lot, try to find a great bargain, bide my time for another 6-12 months and see what happens. Worst case is the market flattens and you pay the same price next summer for what you could be living in and enjoying today. If I hated my rental or was losing my lease then I’d probably buy.
I know about waiting, MFN. When I bought in Bed Stuy I knew that I’d be waiting for good restaurants. They are starting to appear.
The most ironic thing about leaving Manhattan is that we just moved our offices and they are now 1 1/2 blocks from where I lived in Manhattan!!!!!
Lots of EM high quality telecoms out there yielding 4-7%.
CHT, TLK, PHI
I hate what SOHO has become. That’s a recent development. Used to be a great nabe. Now it’s a tourist trap.
That, along with the fact that my wife and I have a little girl are why I am looking to move.
But again, paying far below market rent buys a lot of patience. Saving something like $4,000 a month off the cost of the home I envision my family living in eventually seems worth ignoring the tourist parade while I minimize my downside risk.
Thanks, MR. I like Windsor Terrace. Funny, you’re right about the rentals. Mine is fine (but only fine, and overpriced), and as DIBS points out, I’ve grown tired of it, and I’m ready to be a homeowner again.
Given that life is short, I don’t understand the concept of “hating” where you live.
For me, I wouldn’t pay any price to live in a neighborhood I hate. And soho is pretty high up on that list.
But to each his/her own. I suppose some aren’t so sensitive to their surroundings.
DIBS:
I completely agree, future investment returns will be punk.
Though, I did say diversified, not US Equities
Allocate proper percentages of High-Yield and Investment Grade Bond funds, tilt a Total US index with additional dividend-yielding equities on the small and large-cap side, go 8-10% TIPS, add some commodities, including a nice position in Gold and REITS, and last but not least, get yourself a nice tilt towards emerging markets, which will boost growth and also currently offer about a 3.5% dividend.
Total return might get you 7% per year. Set up each asset in the appropriate tax-handled account and I think you jsut might get there.
Either way, 150K saved returning even 5% per year seems like a hell of a lot better use for the money than waiting for your home equity to build back up once you’ve overpaid (since we’re all agreeing it’s a foregone conclusion if you buy now, that’s what you’re doing for the lifestyle benefit trade offs).
Cash is King.
Hey, it’s really nice around here when the fighting people take their shrill back-and-forth to another thread.
CarrollGardened – take a look at Windsor Terrace. I live there and find the plus/minus equation well well worth it.