Condo of the Day: 535 Dean Street Penthouse Price Cut
Can you say Atlantic Yards Effect? There’s no other reason we can think of (other than that pesky global financial crisis, of course) to explain why this 1,400-square-foot penthouse at 535 Dean Street in Prospect Heights just had to cut its asking price from $899,000 to $799,000. In its current configuration, it’s also not much…
Can you say Atlantic Yards Effect? There’s no other reason we can think of (other than that pesky global financial crisis, of course) to explain why this 1,400-square-foot penthouse at 535 Dean Street in Prospect Heights just had to cut its asking price from $899,000 to $799,000. In its current configuration, it’s also not much of a family apartment either. Still, you’d think there’d be at least one childless buyer out there who would be digging the open space and views (and rather low monthyl maintenance of $701). What gives?
535 Dean Street [Corcoran] GMAP P*Shark
3:15 – you arrogant ass – as I said, I could not afford a down payment to buy in 2002. I can now, but choose not to. But if I had bought back then, I would be worrying about whether all of my gains since were about to evaporate, not insulting people for having the courage to advise caution in purchasing real estate.
Just FYI douchebag – you are stuck with a an illiquid asset whose value is going to be declining steadily (if not plunging) for the foreseeable future. When you are ready to sell, I’ll be the one submitting lowball bids at your open house.
What happens to a renter when his landlord is forclosed upon?
Yep like they say if you can make it NY you can make it anywhere.
“And since most buyers started out as renters, clearly renters ARE saving.”
I believe most New York City buyers received help from parents for their downpayment.
My building is mostly 20 somethings and this is an owner occupied building.
I don’t know too many 28 year olds workin in non profit or the arts who have worked long enough to afford the 50K downpayment neccessary to have bought a place here.
3:14….
then people like you will probably not make it in nyc long term.
some of us would like to.
i don’t plan to be sitting in my 10K a month 1 bedroom rental in 10 years.
new york is not meant for everyone. a lot of you will be weeded out. just like always.
survival of the fittest.
The rent vs. buy debate is old– very old– and most repetitive elements of the argument, mainly the money part (forced savings, tax breaks, equity building, market growth, etc) ignore some of the most central reasons why a person decides to do either.
Renting allows for great flexibility and little responsibility– when life changes (your job moves across the country or the city, you get married, have a kid, whatever) you don’t have to worry about selling a home to change with it. And when something breaks, you call the super. And if the super stinks, you move.
On the other hand, buying comes with security, control, and stability. The landlord is not going to surprise you, sell the building or jack up your rent. Your mortgage payments are listed on paper for the next 30 years.
Both choices come with real benefits and sacrifices– it’s not all about the money.
And to say that “Most renters save NOTHING. If they did, they would have used it for a down payment when houses were cheap 8 years ago,” completely oversimplifies the issue. It implise that everyone should or wants to be a buyer, but is to scared or stupid to do so. Clearly, that is just not the case. And since most buyers started out as renters, clearly renters ARE saving.
“I told you 2008 was going to be a fuck you year!”
Nope. Actually you said 2007 was.
Keep saving renters. You will always have an excuse why you didn’t buy.
Oh…”i saved all my money starting in 2002″
PLEASE. Such a load of shit.
You are all just hanging onto straws because you just missed the largest run up in housing prices we’ve ever seen. Anyone in this city who bought prior to 2000 is set.
Bust or not.
Look – 2:26 and the rest need to realize that the NYC “renting and saving” population includes a lot of people who, like me, came to NY post 2000, began their carrers, and have been steadily saving ever since. Now we are ready or nearly ready to buy (20% down for a co-op is a lot of money after all), but prices have gone up so much in the interim that most of us are wondering “why bother?”
The RE market has nowhere to go but down, and we’ve all learned ways to put our down payment money to work. Moreover, most of us are in rentals that are adequate (but better than anything I can reasonablya fford to buy) and relatively cheap, certainly cheaper than the sunk costs of mortgage interest, maintenance, and taxes. I put almost 30% of my take-home in savings, so my personal wealth just keeps growing. But no matter how much cash on hand I have, I’m not buying some over-priced shithole just for the privilege of thumping my chest as an “owner” on Brownstoner.com. Buying an apartments has to be a smart financial decision, and right now buying in NYC simply is NOT.