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
2:45 maybe because a good number of renters here believed thier landlords were going to quickly offer them the house. sike!
What do you call “buying” a house by borrowing 80% of the purchase price? You don’t think that’s “living off credit”?
Before inveighing against renters who have a little credit card debt, you might want to look at the millions of homeowners who took out mortgages they couldn’t afford because they were convinced, like you, that buying a house was the best investment they could make. They’re now stuck with hundreds of thousands in debt they’ll never be able to pay back, and they’re either slaves to their house or their credit records are wrecked.
Who would have thought that this financial crisis would have brought on these dull, repetitive rent vs. buy debates on every thread.
“You were arguing that you get $25K at the end of the five years because you’re building equity instead of paying rent. But you simply forgot about the down payment.”
I was not the person arguing that, but I think you are a little dellusional about how many renters in NYC save any money at all.
I know people who make great money (200K per year) and are spending 4000 a month on a rental, 200 a month on their blackberry service, 500 a month on drinking, 1000 a month on food. Putting in a couple bucks every month into your 401K isn’t really doing jack shit these days.
You are being blindsided by a few wealthy people you know.
The reason why so many renters are bitter these days is because they know that had they not swindled all their money on those $400 prade shoes, they could have had the 50K necessary to buy a 1 bedroom 5 years ago.
Why else would so many of them express such anger on this website for those of us who did do that?
year 2000 prices? Yea ok and I guess our metrocard will be lowered as well.
Those who hesitate.. masterbait all day on brownstoner.
2:35…hate to break it to you, but the reason we are in this economic mess is because MOST of this country lives off credit.
you need to wake up and not be such a smartass.
2:26, that’s nonsense, at least when it comes to New York City. There are tens of thousands of very well-off people in New York who rent, and who instead of putting the money toward the mortgage put it toward their 401(K) or their investment accounts.
Regardless, you’re missing the point. Whoever we’re talking about has to have the $60K to start, because that’s the down payment. The $30K isn’t extra money that’s saved, it’s what you get if, instead of putting $60K down on a co-op, you invest it. (A $30K return after five years on a $60K investment is not some great return — it’s around 8% compounded, much less than the historical return on stocks, for instance.) You were arguing that you get $25K at the end of the five years because you’re building equity instead of paying rent. But you simply forgot about the down payment.
You also, of course, forgot about closing costs, which eat up another five per cent or so of your investment, but we’ll let that slide.
As for the forced savings idea, for the most part it’s become nonsense, because of the advent of home-equity loans. Plenty of people aren’t building equity in their homes — they’re taking it out along the way and spending it.
2:26 – Get better friends.
Better than throwing 100% of your money down the drain to your landlord.