Douglass Street Doubleshot Auction
Two troubled houses on Douglass Street in Carroll Gardens are hitting the auction block on Monday. Number 78, which was a House of the Day in June of last year, has a minimum bid of $945,000 and Number 47 starts at $700,000. Who’s in?
Two troubled houses on Douglass Street in Carroll Gardens are hitting the auction block on Monday. Number 78, which was a House of the Day in June of last year, has a minimum bid of $945,000 and Number 47 starts at $700,000. Who’s in?
Risk, guys. Risk. It demands premium. Fed only shoring the mortgage market up temporarily. Buying at low rates (virtually nowhere to go but up) but at high prices today means downside for selling when rates inevitably rise (prices mathematically drop).
Seriously, Adam, where do you think rates (mortgage rates, not Fed funds!) will go over the next decade? Stay near 5%?! Exactly how?!
Was the economy strong during Volker’s tenure?
***Bid half off peak comps***
8% mortgage rates could only happen in a very different and much stronger environment. Anybody who bought this house, and mortgaged it at 5%, should throw one hell of a PLUSA party.
DIBS, if the 8% is due to econ being strong, I’m pretty sure DOW would be above 15k
Yeah, if the economy were strong enough to produce 8% rates, the DOW would be 15,000 and i’d be retired.
BHO- 8%? really? really?
The economy will have been well within it’s recovery if not on another bull run to warrant 8% rates.
I might bid on this.
Thanks, Maly. But it’s my content (inconvenient truth) that is incendiary, not my style. Had I employed the same style from a bullish perspective…think about it.
The fundamentals are obvious for anyone who cares to look. Mean reversion = 3x median income and/or 10x annual rent. Mortgage rates eventually back to at least 8%. And that’s before the classic blood-in-the-streets overshoot that all market collapses experience before natural equilibrium.
But heads swing back and forth in a smile motion to “this time is different…this time is different…this time is different…”
***Bid half off peak comps***
The HOTD thread was fun to re-visit. BHO, it amuses me that you were right. Your incendiary style works against you, but you have a knack for predictions. And that rant from Joe the bummer! a period gem.
more like “all you need is a million dollars and attorney to get the tenants out..”