Galilee Baptist Church: Sky's the Limit!
We pieced together the bits of past price data on the Galilee Baptist Church for sale in Clinton Hill provided by our readers and graphed them with the current asking price of $3.9 million. At this rate if the current owners can hold out ’til Summer, they could easily slap a $10 million price tag…
We pieced together the bits of past price data on the Galilee Baptist Church for sale in Clinton Hill provided by our readers and graphed them with the current asking price of $3.9 million. At this rate if the current owners can hold out ’til Summer, they could easily slap a $10 million price tag on this baby! $100 mil in ’06?
Clinton Hill Mansion for $3.9 Million [Brownstoner]
I agree we will see the bubble burst within the next 12-24 month time frame. The million dollar question is what will the correction look like? Will there be a climax followed by rapid price reductions(10-20% annual decline for 2 or 3 years)? Or will we have a climax followed be stagnate to marginally lower prices for the foreseeable future?
12-24 months tops…remember the 10 year bond has been below 5% for the last 4 years…when your 10 year arm goes from 5.25% to 7% and it costs you an additional 1500-2000 monthly on a $1.1 m mortgage and your home equity line to renovate is at 8.25% versus 4.75%, the market will feel the pain and the bubble will go pop like any other cyclical market. The 10 year yield popped 25 basis points just last week on greenspan’s comments and inflation is making a comeback
Well, just because we’re in a bubble, doesn’t mean it’ll pop anytime soon. “Irrational exuberance” anyone? (Greenspan: 1996 — four years before the crash). If you bet against the market in 1996 you got your lunch eaten. Are you so smart you’re calling the top? Obviously it’ll all come crashing down at some point, the question is when?
The chart is a dead short candidate. The parabolic price action over the last 8 years reminds my of the Nasdaq and Nikkie markets… We all know what happened there.
Wake up people, we are in a bubble. $3.9 mill for this run down property should be evidence enough..
we have had a problem with that as our clinton hill brownstone stands empty until we finish renovation. we called the dep of sanitation and they asked us if we could tell them at exactly what times trash was being dumped in our front yard and stoop. We had no idea b/c we’re not living there yet, but they said it helps them if one does know b/c they actually send sani inspectors/cops to investigate at those times – even if it’s the middle of the night apparently…i have a feeling it’s a squeaky wheel thing too – the more the residents make a stink as a group, the more attention it will get…
The dumping phenomenon is pretty frustrating. It makes the neighborhood seem dumpier and like people really don’t care. Not sure how to find a solution. There was a debate on the Park Slope parents listserve about dog feces all over the neighborhood, not sure if that was a result of the snowstorm. They suggested calling 311, but I’m not sure if how that would work. Not sure if the dumping problem in our neighborhood would require the same measure.
Brownstoner, could you add a little more explaination to your chart? It’s a bit difficult to read. While the escalating prices of this property are striking, the faster it gets developed, the better. The entire lot is an eyesore and a hazard. We live behind it and have to deal with tons of garbage & dumping, shady characters hanging around at night in an isolated area with no lighting. Currently, the gate on the Waverly Ave entrance is not sturdy, someone has dumped old windows in the lot, leaving glass shards on the sidewalk across the street from the elementary school P.S.11.