HOTD: Don't Worry, You Can't Afford It Anyway
This is one of those crazy pads that are so expensive–and the potential purchasers so few–that there’s not much point in discussing whether or not it’s a good deal (though at half the price of this place, it’s looking like a steal). The 9,500-square-foot mansion is a little time-worn and given the likely standards of…
This is one of those crazy pads that are so expensive–and the potential purchasers so few–that there’s not much point in discussing whether or not it’s a good deal (though at half the price of this place, it’s looking like a steal). The 9,500-square-foot mansion is a little time-worn and given the likely standards of the buyer will get a big makeover. Of course, we’d be happy to move in as-is. We suspect we could get by just fine! The listing’s a little short on photos…Has anyone been inside recently?
Remsen Street Mansion [Brown Harris Stevens]
It seems that there is a lot of discussion in the real estate blog world and in the press about the luxury market. I certainly consider big, wide, intact brownstones in brooklyn luxury property at this stage. My comment asks why the highest end brooklyn brownstones haven’t commanded the truly stratospheric prices of many of the luxury apartments in manhattan? It seems like the consensus is that people haven’t figured out yet that brooklyn has a lot of advantages over manhattan. But it seems odd that people with $10 million to spend would be so easily seduced.
Will a full-floor in a richard meier glass box in the meatpacking district always commands a premium over a brooklyn heights 25 footer?
Dude/girl, you’re still a fool, Ed.
And the answer to your riddle? It means that interest rates went down.
Here’s how it’s solved, with a $1MM loan:
@ 4.25% interest: $4,919 / month
@ 6.5% interest: $6,321 / month
A $776,000 loan @ 6.5% interest:
$4,905 / month
Now, did the house value go up $224,000 or is the house value now coming down $224,000? And what part of this has to do with the house?
I’ve given a lot of thought to the anti-Brooklyn sentiment. This is my unscientific conclusion: People who grew up or whose parents grew up in Brooklyn, and are now much wealthier and have “made it” are much more suseptible to being anti-Brooklyn.
Many of these folks associate Brooklyn with a difficult time in their life; when life was a struggle… Now that they’ve achieved some wealth, moved to Manhattan or elsewhere, they don’t want to go backwards as they see it.
I draw this conclusion after trying to force some good Manhattan friends to move to Brooklyn…Eventually they told me that they “can’t move back to Brooklyn” it would kill their parents…
anon 5:15- Nothing could be further from the truth. Maybe that’s your problem
Seems like many Brooklynites on this board have a chip on their shoulder about not living in Manhattan. Get over it.
Hey Brownbomber – why do I confuse you?
Hey Brownstoner – why do you call me dude? How do you know I’m not a girl?
What is the formula by which prices should increase in Brownstone Brooklyn? 4% per year? Obviously that doesn’t hold in a gentrifying neighborhood. Brokers are obviously testing the market based on research. Is it “blind boosterism” to jack up an asking price by 10%, or is a seller just catching up to true market conditions. By the way, this is why I repeatedly claim price analyses in Brooklyn must be viewed in the larger context of what’s going on in Manhattan. There is a price gap that’s closing and that’s a good thing. We don’t want our prices to go down unless Manhattan’s are.
If the Manhattan/Brooklyn gap starts widening, it will be BAD NEWS for Brooklyn. It means we’d be falling off the map again.
Here’s a riddle for you – does a price jump mean a property is “overpriced” or does it mean that it had previously been “underpriced”.
Ed- you just disagreed with your earlier post at 3:14 about Manhattanites. You pretty much just agreed with Parksloper now after calling him on it.
Now you’re confusing me too.
I’m sure the “Manhattan is always better” attitude still exists. But to me, it reminds me of the “Upper East Side is always better” attitude that prevailed when areas like the West Side and Downtown took off. Manhattanites struggle to keep a finger on the pulse that’s escaped out from underneath their finger.
Meanwhile, everyone I know who lives in Brooklyn does so by choice.