House of the Day: 145 Bergen Street
From what we hear, the market for nice houses in Boerum Hill is still pretty tight. And compared to some houses in the area that have been on the market recently, the $2,000,000 asking price for 145 Bergen is not particularly high. That said, there are too many question marks with this place to feel…
From what we hear, the market for nice houses in Boerum Hill is still pretty tight. And compared to some houses in the area that have been on the market recently, the $2,000,000 asking price for 145 Bergen is not particularly high. That said, there are too many question marks with this place to feel optimistic about its chances of selling at this price. The house had its last major makeover back in 1968 and, given the fact that it’s a four-family rental, it’s unlikely that the interiors are in great shape. (The lack of photos lends credence to that theory.) Has anyone been inside this place?
145 Bergen Street [Craigslist] GMAP P*Shark
Why I bother, but: past is no guide to future returns; as soon as something is a “sure thing,” it’s over; your “200% return” is nothing to brag about –even if you don’t get price depreciation, the collapse of the dollar and inflation will take care of you.
Tonally, if you’ve read this blog for a few months, you’ve seen the change: all the confidence (and btw, hard data) is with the naysayers, just as, not coincidentally, the bitter edge has crept into the voices of owners and brokers.
Get your head around it: Once “prices always go up” became a meme, prices started to cascade upward, and became irrational, therefore canceling out the historical norm, which was, in fact, that RE prices tended to track incomes –i.e., go up. I know you’re not George Soros, but try to think it through: it’s because you say “prices always go up” that the statement is no longer true.
You cannot ever justify an asset price solely on the guarantor of its future appreciation. That would be risk-free money. Forget it. If you really believed what you were saying, you wouldn’t be asshatting on here with the “bitter renters,” you’d be leveraging up the property you’re so proud of yourself for already owning, and buying these buildings with both hands. Unless of course you’re a little over-leveraged already. And your bonus is coming in light. And the gentrification you counted on to scrub up your fringe neighborhood is now on hold.
10:27= big hair
8:52: I can’t believe u r giving away these tips for free. Have you considered a book?
Bid 1.8 on the house and they will take it, its worth it, if your not buying the house to turn around in a year if u hold for 5 you will make a killing. Im buying house’s and making them condos in that bklyn area, even in this environment its quite lucrative. Im looking for another right now but this one is way to high for an investment in condos. Case in point buy a house on a border changing area for 700-900K make 3 luxury condos, 300K construction, sell each one for 800-900K. Figure out the math, quite lucrative. I just started doing this a year ago.
This thread is boring boring boring boring
and so are the suburbs and all their foreclosures because nobody f-ing wants to live there.
“That doesn’t mean that now I can afford one in 2007”
It’s been 2008 for a few months now, dollface.
Maybe the reason you haven’t bought something by now is because you don’t even know when or where you are.
10:00/10:11 = Serf
There is a certain amount of defensiveness on this site, just write the word “suburb” and it is like saying satan to inquisitioners.
Weird.
Brooklyn is over valued.
It is because of suburban children with high paying jobs who are trying to annoy their parents. As soon as they hit a certain age they will realize how ridiculous they have been. No way are Brooklyn houses worth this much. Most of them do not even have garages.
That’s just douche-baggy.
10:00 PM Don’t take them seriously. The Asshats are trying to justify there madness. House has gone up 4x, 5x, 12x and the standard of living as gone down 4x, 5x, 12x. Inflation is a thief, robbing you of purchasing power and the assholes on Wall Street are having a field day doing it! 10:00 PM if you rent just be happy. You can afford to go out, take vacation and do other thing that a HOMEDEBTER can’t do.
“The bitter ones, to me, sound like the owners and brokers, who keep insisting that everything is fine while they’re looking at their investments drop in value everyday.”
The assfucks are watching their dreams go bye-bye. RIP MREB Heh Heh.
The What
Someday this war is gonna end…..