House of the Day: 29 4th Place
The asking price of $1,695,000 for the three-story house at 29 4th Place in Carroll Gardens looks like a reasonable price on its surface. The catch? The brownstone is stuck painfully somewhere in the late 70s or early 80s. It’s not in terrible shape, but it’ll definitely take some money and effort to bring it…
The asking price of $1,695,000 for the three-story house at 29 4th Place in Carroll Gardens looks like a reasonable price on its surface. The catch? The brownstone is stuck painfully somewhere in the late 70s or early 80s. It’s not in terrible shape, but it’ll definitely take some money and effort to bring it up to a level most buyers will want. The deal has a kicker though: An extra 1,800 square feet of air rights. Can you say rooftop addition?
29 4th Place [Corcoran] GMAP P*Shark
I guess The What has returned with his new moniker Whuh.
That was REALLY tricky to figure out.
Welcome back!
“What do you think these banks do with that money??”
I think they clutch it tightly to their over-leveraged bosoms, muttering, please Daddy Fed, help me… help me! Don’t let me be the next to fall! It’ll be different this time. I’ll behave. Pinky swear!
Indigo that was a pathetic attempt at humor. Really sick given the context I just described but then again you may call it schandenfreud (spelling?) but I think it is really SHPOS-like behavior. Peace and good night.
“Dave is merely stating an observation that if money is leaving the market and money market funds and going to banks.”
Dave isn’t “merely stating” anything. Dave is part of a chorus of asinine and self-serving puffery that landed us in this mess in the first place. Endless refrains about unlimited credit and neighborhoods in turnaround and “this house will be worth DOUBLE in three years,” etc, etc. got everyone all hot to over-invest (massively, as a matter of fact) in non-productive assets –i.e., Dave’s crap tenements and his crap gourmet stores.
Let me give you a very, very simple lesson in finance, circa September 2008: Any bank still breathing is taking your hard earned money and using it to re-capitalize, not to lend; and definitely not to lend against a mispriced rockpile in Bed Stuy. You people have the gall to come on here after years of crying “bitter renter” when anyone pointed out the RE bubble, and then chatter on (Hi Biff! Hi Dave! How ya doing Dave! Har, har, great Biff!) as if the bubble’s not bursting right beneath you? You have the gall, after laughing about The What’s prediction of apocalypse, to come on here ON THE DAY OF THE APOCALYPSE and talk about BANKS FLUSH WITH CASH?
Well, guess what, Dave. I have a nice, big, fat wad of tobacco for your pipe. It says “The What Was Right.” Put it in and smoke it, baby! All you cheerleaders on this blog are now proven horse’s asses. What a total pleasure never to read it again.
oui, c’est frommage mon ami.
DIBS thanks for the info on gold. You actually confirmed our worries that it too was extra volatile but sorry buddy where did you actually conjure up that “there is a lot of credit”? That has got to be the greatest exaggeration of the day my friend. I think you probably meant to say that there is credit available but only to the VERY qualified. There hasn’t been a worse time in the last decade to obtain a mortgage than right now.
Ms Muffett thanks for the advice on multiple accounts given FDIC insurance limit. ORANGE ING here we come.
HellsBelles you make a sound argument and sorry about the potential lay off (who knows maybe you guys will get lucky). My two friends who got laid off are really scared and one of em has a 2year old and a pregnant wife:) C’est pas facile la vie! Vraiment dommage!
I have to say that I think that the quote “yuppies crawling to shitty tenements” hits the nail on the head. Whuh should win the price for real estate poetry. That is EXACTLY true. and every real estate professional knows it is true in their hearts. Here are successful people with good careers living in shitty, walk-up firetraps. It is the ugly truth. I hope that this market corrects itself enough so that slum roach traps are no longer marketed as “deals of a lifetime”.
Whuh–I think we are all beyond the idea that the economy is OK and that the turnaround is right around the corner. Dave is merely stating an observation that if money is leaving the market and money market funds and going to banks, banks are going to turn around and lend that money. You have taken it to a whole new level with your way too aggressive snark. I mean yuppies crawling to shitty tenements? Have you ever been to Bed Stuy where Dave lives? He seems to be doing OK for himself and is on the verge of opening a new gourmet market there. Why do you feel the need to take an unfortunate economic circumstance and make it personal and nasty? This is what I most objected to in the What’s rants–that somehow people making lives for themselves in urban Brooklyn were the enemy. Get over yourself.
There is a lot of denial on this blog. The banks are full of cash? ha ha ha! That is like my Brooklyn Heights friends telling me that the “F” grade PS 8 received stands for “fabulous”. Banks have tons of cash and PS 8 is too successful for the Board of Ed to comprehend. yea, yea, yadda, yadda.