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
Is there going to be a quiz on this?
RTC=Resolution Trust Corporation. It was set up in the late 80s early 90s to deal with the savings and loan crisis. The FED is trying to float an idea around the DC swamp to create one now.
Good point Dave. Thanks to my wife’s stunningly good credit we just got a jumbo mortgage at a very good fixed rate. Although this happened a few weeks before this meltdown, the conditions were arguably worse for getting a mortgage given what you are saying above.
What’s an RTC?
Also, off topic. Dave, on the Brooklynian Bed Stuy board there are folks asking questions about Butternut–what it will be, when it will be open etc. You might want to go there and give them the info.
There’s a lot of credit…you just have to be qualified. Over the past week or so the amojunt of money that has flowed out of the stock market and money market funds and into banks is staggering. What do you think these banks do with that money?? They lend it out at higher rates for mortgages. The process has already started…rates are down. You just have to be qualified.
If Congress does an RTC (speculation of which drove the market up today) bank balance sheets will be flush with cash.
I’m not saying things have done a 180 here but we’ve turned a few corners
Two words that Brooklyn sellers are going to have to live with – Seller’s Remorse (see Florida… http://www.nytimes.com/2008/09/01/us/01miami.html?_r=1&scp=1&sq=florida%20real%20estate%20remorse&st=cse&oref=slogin) Prices are only going down. There is no credit available to finance the additional $500-$750K pricing escalations which fueled the real estate growth of the past 5 years.
If I owned this house, I would rent it, I would not try to sell it in the current market.
Gold is a terrible investment, it just shot up to 900 an ounce, you should have thought of it last week.
Right now, try spreading your money out in a variety of banks, or convert your dollars to Pound Sterling and open an account in Bermuda or the Caymans. In the end, all security is more or less an illusion. I find it comforting to know that the world will always need town car drivers.
So if you owned this house and had if up for sale – What would you list it for?
Especially after seeing this other 3 story CG house that was listed for $1.795 in contract?
http://www.corcoran.com/property/listing.aspx?Region=NYC&ListingID=1275164&ohDat=9/21/2008%2012:00:00%20AM;
for 6-12 months….only CDs or Treasuries. Until things settle down everything else is way too volatile and probably too risky. Gold today traded back and forth between 860 and 920!!!
With the prices of commodities falling, the price risk in Treasuries is lessened i.e. interest rates are not likely to rise anymore
Pierre de Taille – keeping cash spread out in FDIC insured accts is a decent way to go. I don’t quite get why gov’t securities would be better – I mean, the govt ultimately is backing FDIC insurance and most experts agree that’s safe – just make sure you spread the cash around so you don’t have more than 100K per acct.