House of the Day: 304 Union Street
Today’s House of the Day at 304 Union Street in Carroll Gardens is particularly interesting in light of yesterday’s GMAP P*Shark Open House Picks 11/4/2005 [Brownstoner]
Today’s House of the Day at 304 Union Street in Carroll Gardens is particularly interesting in light of yesterday’s discussion about declining prices. We had it as an Open House Pick in November 2005 when it was listed for $1,850,000; it ultimately sold for $1,700,000 in May 2006, and the new owner clearly went to town on the renovation. It’s charmingly done (love those slightly rough original floorboards in the parlor) but the big question is whether it merits the marked-up price of $4,150,000.
304 Union Street [Stribling] GMAP P*Shark
Open House Picks 11/4/2005 [Brownstoner]
Sebb,
Oh, believe me, I’m not limiting my greed and stupidity characterization to just the sellers; there’s more than enough of those traits in every demographic that played a part in this “I-want-it-and-I-want-it-now” – fueled debacle.
How many People in NYC claimed they were making $300k working at MET foods as a cashier to qualify for a mortgage? None Zero. But guess what in FLORIDA cashiers working at Publix Supermarket did Claim they made $300k. That is the difference from the NYC housing market and the rest of the country. Will NYC prices drop? Maybe a bit but not like the rest of the country. Buyers do not let these Renters scare you. If you want a Home to live in Go out and buy. If you are looking to profit in 1 year than look for another way to make money.
More On Three Facing Federal Charges In Alleged Palm Beach County Flipping Scam
In Palm Beach County, Florida The Palm Beach Post reports on the criminal allegations facing Berry Louidort and Ralph Michel (also known as Ralph Duverneau), who are accused of putting together deals for two dozen homes in Palm Beach County, persuading banks to loan far more than the properties actually sold for, then pocketing the difference and letting many of the homes lapse into foreclosure; and Boca Raton mortgage broker Lauren Jasky who is accused of helping Louidort and Michel arrange the deals.
There’s Michel – a native of Haiti who, according to his attorney, can’t read or write well enough to pass a U.S. citizenship test – collecting “assignment fees” of $650,000 and $600,000 on side-by-side homes in the Versailles development in Wellington.
There’s Louidort, also a native of Haiti, describing a scheme to buy 50 condos in Boynton Beach while stealing $4 million from lenders. He thinks he’s talking to a willing accomplice. In fact, he’s laying out the plot to an undercover FBI agent who captures the conversation on videotape.
There are straw buyers, such as the part-time Publix cashier whose income on loan applications was inflated from $13,000 to $344,000 so she could qualify for $1.3 million in loans on a palatial home in a gated community in Boca Raton.
There’s Jasky saying she doesn’t want to know the unsavory details of the loans she’s shopping to lenders. Meanwhile, her mother is acting as the Realtor on some of the deals.
Yeah…Japan as a model. Do you know what year they put together their RTC equivalent after the market peaked in 1990?? They got around to it in 2002. And the banks got their act together by early 2003. And the market, after being down significantly for those 13 years then moved significantly.
I’m not predicting any kind of an upward move in the market but at least get the facts straight.
First of all, I never said me (or my boss) said it was a good deal. I said she was interested. Some people buy because they want to, and not for investment purposes. She said people thought she was NUTS when she bought her current place for the price she paid back then. The UWS at that time (in her area) was NOT a nice neighborhood, from what she and others describe.
And with two small children, I don’t think she plans to sell, sit on the money and rent for 2 years. She wants a large home in the city in which to raise and enjoy her family.
She’s looking for a home in which to live out much of the rest of her years. And wants to stay in NYC.
You will all be crying in your soup in 20 years when she sells for 10 million and retires in Tuscany.
(as will I, no doubt)
i think there is little to no doubt that the trend from here is downward, dave. if you are ok with leaving potentially 15-30% on the table in exchange for not having to time the market (which you did), that is a personal preference. i would rather live with the “indignity” of an apartment below my standards than to pi$$ away real money in a falling market. houses aren’t stocks – they move way slower, so timing the bottom isn’t as important as calling the direction (i have very high conviction that direction is significantly down). but if this cycle lives up to its early warnings, 5-10 years may not even be long enough to break even. see japan real estate since the early 90s.
No No Johnife. What put us into this situation was the Greedy Southerners who took out Mortgages and failed to read the Closing documents. Then they convinced themselves that the price of the Home/Investment they bought would always go up. See the Southern states and many states across the USA have Zero regulations, they have no advocate groups like NYC. Florida actually had MURDERERS and BANK ROBBERS Selling Mortgages to Greddy Buyers. Please check the link and read for yourself. http://www.miamiherald.com/multimedia/news/mortgage/
Price = Greed + stupidity: exactly what got us into this mess in the first place.
I had suspected that sebb but didn’t want to introduce it into the discussion.
The negative renters are ranting again. Does this ever stop?