House of the Day: 430 10th Street Revisited
This house at 430 10th Street has been on the market for-effing-ever. After selling for $1,200,000 in 2005, the new owners started out trying to get $1,865,000 last year. By August of this year, the ask was down to $1,650,000 and in September it was reduced further to $1,595,000. Since the broker doesn’t even have…
This house at 430 10th Street has been on the market for-effing-ever. After selling for $1,200,000 in 2005, the new owners started out trying to get $1,865,000 last year. By August of this year, the ask was down to $1,650,000 and in September it was reduced further to $1,595,000. Since the broker doesn’t even have his own website and only tiny photos are available on StreetEasy, it would be interesting to hear from someone who’s actually seen the interiors.
430 10th Street [Timothy Norton] GMAP P*Shark
House of the Day: 430 10th Street [Brownstoner]
“ex-fellow bear”
antibigyellowbus didn’t realize that MFN remains a bear.
“I do think it’s going to drop more, fully expect it…we can deploy elsewhere if bargains appear.”
Growl!
***Bid half off peak comps***
Stevieb – I must confess I’ve always avoided the brownstoner get-togethers. There is so much vitriol on this list (which I find alternately weird and slightly creepy) that I like to stay anonymous! Plus, with little kids and a demanding job, I’m usually home at night – working, resting, cleaning or taking care of life stuff, or looking at real estate listings while my kiddies sleep!!
Antidope:
It’s about willingness to wait. Moving to pay rent for 1 or 2 years to see how things shake out makes little sense when I’m getting 20K a year in taxes saved and buying 25% below peak. Oh, and 3 years of free preschool saving me about 30-45K. If that’s throwing in the towel, then so be it. But it’s clear I’m nowhere near peak buy, and for the trade-off to live in a 3-story brownstone w/ a 60-foot backyard and deck, call me Roberto Duran.
If you know one thing about me (and you know little), you know I did my research. I had 11 years of every single and multi-family home sale in Hoboken printed out for me a year ago. I know where the best blocks are, and I know what people paid for every property that was transacted in that time. So, yeah, I have *kind-a* seen the comps in this nabe.
The 3 most recent sales at peak on the same block in question are literally the same exact specs, and considering the place we’re looking at has a full renovation on every floor, I’ll assume they are equal quality at best.
Plus their mortgages are probably 1.5-2% higher vs comp 30-year fixed if you want to throw that into the cost of ownership at peak.
No delusion that this is a prime Bklyn townhouse, so not calling it a Benz, calling it a way more sensible value vs the absurdity of brooklyn real estate.
I do like however that I’m the a-hole, when if you look, I’ve never instigated any personal attack, just been pretty blunt abt how overpriced brooklyn is. Been pretty unsentimental about the US economy and financial steroids. But there’s always someone like you willing to throw a swing, and when they do I throw back hard, I throw back smug. And yeah, then I *am* knid of an assh*le about it.
And re: the bank statement info, none of you know me, have never met or seen me, so I consider it not rude at all to share. It’s information anyone in a similar financial situation can use to help their own thinking.
I tell all my personal friends I’m having financial trouble and ask if they can loan me money so I don’t seem like such a dou*hebag.
Yeah antidope, why the meanness? I don’t get why folks have to be so nasty on here. And OK, so MFN shared his financial info, but this is an anonymous list – very different than discussing that stuff point blank at a dinner party. What difference does it really make when we’re all anonymous? Frankly, I find that kind of candor revealing, and appreciate when people are forthright.
I’m sure MFN is a much happier person in life than either BHO or antidope.
Miss Muffet, what do u think about getting together with other like-minded individuals with families looking to buy in brooklyn? (we can leave the perma bulls out)
now there’s a real man’s bear. that’s it, stick to your guns.
“Rates are just so damn low…”
That’s one of the reasons why prices are still so damn high. Pay less on a higher principal or pay more on a lower principal. But you can exploit the overshoot below equilibrium as that is where the downward momentum will take us when rates spike. RE will become undervalued again.
“$3,100 or so to own this place”
Not necessarily. Add hypothetical loss divided by hypothetical months of ownership.
“We’re in it for 10 years at least…”
That too is hypothetical. Consider the risk of having to sell – relocation, etc. (I know you did but I’m just putting it out there for those who are reading).
“sum of non-retirement cash that we can deploy elsewhere if bargains appear.”
That’s the spirit!
***Bid half off peak comps***
Antidope, there is no need for such hate-filled vitriol in your post. MFN was kind enough to share his decision with us and made us all more educated about the housing market as a result. Why did you have to flame him?