House of the Day: 615 2nd Street Revisited
The owners of 615 2nd Street gave selling their Park Slope limestone a go last year but packed it in after six months when the $3,495,000 asking price proved to much for the market to bear. Now the house is back on the market with a new price tag of $2,950,000. It’s a great house…
The owners of 615 2nd Street gave selling their Park Slope limestone a go last year but packed it in after six months when the $3,495,000 asking price proved to much for the market to bear. Now the house is back on the market with a new price tag of $2,950,000. It’s a great house to be sure but, as we noted last time around, the kitchen finishes seem a little out of place. What do you think the market-clearing price is on this baby?
615 2nd Street [Brown Harris Stevens] GMAP P*Shark
House of the Day: 615 2nd Street [Brownstoner]
It’s “what you like” and “what you want” that have skyrocketed preforeclosure rates.
That’s why FHA is near collapse. The FEDS/Obama are trying to prop up the RE market with that program and the 8K credit but default rates are getting worse and worse because they are lending at far more than 3x income.
Speaking of the devil (8K extension), why that when we’re supposed to be in “recovery” mode?
***Bid half off peak comps***
>>That’s the only part that matters and it happens to support my position.
Unfortunately, here is where I differ from you. Bankers are going to be able collude with Washington to steal from tax payers of this country.
But, Pigeon, how much more can “what you like” and “what you want” get you than “what you can afford”? It’s ONLY about “what you can afford”. That’s the only part that matters and it happens to support my position.
***Bid half off peak comps***
“She did, Nomi. Please try and keep up.
‘Sounds like he got off cheap.’
And often” (Dave)
Well, that’s still debatable . . .
BHO,
I think DIBS’s good point is: for many people, “It’s about what you like, what you want and what you can afford.”
I disagree with DIBS, however, when he refuses to acknowledge a relationship between purchase value of a home and potential rental value of that home.
“but why 3x?”
33% of income to service shelter debt. It’s the historical number for renting or financing. And it’s consistent with the last landing (this landing is and will continue to be indisputably harder). Park slope brownstones traded for 1/2 to 3/4 mil in the mid 90’s. That puts median homebuyer income then at 167K to 250K/yr which is about the range it really was and probably still is. The few buyers left have a little Ponzi loot leftover. There’s your evidence, antidope. Need more? Look at the corcoran neighborhood reports – median income is listed.
The equilibrium effect of interest rate hikes are only a seller’s concern because they ultimately set the price, 3 x income (affordibility scale).
***Bid half off peak comps***
>>BHO (and stevieb)
why am I in brackets??
>>First of all if the banker got a big bonus, he’s probablu=y not stupid.
WRONG! Tax payers were stupid to bail out undeserving wall street banks.
>>Secondly, bonuses come out of operating profits, not the taxpayers.
BULLSH*T! Don’t tell me Merrill and Citigroup did not pay bonuses out of the phantom gains in their CDO positions when they were “making” paper money. In the investment business, how do separate operating profits from investment gains/writeoffs? So if a bank loses money from their speculative position, they categorize it as “write-offs” and that is the tax payers’ problem but if it makes money, it is “operating profits”?
>>Thgirdly, the banker is probably in the top 5% category that pays over 60% of the taxes that the gov’t gets
BULLSH*T again. The top 5% are not ALL bankers.
>>It is his money and he earned it.
Not if it comes out of the tax payers’ pocket. SO, bullsh*t again
Posted by: daveinbedstuy at November 10, 2009 4:20 PM
Right, the rent multiplier is a function of the interest rate rather than a constant. It is multiplied by the rent, which is a function of income.