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]
I’ll take a dunce cap over an overpriced/overspent-on “all-inclusive resort” in the middle of the ‘hood.
“it is not really a deciding factor in a primary residence”
You are absolutely wrong, DIBS. How many listings do we see that go back and forth between rentals and sales (sellers can’t get their price or owners relocate and don’t want to sell)? Enough to validate this metric.
Out of the three things you just mentioned, it’s ONLY about “what you can afford”. Median household income is finite.
***Bid half off peak comps***
OH HERE WE GO AGAIN…..
First of all if the banker got a big bonus, he’s probablu=y not stupid.
Secondly, bonuses come out of operating profits, not the taxpayers.
Thgirdly, the banker is probably in the top 5% category that pays over 60% of the taxes that the gov’t gets
It is his money and he earned it.
Like I said the other day, I’m busier these days and might not be able to respond. This is the time of year that all the hedge fund managers and bankers get together to plot and collude as to how to screw the middle class and those below.
We are paying the taxes that the gov’t needs to operate and give away to those feeding at the trough and not making enough to pay their fair share which should be the same % that we pay.
>>Do you think this makes any difference to homebuyers in the suburbs or many other places arund the world??
homes in the suburbs don’t trade at higher than 15x annual rent, so it is not a relevant discussion.
yes, a buyer with stupid banker’s bonus money extracted from hard working tax payers around the country can be reckless and pay a stupid price. Heck, it is not his own money that he is spending. what does he care?
Meeting, stevieb.
Research the 90’s, DIBS. The fundamentals were there. Before the credit flood, brownstones traded in even Prime Park Slope for those ratios. Even if you want to foolishly ignore the rental yield, sustained income and affordability rule home prices. The fundamentals are only suspended on the way up, not on the way down.
Yes, I will ever be happy.
***Bid half off peak comps***
It is key to investing in an investment property. it is not really a deciding factor in a primary residence. You are hung up on this issue because there’s such a large number of rental units here in NYC. Do you think this makes any difference to homebuyers in the suburbs or many other places arund the world?? No, it does not. It’s about what you like, what you want and what you can afford.
And that’s why so many properties sell for above what the two of you think they are worth, or can afford. Plces in BH sell for more than I can afford and I don’t think twice about it. it’s what a buyer wants.
>>Once again, BHO, one’s primary residence is not all about the yield it might fetch if rented out.
The price to rent ratio is a yardstick to measure value. So yes, it is something worth looking into. It matters to many people who contemplate renting versus buying.
BHO!! where were you all day?
Posted by: stevieb at November 10, 2009 4:01 PM
In the other corner of the classroom diagonal from you, both of you wearing the dunce caps.
Once again, BHO, one’s primary residence is not all about the yield it might fetch if rented out.
You continue to harp on this and you will ever be happy. But we see some of that already.
BHO!! where were you all day?