House of the Day: 73 Willoughby Avenue
This new brownstone listing at 73 Willoughby Avenue isn’t perfect but it’s still pretty nice, nice enough that we suspect its $1,499,000 asking price will attract some interest. Two negatives: The house is only 40 feet deep and it’s been cut up into three units. Two positives: Nice bones and good location. Now for the…
This new brownstone listing at 73 Willoughby Avenue isn’t perfect but it’s still pretty nice, nice enough that we suspect its $1,499,000 asking price will attract some interest. Two negatives: The house is only 40 feet deep and it’s been cut up into three units. Two positives: Nice bones and good location. Now for the market to decide.
73 Willoughby Avenue [Douglas Elliman] GMAP P*Shark
Hey BHO I’m all there on half off. I don’t know if you are right about 10x specifically, but look at this study by the fed.
http://www.frbsf.org/publications/economics/letter/2004/el2004-27.html#subhead1
It says two things, one is that NY is not that different to the rest of the country in terms on rent to price ratios, yes its higher than rural areas, but it’s not that different to other “bubbly” areas in Boston and the west coast. and secondly it says that most of the readjustment back to historic norms should happen through house proces and NOT rising rents. That has been the experience in past busts. This was a 2005 study that already showed price to rent ratios way higher than history. Now the trace back is likely a “normal level” whatever that is- is likely to be only in its early phases (since a) rents are falling and b) prices are today still at 2004/2005 levels. 10 is not unrealistic imho.
Dave, I know, I was just being a smartass!
Ha ha.
If the house is 20 wide, 40 means nicely proportioned rooms and lots of light for a brownstone.
> What’s 18″ among friends???
About three typical friends or two very special friends.
Forty is quite common — and would never call it ‘only’.
That is my understanding too…
bread and cookies are actually quite good at costco, you effete snob.
All this ciabatta chat makes me want to stop by Market on the way home and see what yummy breads they have today.
Pete. propertyshark says my house is 48’6″, not 50′ as I’ve measured it to be. What’s 18″ among friends???
furthermore, bread comes in packs at costco. seriously.
Posted by: antidope at March 1, 2010 5:27 PM
That’s not bread as I know it. that’s what you eat during a depression so, yes, in that case, the bread has been monetized.
I’m talking about bull market freshly baked ciabattas AND NOT THAT SHIT that most places sell that is parbaked and then rebaked.
Sorry, ncarty97, I was talking to BHO who does not know the difference between a recession and a depression, at least it would seem.