Last Week's Biggest Sales
Quite a chasm between 31 PPW’s original listing price and what it eventually sold for. 1. PARK SLOPE $2,375,000 31 Prospect Park West GMAP (left) As chronicled in a HOTD post in late July, this 2,800-square-foot one-family was first listed for $3,250,000 in April. There were several price cuts in the months that followed ($2.6…
Quite a chasm between 31 PPW’s original listing price and what it eventually sold for.
1. PARK SLOPE $2,375,000
31 Prospect Park West GMAP (left)
As chronicled in a HOTD post in late July, this 2,800-square-foot one-family was first listed for $3,250,000 in April. There were several price cuts in the months that followed ($2.6 million was its lowest asking), and it went into contract in September. Deed recorded 11/21.
2. PARK SLOPE $1,802,500
239 8th Street GMAP (right)
Per StreetEasy, this 2,920-square-foot, two-family was originally listed at $1,995,000 in late May. There were smallish price cuts in June, July, and this month, before it closed. It last sold for $835,000, in September 2006. Deed recorded 11/19.
3. MANHATTAN BEACH $1,500,000
270 Dover Street GMAP
1,895-sf, one-family built circa 1915, according to Property Shark. Deed recorded 11/21.
4. FORT GREENE $1,406,250
137 South Oxford Street GMAP
3,520, three-family, according to Property Shark. We’re curious about the lack of a listings trail on this one. Anyone know what the story was? Deed recorded 11/19.
5. BROOKLYN HEIGHTS $1,331,670
One Brooklyn Bridge Park, Unit 1008 GMAP
Sale included a parking spot. Deed recorded 11/19.
239 8th Street photo from Property Shark.
$8.317 trillion according to the latest CNBC artilce
Potential Cost of US Financial Bailout: Over $8 Trillion
http://www.cnbc.com/id/27912307
8,317,000,000,000.00
I think my great grand kids will probably have to repaid this back
11217 – If you use your 2.3 Trillion from last night you will have to add today’s 0.8 Trillion = 3.1 Trillion
What if this is not enough and does not work? After a certain point US dollars may not be worth the paper it’s printed on.
Here’s how I came up with my figure of 5 TRILLION dollars
as of 11/18 CNBC article the bailout total 4.2 Trillion and you add today’s 0.8 Trillion contribution you get 5 TRILLION dollars
http://www.cnbc.com/id/27719011
Financial Crisis Balance Sheet
Government Entity Billions of Dollars
Federal Reserve
TAF (Term Auction Facility) 900.0
Discount Window Lending
Commercial Banks 99.2
Investment Banks 56.7
Loans to buy ABCP 76.5
AIG 112.5
Bear Stearns 29.5
(TSLF) Term Securities Lending Facility 225.0
Swap Lines 613.0
(MMIFF) Money Market Investor Funding Facility 540.0
Commercial Paper Funding Facility 257.0
(TARP) Treasury Asset Relief Program 700.0
Automakers (for more fuel efficient cars) 25.0
(FHA) Federal Housing Administration 300.0
Fannie Mae/Freddie Mac 350.0
Total 4284.5
DOW/25 to 50: What’s up with the new moniker? I suppose it is the fact that your first name goal has been “accomplished?” Anyway, wow I missed an amazing discussion here. Plenty of mudslinging but just enough civility to be entertaining and reasonable. Sorry I didn’t get in earlier. Miss Muffett is of course entitled to her opinion and she always delivers it with respect. I don’t think that the market is going to tank as hard but I certainly don’t think that it is a small adjustment either. Frankly I just do know enough about this circumstance to make intelligent predictions about what will happen. I do think that loving Brooklyn and wanting it to succeed should be a baseline necessity for posting on this board, not that something like that could or should be enforced. We are where we are and no amount of wishing will make it go away or make the market do anything but what its going to do. So…live, that is all you can do.
Bloomberg says:
“The U.S. government is prepared to provide more than $7.76 trillion on behalf of American taxpayers… The unprecedented pledge of funds includes $3.18 trillion already tapped by financial institutions…”
Actually, according to the economist that Charlie Rose had on last night, the figure is 2.3 trillion, Zoolander.
Not 5.
Still a lot of money, but it’s half what you say it is.
mopar:”Fact is that parts of Brooklyn are now locations for the elite just like Manhattan, San Francisco, Boston, Paris, Palo Alto, etc.”
if you compare Harlem, Manhattan to Park Slope you might have a point but that’s some serious crazy-ness to think Park Slope is as good as UES or UWS
I don’t understand why people are in denial that prices may/can drop by 50% when prices in NYC has increased by 100% or so in the last 8 years … people wake up … the Federal government in the last 2 months has guarantee/bought/gave banks over 5 TRILLION dollars and home prices which is the heart of the financial meltdown has NOT stop falling
“There is nothing wrong with repeating the obvious if that’s what it takes to get the slow to understand.”
Ouch!
“… the Bay Area… off by 10 to 15 percent.”
Actually, FWIW, the Case-Shiller home price index says San Francisco is down 29.5% for the year.
DOW:
April 1991 72.29 Trough -15.49% -8.89%
December 1991 74.74 3.39% -1.14%
So your 1991 buy signal was about 8 months late which made it a pretty good indicator for real estate on that occasion. But I think it is more useful if you are John Paulson than Miss Muffett.
I wish there were more peaks and troughs to see how reliable the signal is in times of intervention. I expect intervention. I doubt the US market can be turned quickly by it but it would be interesting in particular to look at certain cities.
My vision/model of how real estate price declines move through the US is kind of how an infectious virus might. Declines have epicenters and the virus spreads slowly from there into more resistant areas. If the resistant areas are hit they are not hit as badly and they recover faster (although maybe a little later).
The whole country doesn’t catch the virus at the same time. As I think you said it is a process. As the parts that caught it first start to recover other (and more) parts of the country catch it also. The relevance of this is that the average number of cases doesn’t necessarily reflect what is happening in one particular area. The average decline may increase even as some parts of the country have not yet been exposed and some have been exposed and recovered. The same is true once a City starts its decline. The numbers will continue to increase until the virus has been contained or it has run its course. I see Manhattan and some prime parts of Brooklyn as resistant even with the job losses.
New York will play a major roll in the solution to this problem despite its troubles. Wall St is the conduit through which any solution will flow, it will take its percentage, like it or not, simply because there is no other system.
Respect to you also DOW. Are you actually in the market for a house? I guess you made some money shorting.