Open House of the Day, 8/31/07: Six Months Later
This Sunset Park property, listed at $799,000, was the sole open house pick last Labor Day weekend, and it didn’t languish on the market all that long. Open House of the Day: 451 37th Street [Brownstoner] GMAP P*Shark
This Sunset Park property, listed at $799,000, was the sole open house pick last Labor Day weekend, and it didn’t languish on the market all that long.
Open House of the Day: 451 37th Street [Brownstoner] GMAP P*Shark
Yes please DO think of it as a global market, 4:55.
I WISH I could afford to buy an apartment in Paris or London. The only thing that stops me from seeking a job in Europe is I couldn’t afford to buy anything decent there even after selling my brownstone. Brooklyn is dirt cheap compared to Europe or Tokyo. And not just because of the dollar losing its value against the Euro, but because it’s simply more expensive in those cities. It was more expensive than the U.S. even when our dollar was valued more. It’s nothing new and nothing recent. This is a decade-long trend and migration. All the big international cities including New York City are incredibly desirable and everyone is moving to these places.
Exactly 12:17.
My husband’s coop increased in value 200% over 9 years. We sold it at a time in the market when it got less than the comps the year before.
Still made a huge profit. He hardly regrets buying the apartment years ago, please.
Oh, and another especially fun fact – at the time he bought it that street was considered “dangerous”.
down 1%???????
NOOOOOOO!!!!!!!! SAY IT AIN’T SO!!!
What will I do with the other 199% I saw in appreciation over the last 10 years?????!!!!!!
“5:15, you prove my point. The crash of the 90’s was on the coasts and not in the middle of the country.”
Fine, 6:38. The 90’s price collapse was a crash of coasts and not the whole national RE market. But still, the coasts were in tandem and that’s all I needed to prove my point.
But the same could not be said about The Great Depression? There was a national slide in prices. That’s what today’s economy is being compared to (i.e. no negative national savings rate since). That’s how I can “imply that BROWNSTONE BROOKLYN is the same as the middle of the country” with respect to the pattern of boom and bust. Metro-wide prices are already down 1% and getting worse.
http://tinyurl.com/32okax
Brooklyn and Manhattan can run but they can’t hide.
“you are not factoring in that brooklyn was severely undervalued for a very long time.”
It’s already factored in. Brooklyn was ‘undervalued’ during the early 80’s and severely overvalued during the late 80’s. And now the cycle has repeated – undervalued during the bottom (early to mid 90’s), then overvalued again after the new millineum. That’s how the RE market works. It oscillates between overvalued and undervalued.
“you don’t think gentrification to lovely urban neighborhoods had something to do with the larger than usual run-up in prices.”
Of course I do. But, unfortunately, that was only a slight compliment to a much larger factor – a credit overdose.
“we are talking about brand new revitalized neighborhoods with huge investments made”
The majority of “hot, new” nabes are not fully revitalizED (Stuy, Crown, Bush, Billy, Hook, Clinton, Sunset, Lefferts, etc.) That’s why you get constant complaints about schools, services and sometimes transporation.
These investments are turning sour. Look at all these restaurant closings brownstoner has discussed this past week. Look at Catsimatidis and all the pessimism about downtown develelopment. Look at the foreclosure situation and the planned June 19th tax lien sales that have tripled since last year. Investors and recent (last three years) buyers are struggling right now. They are slowly waking up from this dream about a perfect Brooklyn that everybody wants to pay $1M for a piece of. Brooklyn is a great place but we are in the ‘overvalued’ phase of the cycle and it’s not gonna be pretty for another ten, twenty years.
a lot of my neighborhs moved here in the last two years from europe and the u.k.
i can think of 4 off the top of my head.
i can’t walk along 7th avenue near my house and not hear someone speaking german or with a british accent.
i love how much the hood is becoming more multi-cultural in this way.
sure, they all have some money, but it’s nice that europeans appreciate what brownstone brooklyn has to offer.
5:15, you prove my point. The crash of the 90’s was on the coasts and not in the middle of the country. You couldn’t assume the whole country was crashing when it was only on the coasts (unless you are the tWhat), so why do you think you can now imply that BROWNSTONE BROOKLYN is the same as the middle of the country?
as for you 4:55, to a European, housing in this market – even when it was a little stronger – is still a bargain. If you want to talk about the global economy, you have to think about it from a perspective other than a local one. You are the naive one here.
you are not factoring in that brooklyn was severely undervalued for a very long time.
not to mention crime-ridden and crappy.
you don’t think gentrification to lovely urban neighborhoods had something to do with the larger than usual run-up in prices.
we aren’t talking about greenwich here which has been nice for decades.
we are talking about brand new revitalized neighborhoods with huge investments made in the restoration of homes, new shops, new restaurants, and only a 15 minute subway ride to what has now become the safest large city in the u.s. and a world class, cosmopolitan megalopolis.
I second 4:55. Brooklyn’s so-called misalignment with the national market (or world market with respect to credit) is pure broker-talk. The historical record does not lie.
Most of you owners are too young to remember the market in the early 90’s. LA crashed 50%. NYC crashed 40%. These national events were very much ALIGNED. As an intern back then, I used to say to my older co-workers that ‘you can’t lose in real estate’. They used to vigrorously correct me as many of them had lost their shirts.