Open House Picks
Park Slope 398 Bergen Street FKG Real Estate Sunday 1-3 $1,875,000 GMAP P*Shark Park Slope 99 St. Marks Place Aguayo & Huebener Sunday 1-3 $1,595,000 GMAP P*Shark Bedford Stuyvesant 119 Bainbridge Street Brooklyn Properties Sunday 12-2 $1,300,000 GMAP P*Shark Crown Heights 1190 Dean Street Brown Harris Stevens Sunday 12-1:30 $985,000 GMAP P*Shark
Park Slope
398 Bergen Street
FKG Real Estate
Sunday 1-3
$1,875,000
GMAP P*Shark
Park Slope
99 St. Marks Place
Aguayo & Huebener
Sunday 1-3
$1,595,000
GMAP P*Shark
Bedford Stuyvesant
119 Bainbridge Street
Brooklyn Properties
Sunday 12-2
$1,300,000
GMAP P*Shark
Crown Heights
1190 Dean Street
Brown Harris Stevens
Sunday 12-1:30
$985,000
GMAP P*Shark
So, 5:56, why’d you buy it if you knew it was overpriced? Why not put the money you used for the down payment in the market (or into municipal bonds) and wait until prices got more reasonable? Why give up all the money you’re going to waste on interest payments and lost investment income over the next 3-5 years?
Montrose’s posts are a perfect example of what happens in a bubble. He keeps saying that prices can only go up over time, and then insists that he’d put whatever investment money he had into Crown Heights/Bedford Stuyvesant property. This kind of argument is common enough that it’s easy to overlook how crazy it is. Think about what he’s saying: he’s saying buying a piece of property in Crown Heights — after prices in that neighborhood have already skyrocketed threefold over just a few years — is a safer and better investment than, say, buying an S&P 500 index fund, which over eighty years has returned a steady 10% a year. And he’s doing based on nothing more than the evidence of the past six years — no one who saw Crown Heights as late as the mid-1990s could plausibly have said a house there was a sure thing. The love affair here with leverage (putting down almost no money and praying that prices will keep going up) and with real estate has gone absurdly far, and there are lots of people who are going to be paying the price over the next decade.
Ok – I purchased a magnificent home in Bed Stuy on a fabulous block for 850k earlier this year – yeah, it was overpriced then and more so now because it needs work (kitchen etc.) and the neighborhood has a way to go in terms of services – but I love the long term prospects! I get the risk – but there are no regrets!
It seems like people are scared or something for CH and BS becoming better than other areas (PS) whats with that? Every areas dose not have to be the same boring clones. If people what to buy in the hood FINE let them buy in the hood. NO one cares if some of you can’t relate to people that are different from you.
Homes in Crown Heights were 200K in 2000
Home in Park Slope were 800K in 2000
200K (2000)is 1 million today in CH
and
800K (2000)is 3 million today in PS
what is the point???
THANK YOU!
4:54, you rule brutha! Get down wit yo bad sef!!
Crown Heights is the armpit of Brooklyn. Everyone knows it.
4 story home in PS in 2000 was more like 1.5M, and CH about 350K not 800k, so PS has experienced 100% lift, while CH is more like 200%
The other difference is that most homes in Park Slope are 2 million, not 3.
The increases there have been much more steady over the years and have gradually appreciated as the neighborhood has become more and more stable.
But keep trying to justify your purchase. No skin off my back.