Open House Picks
Park Slope 106 Park Place Corcoran Sunday 12:30-2:30 $2,850,000 GMAP P*Shark Carroll Gardens 304 President Street Douglas Elliman Sunday 1-3 $2,100,000 GMAP P*Shark Bedford Stuyvesant 171 Bainbridge Street Stuyvesant Heights Brokerage Sunday 12-1 $995,000 GMAP P*Shark Brooklyn College 2777 Bedford Avenue Brooklyn Properties Sunday 2:30-4 $649,000 GMAP P*Shark
Park Slope
106 Park Place
Corcoran
Sunday 12:30-2:30
$2,850,000
GMAP P*Shark
Carroll Gardens
304 President Street
Douglas Elliman
Sunday 1-3
$2,100,000
GMAP P*Shark
Bedford Stuyvesant
171 Bainbridge Street
Stuyvesant Heights Brokerage
Sunday 12-1
$995,000
GMAP P*Shark
Brooklyn College
2777 Bedford Avenue
Brooklyn Properties
Sunday 2:30-4
$649,000
GMAP P*Shark
why do these open house pick comments inevitably stray so far from the open house picks that anything past 5pm on friday is not worth reading?
International Political Theory will be worthless once AY is built.
Someone is taking International Political Theory 101…
“The self-deluding universalism of the American imperium — that the world inherently needs a single leader and that American liberal ideology must be accepted as the basis of global order — has paradoxically resulted in America quickly becoming an ever-lonelier superpower. Just as there is a geopolitical marketplace, there is a marketplace of models of success for the second world to emulate, not least the Chinese model of economic growth without political liberalization (itself an affront to Western modernization theory). As the historian Arnold Toynbee observed half a century ago, Western imperialism united the globe, but it did not assure that the West would dominate forever — materially or morally. Despite the ‘mirage of immortality’ that afflicts global empires, the only reliable rule of history is its cycles of imperial rise and decline, and as Toynbee also pithily noted, the only direction to go from the apogee of power is down.”
Yes, Dubai is being built by people who are treated essentially like slaves.
Your point is what, exactly?
That nations rise to power by being nice?
And you call me naive.
but new york city is different.
and the burbs suck.
Look, there are two ways to value a house.
You can calculate it as an investment — what it would be worth if you rented it or what it costs relative to what you would spend to rent.
Using this “fundamental values” approach, every house sold in Brownstone Brooklyn in the last 3 years looks significantly overpriced: even after tax benefits, rental income, etc, it is cheaper to rent than to buy, and it is impossible to earn a reasonable return at current prices and current rents.
Under the “fundamental values” approach, current prices make sense only if buyers expect rents to soar in the relatively near future — basically to go up at the rate that sales prices did in the last 5 years. It’s hard to see why anyone would think that: rents can’t go up faster than income for very long, and income isn’t going up very fast.
The other way to value is to assume that people are not using the fundamental approach, and thus that sales prices need not be connected to rental values. There are only a limited number of brownstones/apts in Brooklyn/NY and perhaps there are enough wealthy people who want them as consumption rather than investment and are willing to pay whatever it takes to get them. If this is right, then it is rational to pay whatever it takes to buy a house even if you are an investor — whatever you lose in the “fundamental” calculation, you will make up in capital gains when you sell to a rich consumer (or another investor who expects to sell to a rich consumer). People who don’t like this theory call it the “greater fool” method or “musical chairs”. People who find it convincing point to New York’s status as a unique world city and assume that the rich who drive the process would never settle for Short Hills or Westchester or Paris.
The second theory clearly explains the price increases of the last several years. Going forward, though, it requires a regular influx of rich consumers who are willing to ignore standard investment calculations as they buy in Brooklyn. Without them, it is just a momentum game. Ordinary homebuyers, at some point, will lose confidence that the money they are losing every month will return when they sell, or they will simply be unable to make the monthly payments, or they will find more attractive alternatives in rentals or the suburbs or fringe neighborhoods or other cities, and they’ll stop being willing to pay ever more.
And then the game ends, because if buyers start to think that prices might actually drop, the only rational thing to do is to pay LESS than fundamental value.
–Financeguy
it was sarcastic, 1:48.
are you ok?
1:33–Your post makes no sense and you are obviously freaking out. You got so riled up about someone’s neutral comment about the house being narrow, that it is very suspicious, no matter what you say. Give me a break. And what bet? You think I’m going to give you, an anonymous poster, who also seems psychotic, any of my personal information to settle a bet? Are you insane?
This is a public forum about real estate, and people can say whatever they want about a house, its price, it’s width, etc. The fact that you responded aggressively with PERSONAL insults to someone who said the house was “narrow” is really a sign of something else. So get over yourself. The house is narrow. The house is overpriced. The house is a bad flip-job. How is that a “lie”? It is an OPINION. You are seriously messed up, pal.