Open House Picks: Six Months Later 8/3/07
Comment: The broker for the Crown Heights house says the listing has been temporarily pulled while C of O issues are sorted out. All the rest did pretty well, it seems. Open House Picks, 8/3/07 [Brownstoner]
Comment: The broker for the Crown Heights house says the listing has been temporarily pulled while C of O issues are sorted out. All the rest did pretty well, it seems.
Open House Picks, 8/3/07 [Brownstoner]
I’d rather have a home to live in than a pile of cash.
“but all of them are sitting on their cash for the time being.”
They are idiots. Saw Suze Orman on Larry King last night and she commented how moronic people are who now think that sitting on a pile of cash earning next to NO interest is smart.
Interest rates falling means your money market and savings accounts will be earning less than 2% interest in the coming months.
1:34
The Credit Crisis began in late June. By early July it was all over the news.
You are the same person who pushes the date back of the Credit Crisis each month when people say the housing market in Brooklyn is doing fine.
I remember you doing it about 2 months ago saying the EXACT SAME THING.
It’s tiresome to say the least.
These homes sold in the thick of the housing crisis. It’s a shock to your system…I know it, but pull yourself up, dust yourself off and realize that yes…people do still need a place to live.
You gonna be ok?
14th is prime to me.
it sold for over asking price, so clearly someone liked it.
1:07 – These properties closed in october and november, probably went into contract well before that. The financial crisis had really just begun then. With all of the bad news since, including massive layoffs on wall street, I seriously disagree that “if you have money parking it in a house is still plenty smart.”
Right now – if you have a pile of cash on hand, tying it up in property in New York is pretty idiotic. If the NYC real estate market weathers the storm, then great. But if not? Then you effectively lose a large portion of your down payment over the short term, plus lose the “sunk” cost of interest on your mortgage. And you might just find yourself out of a job and in need of that cash in the interim.
Since NYC real estate is unlikely to see more than modest gains over the near term, potential buyers don’t really lose much, if anything over the short term by sitting back and letting your cash collect interest.
Just to anticipate the inevitable responses – I already own and am not looking. However, I have a lot of friends who might otherwise be in the market to buy right now (30s, getting married, etc), but all of them are sitting on their cash for the time being.
I think the point is: ‘whatever happened to that open house pick of the day on 20th street that I loved and probably could not afford?” “Oh, look they did sell it. I am glad, but I am sorry that the house isn’t mine!”
It is a follow up. Like most other posts here- follow up stories.
I like the feature. I am not sure where all the snarkiness has come from.
That is not Park Slope, or even South Slope, and is certainly not prime.
I thought the purpose was to show that prime areas like Ft. Greene and Park Slope go for over asking price and the fringe areas go for less or don’t sell at all.
No?
I love the brokers who rely on Brownstoner’s selective HOTD updates to conclude that the market is strong.
Don’t worry, brokers of the world, most people are smart enough not to listen to you (meaning, they have a pulse).