Open House Picks
Park Slope 88 Prospect Place Brown Harris Stevens Sunday 1-3 $1,950,000 GMAP P*Shark South Slope 205 12th Street Brooklyn Properties Sat 12-1:30, Sun 1-3 $1,450,000 GMAP P*Shark Crown Heights 922 Eastern Parkway Corcoran Sunday 1-3 $1,350,000 GMAP P*Shark Ditmas Park 36 Wellington Court Madison Estates Sunday 3-5 $779,000 GMAP P*Shark
Park Slope
88 Prospect Place
Brown Harris Stevens
Sunday 1-3
$1,950,000
GMAP P*Shark
South Slope
205 12th Street
Brooklyn Properties
Sat 12-1:30, Sun 1-3
$1,450,000
GMAP P*Shark
Crown Heights
922 Eastern Parkway
Corcoran
Sunday 1-3
$1,350,000
GMAP P*Shark
Ditmas Park
36 Wellington Court
Madison Estates
Sunday 3-5
$779,000
GMAP P*Shark
I bring my work home on occasion, 11:12. How much is your maintenance, may I ask?
No, 11:17. If I would have bought three years ago AND S-O-L-D in 2006 or 2007, I’d be looking okay now. Paper equity is worthless (whether AY gets built or not). You have to sell, then rent, to look good. Otherwise you just jump right back into the fire of “tulips”. It’s a pyramid scheme – ya gotta get out before it collapses to it’s intrinisic value (incomes and rents – calls for a 25 to 50 percent collapse from top)
I prematurely called the top in 2005 but not by much. The top is now behind us. We are on our way to the bottom. I’m not sitting on my hands – I’m sitting on a pot of cash and gold. Otherwise, I would have been sitting on a depreciating asset. I would not be looking good at all in that case.
Homes at prevailing prices right now are for emotional investment only. The ROI game is over for at least a decade.
The Eastern Parkway property will sell for around $1mm. 1:36 et. al. Here’s the deal. It is well located. One block to the 2/3 one block to 4/5. Twenty minutes to Wall Street. Second, it is located 1 1/2 blocks from the Lubavitch headquarters. Third, the children of the hasidim and the children of the black middle class that chose to buy homes in the 60s and 70s are coming home to be near their families. They have the income and know the pluses and minuses of the hood.
I’m glad you can’t afford to buy that property.
The one thing that hardly ever gets mentioned on this board is the still skyrocketing cost of quality reno. work. Places that are well renovated will tend to retain their value (even with grante countertops).
Hey 7:11
If you bought 3 years ago instead of sitting on your hands, you’d be looking pretty good now.
No?
7:11 — (BTW, is that where you work?) I own my place dude, maintenance, whatever.
To anyone who thinks the NY housing market can’t be affected by the real estate downturn because “New York is different”, please check fairly recent history. In the early 90s, MANHATTAN real estate prices fell 30-40%.
Three years, 6:12. But that’s not nearly as long as you’ll be waiting for it to bottom and rebound (never will). Ha…ha…ha…ha…the joke’s on you Jack!
Man, the gold and cash I’m saving while only paying $975/mo (free utilities) for a floorthrough. What is that, your maintenance?
Hey 1:37 how long have you been waiting for housing to crash? Ha, Ha.
“tell us how timing is smart mr tWhat?”
I’m not The What but Robert Shiller correctly timed NASDAQ’s demise in the late 90’s. Heed taken could have made you very wealthy or saved you from bankruptcy. I’d call that smart.
Joe Kennedy and Jesse Livermore correctly timed the Crash of 1929 and made millions. I’d also call that smart.
Failure to comprehend the extreme likelihood that, after inflation, you will never see these home prices again in your lifetime is NOT smart. We’re euphorically waking up from the biggest U.S. housing boom on record. You can wait 10, 25 or 50 years and you would never see ROI. Not smart.
Homes at these prices will depreciate like cars to a much lower intrinsic value. They may blip up during subsequent good times but not like 2003-2008. The high cost of housing in New York was already built in before this boom took off so arguments on that premise are futile. Excess price fat will be trimmed dramatically.
Guest at February 17, 2008 10:01 AM just made the smartest decision of his/her life. -20% is highly optimistic in real terms. We were not prepared for the upturn and we will not be prepared for the downturn.