Open House Picks 6 Months Later: 9/7/2007
Well, this almost seems like a zero-for-four batch, though 750 E. 21st allegedly has a firm offer (not in contract yet). The Cobble Hill house was originally listed at $2.9 mil; we caught it six months ago when the price had been chopped to $2.65. It’s now been fully rented out and is still for…
Well, this almost seems like a zero-for-four batch, though 750 E. 21st allegedly has a firm offer (not in contract yet). The Cobble Hill house was originally listed at $2.9 mil; we caught it six months ago when the price had been chopped to $2.65. It’s now been fully rented out and is still for sale at a slightly higher ask. 119 Bainbridge switched brokerages and was the subject of much chatter when it was House of the Day a few months ago. Brooklyn Properties now has it on their site at $1 mil.
Open House Picks 9/7/07 [Brownstoner]
2:02: Case Schiller info you give isn’t really that useful for NYC proper as this report defines NYC as a large metro area–including Long Island and NJ burbs.
2:06 is spot on. Just like the tech bubble, NYC is “different”.
Hiya, The What. I wasn’t “getting cornholed”–ya know, some of us have other things to do than debate the same issue over and over on Brownstoner.
That having been said: Regarding the state of Brooklyn real estate, please allow me to issue a colossal “WHATEVER” from up here in Chez Rehab.
I’m lucky and grateful enough to own a nice brownstone in a beautiful neighborhood. I planned ahead and saved. I made some good real-estate deals. I bought a house that I could afford, have piles of equity in it, and enough money in the bank to make the payments on it for, I dunno, five years, easy, even if I don’t work a day for those five years. I got really lucky, what can I tell ya.
So, while I’m sympathetic to anybody who gets “cornholed” by this market, I’m less sympathetic to people who panic. Markets rise and fall, and you’re the rare person who correctly times them. Save some money, buy a house you can afford, maintain the house well, and you’ll be fine.
Here’s a question for you, What: Who, exactly, are you LLYMFAO at? If you’re enjoying a little schaadenfreude at the expense of flippers and speculators and arrogant hedge-funders who have driven the market so crazily high, I can sorta understand. But if you’re taking pleasure in the fact that nice, hardworking people who pour blood, sweat and tears into fixing up dilapidated buildings, you should really see a shrink.
“so do you think i’ll lose out on the other 195% in appreciation i saw over the last 5 years too?”
If you don’t cash out before bottom, absolutely.
Excuse me, have any have seen the following? Brooklynlove, Rehab and that assfuck Investor Lou!! I’m looking for them.
If you see any of them, tell em to report to the flogging station! The What want to see them ASAP!
The What
Someday this war is gonna end…
A townhouse on my block in prime north PS recently sold for over 4 million, I was told by a neighbor today. Believe it never actually hit the market, but was bought by someone in the neighborhood. Sounds like what 2:06 is true to some degree.
I agree the fringe market is losing steam. If these bed-stuy prices were dropped 30%, they’d still be twice what they were 4 years ago. So far, blue chip areas not affected. Maybe they will be, maybe they won’t be. Henry St is over-priced. Would sell qucikly at 2.25
2:05 – the vacancy rate in new york city is less than 1%.
And please see 2:04.
The Brooklyn Real Estate market for existing homes is certainly not dead. However banks are no longer giving construction loans for new projects. Those are dead. We have hit a plateau of sorts. Nice properties on nice blocks are still in demand on the upper end of the spectrum. However properties on sketchy blocks are languishing. It is a funny market. The moneyed class still has plenty of money. more than ever. and they like to buy real estate. Everyone else is waiting in the wings for prices to drop but it takes a long time in NY for sellers to accept reality. It has always been that way. It is the NY mindset.