Open House Picks
Park Slope 475 4th Street Brooklyn Bridge Realty Sunday 12-3 $2,990,000 GMAP P*Shark Crown Heights 859 St. Marks Avenue MMM Management Sunday 12-1:30 $1,500,000 GMAP P*Shark Crown Heights 1265 Dean Street Corcoran Sunday 2-3:30 $1,100,000 GMAP P*Shark Bedford Stuyvesant 471 Decatur Street Location Location Location Sunday 12-2 $895,000 GMAP P*Shark
Park Slope
475 4th Street
Brooklyn Bridge Realty
Sunday 12-3
$2,990,000
GMAP P*Shark
Crown Heights
859 St. Marks Avenue
MMM Management
Sunday 12-1:30
$1,500,000
GMAP P*Shark
Crown Heights
1265 Dean Street
Corcoran
Sunday 2-3:30
$1,100,000
GMAP P*Shark
Bedford Stuyvesant
471 Decatur Street
Location Location Location
Sunday 12-2
$895,000
GMAP P*Shark
I’m curious how you’re getting offered 6.25% from wells fargo for that big a mortgage, 3:36. just checked their website and the rate for a 600K mortgage with 50% down is 8.25%, in NY.
That’s kind of my point, katiem633. 6.25% is an amazingly low rate in historical terms. Just cause 5.85% is insanely low doesn’t mean 6.25% represents an actual problem. I don’t think anyone’s disputing that things have tightened up in the past year – but that’s a good thing. People who can’t afford a mortgage shouldn’t be able to get one – in the long run it doesn’t do them any favours.
katie m, we are in exactly the same boat. rates have gone up hugely, and we have not been able to find a jumbo anywhere for under 7.25% and they seem to be going up every week. as a result we’re now looking for a cheaper place we can afford with just a conforming loan, but even those are going for about 6.5-6.6% now.
as for all the people on this blog who are untouched by the external economic climate, that’s nice, but not everyone in New York bought something 5 or 10 or 15 years ago. for people trying to get into the market now, the prices here look completely crazy, relative to what you get. and it is just not the case that the NYC market can continue to be untouched by the credit crisis – once you pull first time buyers out of the market, there is no way there won’t be a knock-on impact on prices.
Guest at 3:24
I had a mortgage locked in at 5.85% for 528k with Washington Mutual about 2 months ago. It expired and now Washington Mutual no longer giving out Mortgages. I am now looking at a mortgage with 6.25% thru well fargo.
I am not saying that I have plenty of cash, but my credit score is in the mid 700s and I have documented income of 250-300k and I am putting down well over 20%…..
I am going to get a mortgage but I can see the difference in a couple of months. I would have had no problems a few months ago and now it is definitely not as easy.
people pay way too much attention to the news, in my opinion.
if i didn’t hear about the economy or recession constantly in the news, i honestly would have no idea we are in bad times.
i don’t spend less, in fact i’m making more than i am last year, i have money in the bank, i don’t buy gas, so i don’t even notice. i go out every weekend, spend a couple hundred bucks on booze or whatever, go out to dinner whenever. and i’m not loaded. not even close, i’m a 30-ish person and i make 60k a year and own a small place in park slope.
so not everyone is in trouble, and to suggest so is just being fooled by the media, to a certain extent.
dave and 3:07 are right on the money, that’s exactly what we did too – turned a 500% gain on a condo into a 50% downpayment on a brownstone. the what and his ilk harp constantly on “wall street is crashing, no one can get a mortgage, hoard gold in your mattress, the end is nigh” – but it’s just hysterical melodramatic rubbish. marginal borrowers are having trouble – people with plenty of cash and decent credit are having no problems. my partner and i work on wall street; we’re in no danger of losing our jobs, and neither are the vast majority of the people we work with. in fact, the number of calls we get from recruiters looking to fill open spots on the street has actually increased noticeably in the past 2 months. headlines are nothing more than that.
3:07….what I like about my area in bed Stuy is that I come out of the subway in Fulton Park and walk up a street where there are no crowds of people. It’s actually cooler over here than when I leave Manhattan (trees, no trucks,buses/subways/high buildings all generating heat)….and its so quite at night…maybe too quiet…the only thing my neighborhood lacks that the rest of Brooklyn does not is a lot of nice sit-down restaurants within walking distance…but that’s changing as we speak.
And the space and the yard…just great.
The other disadvantage…no Manhattan.
“Seriously – how can people get financing on these properties. I am in contract on a 2 family house and I am having problems locking in a mortgage. I am financing under 530k and have documented income for over 250k and I am putting down over 20% ….
Are they giving out mortgages of 1 mill anymore?
Plus my house was appraised twice (due to a change in mortgage brokers): first in april and came it about 850k… now last week 775k.”
Ding Ding Ding Ding! Please no more numbers, we have a winner..
Right now, Right NOW! The JUMBO mortgage market is DEAD. The players that was big in jumbo’s ether are out of business or the guidelines have tighten! The sales you see are from late last year or early this year. Plus now if you try to get a Jumbo the banks are going to tell you to “Jimmy Yourself”!
The upcoming depression will remove all the crap.. Goodbye Asshats, nice knowing ya!
The What
Someday this war is gonna end..