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
just a few comments after reading this thread. first, congrats on everyone who bought before 03 and just won the NYC housing market lottery. HOWEVER, if people are having trouble getting jumbo mortgages, I would not count on those paper gains holding up well in the next few years. AND, going forward, you are going to have the opposite effect. That is, if i work my a$$ off and buy a 1.x million place, it is not going to double in 5 years and may even decline at least in real dollars.
On interest rates. How do you figure that the price will stay the same if rates double? If people can’t afford the prices now, the prices will have to adjust so the cost of ownership is at least at parity. In the fixed income world, this is called convexity. Look at how the price of a bond is inversely related to prevailing yields. It works the same for houses (rates went down and prices went up, only there was a multiplier from easy credit that drove prices well past the historic mean trend). In addition, you have to factor in inflation to get real rates. When the mortgage rates were 10%, inflation was truly off the charts, so the real rates were not quite so bad.
Dude, if you make 60K and spend that carelessly, you are defn. of bev. hillbilly ilk. I make $200K, save aggressively and still can’t afford a decent place in PS. That day will come, but I’m in no rush at this point. Will just keep socking away my cash for now.
Assclown.
I rest my case.
Legion
“I wasn’t bragging, but just trying to say that me and a lot of the people I know would have no idea that the world was coming to an end, if not for reading the What’s posts and a few NYTimes headlines.
I know there are people struggling, but these dire predictions about the Great Depression2 sound ridiculous.”
Oh I LMMFAO at this statement! You and others are so clueless.. Wall Street is in some trouble. When the last you saw MAJOR financial institutions begging for money from China and the Oil countries, HUH? Thank to you and other clueless Asshats we are paying interest on NINE TRILLION DOLLARS! You Asster Degree is worthless, they should’ve taught you common sense!
“WE AREN’T EVEN IN A RECESSION!
check out the latest numbers, last quarter GDP was up at 1.0%. Don’t blame me, it’s the same benchmark they’ve always used to define a recession (you need 2 or more straight negative quarters to call one).”
I rest my case
The What
Someday this war is gonna end..
10:31
Please try to be more creative in your arguments, I alreay predicted the ever present s a r c a s m. like, oh my God. capital G.
I love it when liberals think that by just stating they are for “peace, love and happiness”, it will somehow just appear in the world. Lets just ignore 10,000 years of recorded history in which man’s struggle against tyranny is an ever present theme. Like it or not, evil exists. Look at Sudan, Myanmar (Bhurma), or the former Rhodesia if you don’t believe me. By the way, the United States has had no role in these humanitarian tragedies. Ask yourself where the “United Nations” is on these matters, then ask yourself why the UN is busy writing condemnations of this most democratic and free of all nations on earth, while people are slaughtered by the thousands. Try for once to believe in your nation instead of taking the all too easy and b o r i n g route of “stylish” self-loathing. It is ultimately a vile form of vanity, for it feigns true concern for humanity at the expense of truth, and for what? To gain a false moral highground while ignoring the tide of despotism surrounding.
Legion
“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.”
Oh Jesus Christ! Remember last year that some our financial institutions was insolvent. I thought WAMU still had their warehouse lines!!! This is some very bad news, Asshats. If a big bank like WAMU is not doing any more loans, this is the beginning of the end..
Note: Wamu, Citigroup, Wachovia, Merrill Lynch and others are done.
“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.”
Just rent! Save your money in a strong place. US TREASURIES ! If something happens you will get your money back. Don’t be a jackass!
The What
Someday this war is gonna end…
“Obama is for talking to Ahmedinajaad, Chavez, Castro, and probably Mugabi (he hasn’t made an official statement yet)
McCain is not for talking to sworn enemies”
Legion, That’s my philosophy as well. You see I have some neighbors that are sworn enemies (who knows why, who cares now). I can’t wait to get into fist-a-cuffs with them and slash their tires. Also, I’m gonna makes sure my kids will give their kids a shiner as they certainly well deserve it.
In fact I’m going to send my kids to iraq unlike that wuss Obama. We will give the iraqs freedom and the big old oil companies will do that country a favor and sell their oil and make the iraqs rich! Such humbling humility and love for the fellow man. If my kids buy the farm they are doing it for just cause.
The city, not a couple fixed up the house on NY ave. called The Mansion. It was awarded in a housing lottery to the current owners.
4:38,
I’d rather be like Dave and the rest of the Beverly Hillbillies than like you – Unable to find a mortgage even though you make alot of money and have good credit.
Well Um fixin ta go now cuz Granny needs a helpin hand to skin the possum that Jethro and Uncle Jed just catched.
hey 7:42
1.Here’s the actual court decision:
They struck down the 30 plus year law in Washington DC, that placed a ban on all handguns.
Bottom line, the Supreme Court has, for the first time, re-asserted the original language of the Constitution regarding a citizens right to bear arms. Meaning, a city or state cannot write laws banning guns for decent law abiding citizens. Learn to read PLEASE!
2.Regarding “three major religions”: what’s to argue?
80% of Americans believe in God. That number may be higher. Sorry to offend your secular sensibilities.
Christians are the majority of Americans, again, sorry to offend your PC sensibilities for stating that fact.
Judaism and Islam are 2nd and 3rd in numbers. This is where we are in America today, to state that there are actually major American religions is to offend these self-righteous secularists who are convinced they must have it right because they say it with sarcasm.
3.Obama doesn’t want to “run out of Iraq”? lol, somebody better call his major electoral base, because that’s exactly what the left wing is electing him to do. This brings up an intersting point: while, Barack comes to the national politic from the far left, watch how handily he swings over to the center and even to the right. This comes as no surprise as he’s already thrown so many of his supporters under the bus; including his white “racist” grandmother, his pastor of 20 years and his long time economic supporter; that real estate developer who was recently arrested.
The next 6 months will be fun indeed.
PS; every real estate millionaire knows that the time to buy is when everyone else is scared. the sheep are waiting for the prices to climb again before jumping in. Your money is made when you buy the property, not when you sell it.
Legion