Open House Picks
Brooklyn Heights 165 Columbia Heights Halstead Archive! Sunday 1-4 $5,500,000 GMAP P*Shark Park Slope 189 6th Avenue Century 21 Sunday 11-12:30 $1,895,000 GMAP P*Shark Clinton Hill 22 Clifton Place Brown Harris Stevens Archive! Sunday 11-1 $1,790,000 GMAP P*Shark Prospect Park South 169 Stratford Road Mary Kay Gallagher Archive! Sunday 1-3 $1,260,000 GMAP P*Shark
Brooklyn Heights
165 Columbia Heights
Halstead Archive!
Sunday 1-4
$5,500,000
GMAP P*Shark
Park Slope
189 6th Avenue
Century 21
Sunday 11-12:30
$1,895,000
GMAP P*Shark
Clinton Hill
22 Clifton Place
Brown Harris Stevens Archive!
Sunday 11-1
$1,790,000
GMAP P*Shark
Prospect Park South
169 Stratford Road
Mary Kay Gallagher Archive!
Sunday 1-3
$1,260,000
GMAP P*Shark
3:26…their ability to function will not be impaired..because the government will step in and guarantee the loans. The likely structure is the issuance of convertible securities with dilution that makes the existing equity worthless. The markets will continue to be very volatile until this happens and then they will rally.
Making assumptions from what you get off of money.cnn.com is a fool’s game.
1.46 Agreed… hard to argue with that. And I can infer from your comment that you think there is still a bubble in brooklyn that has remained inflated while the rest of the US has significantly deflated. So what do you do? Do you hold all your investments in cash equivalents? Presumably you wish to start buying again at some point… how are you going to decide when to go back in?
The US housing bubble has been deflating for about 2 years, are you going to set a time period to get back in like two more years, or are you going to set a limit like say another 20% decrease in the US market as a whole?
I don’t profess to know where the bottom is. This could be it, but probably we have further to go. I do believe that in 5 years any property bought today in Brownstone Brooklyn will be worth more than it is today and not less. But even if it is just worth the same and I can get 5% between now and then … that is a good investment, and one I understand.
2.44: You are correct they are not buying these houses… but the ones that have >$1600 can live on one floor (of some of these houses) and pay rent enabling someone else to buy. I agree that anyone that thinks they are going to get huge capital growth in the short term from here is probably wrong… but for some people it was never about capital growth or flipping, dipps in the market are expected and don’t cause forclosures.
http://money.cnn.com/2008/07/11/news/economy/fannie_freddie.fortune/index.htm?postversion=2008071110
They own or guarantee $5 trillion worth of mortgages – nearly half of all the country’s outstanding home loan debt-and they’re crashing. Big time.
Fannie Mae and Freddie Mac are struggling with an investor loss of confidence so great that, while they’re unlikely to go under, they could conceivably see their ability to function impaired. That would wreak yet more havoc on an already wrecked housing market- making loans tougher to come by and possibly pushing hundreds of billions of dollars in cost onto U.S. taxpayers.
Dear daveinbedstuy & armchairwarrior:
Please don’t be asshats. Read 2:44’s post:
“This is why you buy the 4 family for the price it is. … The city has been steadily growing for years and remains a magnet for immigrants and young people.”
The point that the 6th Ave house is a good deal since “immigrants” continue to come to NY is bullsh*t.
… asshats.
3:14, are you always such a dick or just when you’re hiding behind a keyboard? I made a typo, but you revealed yourself as a first-class asshole. Happy?
“Market just rallied 207 points”
And daveinbedstuy puts a positive spin on the meltdown. This is far worse then the savings and loan crisis.
Market rallied due to short covering and to the belief that the Fed will pull another rabbit out of it’s butt in regards to Freddie and Fannie over the weekend.
3:15 if you think Freddie & Fannie will fail then you don’t understand the market. The equity may become worthless but the government will bail out the underlying assets.
What is your definition of fail?
I don’t think that’s a landmarked block of 6th ave.
The Bull argument for Real Estate is coming to a end. I just had a conversation with a person who is a Account Executive with a major bank. 19 months ago I told min Countrywide was done and he thought I was nuts, well 2 weeks later all hell broke lose and he will never doubt me again. He said to me “Holy shit, you know we are done” and I said to him “Yep, it’s over”..
The funny thing now when the Asshats go to sell their houses, people are going to say “You want what?!’ not “” It’s a good buy”.
Today is a dynamic change, for the first time even the most harden Real Estate Bulls are realizing that Real Estate “doesn’t always go up”
Now the stories..
TREASURIES-Bond sell-off steepens after Bernanke GSE remarks
http://www.reuters.com/article/marketsNews/idUSNYG00116120080711
NEW YORK, July 11 (Reuters) – Treasury debt prices steepened their fall on Friday after a source familiar with a conversation between Federal Reserve Chairman Ben Bernanke and Freddie Mac chief Richard Syron said Bernanke told Syron his company and Fannie Mae could take advantage of the emergency discount window.
OMG!!!!! If the FED does this, The BOND MARKET will tell the world to go to HELL!!!! Here take a look at this!
http://www.bloomberg.com/markets/rates/index.html
99-16 / 3.94 -1-04+ / .139 Ten Year Treasury Moon Shot!
I bet by next month you will have rates implode because of the BS.
The next Zombie is Lehman! I hope you don’t work there because the doors could be locked Monday..
Lehman’s Stock Slide Hasn’t Hurt Firm’s Liquidity, S&P Says
http://www.bloomberg.com/apps/news?pid=20601087&sid=aaco8WhibhFo&refer=home
“We are concerned that ill-founded and persistent pressures on Lehman’s stock unnecessarily prolong what is already a very challenging business environment,” S&P said today.
He’s dead Jim….
I would love to go to a open house and say “GTFOOH”!
RIP Mutant Real Estate Asset Bubble
The What
Someday this war is gonna end…