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
Yes, it looks like we’re definitely in for a correction, and the only thing keeping prices propped up in prime Brooklyn is lack of inventory. That said, prices are unlikely to dip below 2004-2005 levels so the vast majority of buyers should be fine – especially the old-timers who might be leaving the city, or estate sale heirs. I agree that this is not a bad thing for the city – will probably mean overall transactions go up, and the city still gets plenty of tax revenue from sales, and the market will benefit from more activity…
Who is the What, did anyone ever work it out? He is definitely not stupid but he has varing degrees of lucidity in his posts. He uses typical trading slang like “hosed” but he hates Wall St. I think he has a bone to pick with Wall St and its not just about what they did to the economy… it seems to be personal. He may well have had a connection to the “street” in some capacity before “something” happened.
There is a lot of negativity in you Mr What, which makes for interesting reading but is probably not pointing you in the right direction in life…
If the economy and wall street tumble like a house of cards (and I don’t think they will) what then? Many would simply view this as the creative distruction to make way for a better model, quite a positive spin (considering the pain it will cause). What would you put in place of the system we have… will you say? You are clearly a passionate intelligent person and people have chosen to follow you… will you have a positive view as to what can be done or will the What just stay negative? I regularly ask people what they want and they tell me what they don’t want. When I ask again, and they have time to think, many say “I want to be happy”. When I ask “what will make you happy?” they cannot easily say.
If we don’t know what we want we have no direction to follow.
It took about 2-3 years of bad bad credit availability to cause this mess – it will take 3 -5 for it to adjust itself. This is my gut feeling. The American culture of innovation and global reach however will help tremendously. I think that bank regulators and their brethren are seeing the “worst case scenarios” play out now so from this perspective it should be useful. The media are absolutely adding to it. It’s ironic easy credit combined with Wall Street trickery/innovations brought this to Main Street therefore, the media effect is amplifiedl.
“Freddie Mac/Fannie Mae are fine. Shareholders will probably take a bath, but that’s not very different from when the Auto/Airline/Banking industries went belly up before.”
Take a look at the mentality. This is a clear case of cognitive dissonance. The first major shockwave has hit our financial system and this Asshats says “Freddie Mac/Fannie Mae are fine”?! Yep OK homeboy..
“3:26…their ability to function will not be impaired..because the government will step in and guarantee the loans.”
If the US Government does step in, The Bond Market will implode! You will have double-digit rates by September. This will be the death blow to the Mutant Real Estate Bubble.
Get a whiff of this story in the NY Times..
Rich, but Rejected
http://www.nytimes.com/2008/07/13/realestate/13cover.html
ALMOST overnight, investment bankers and others on Wall Street have gone from being Manhattan’s most aggressive apartment buyers to real estate pariahs.
As financial services companies continue to cut jobs and bleed billions of dollars, their employees have far less cash to spend on high-priced apartments, and very little optimism about taking a risk right now anyway.
Here is the money shot!
In the past, Wall Street workers would count most or all of their year-end bonuses to qualify for mortgages, often borrowing amounts that covered 90 percent or even 100 percent of the purchase price of high-end condos. Now, some lenders allow buyers to count just a third of their bonus. A banker who qualified for a $3.75 million mortgage a year ago based on a $250,000 salary and a $1 million bonus now qualifies for only a $1.8 million mortgage with the same salary and bonus.
Summary: You are hosed… RIP Mutant Real Estate Bubble…
The What (Enjoying the implosion)
Someday this war is gonna end…
no, they just have huge egos – they care more about the name attached to their posts than saying anything worthwhile in the post. (Most of their posts would make no sense at all if it wasn’t for their names they keep refering to.)
But, apparently, Brownstoner prefers this type of poster to ones who post actual useful information.
they are frustrated writers or newscasters. I think. This makes them feel famous. very weird.
the good thing about the dark text is that when you see certain names, bxgirl, dave, bxgirl stalker, you just ignore it and scroll on. right? these people must have some sort of wacky addiction.
Bxgirl is an idiot, Bxgirl, Biff and Dave must be friends because in a normal world you would all just ignore the supposed troll and she/he would just go away eventually. I just skip all your posts now – annnnnnoooooyyyyyyyyyyyyyying…
You have proved that the text limit is a bad idea.
I assume that you have a single family home otherwise renting out the owners apt and keeping one of the floor-throughs for your visits would be an option.
The delema of where to put cash is one of the reasons some people will not sell. I would stick to something really safe like tax free muni bonds particularly if you still have a fairly high income.
On the house thing – I have left houses for years without going to them and just kept a list of handy men, plumbers and electricians etc to call if things go wrong. The tenant will soon tell you. If you leave the house in good condition you may never get a call. People may tell stories about nightmare tenants but you should be able to find a tenant of the type that would otherwise buy your house, but because of market conditions is holding out… they will treat your house like you would.
Aussie