Open House Picks Open Thread
It appears that most sellers and brokers are sitting on the sidelines this holiday, so the open house pickings are might slim. We couldn’t find much of interest, but feel free to use this thread to highlight anything you think’s worth a look. Photo by wizardofthefiretopmountain
It appears that most sellers and brokers are sitting on the sidelines this holiday, so the open house pickings are might slim. We couldn’t find much of interest, but feel free to use this thread to highlight anything you think’s worth a look.
Photo by wizardofthefiretopmountain
DOW–“Greed, and the denial that comes with it when the market turns, has no bounds.”
TWAT–“This is a wonderful example of Greed and Delusion”.
These are but two of the posts that I find to be way too similar in outlook and terminology to dismiss the concept of the DOWTwat. There have been many more over the last few months. DOW is just TWAT trying to be polite (and to have somebody to agree with). Sick and pathetic, but I guess good for a few laughs for some.
(It’s POSSIBLE I’m wrong but NOT LIKELY)
This toweringly possible. What the F–K gives you the impression that your prognostication has any more chance of being right than the earth colliding with a giant meteor made of pizza? Any person, cheerleader or doomsayer, who says they KNOW what is going to happen in the economy at large and the NYC real estate market in particular is talking out of their ass. Nobody knows and that is why life must go on. DOWhat, how long do people need to wait before buying? Life happens–kids are born, jobs change, the world turns. In your analysis everything must be put on hold while the crash that you so delight in predicting unfolds. Meanwhile, where are people suppose to live?
“Look BiDaWaDi!!! (BiffDaveWasderDitto) – I’m blogging with two computers side by side (6:01, 6:03).”
You said it not me. One person or two you are an asshole. I love it how you wish Setancre good luck in one post and then wish for his parents to get buggered in the next.
>Sarchasm : The gulf between the author of sarcastic wit and the Person who doesn’t get it. (Biff, Wasder, Montrose Morris et al vs the WHAT
Thanks for saying we are funny. And yes Twat does not get it. I am guessing that you meant that the other way around. If so, what do you find witty about DOWTwat? Shitty maybe, not pretty, twitty for sure. Witty not so much.
“$50k is a lot of money.”
How ’bout $100k? That’s what they risk “losing” if they wait. So it does sound like they are counting on home equity as their nest egg. They need to accept that $550K right now. A broker told me about a colonial in Fort Greene (Cumberland) where the owner is kicking himself for not accepting a “low” bid of 1.3. He wanted 1.6 or something like that. Max. Value = Highest Closeable/Financeable Bid.
“So if they have to wait 1 or 2 years for the market to firm up and get his extra $50k so be it.”
setancre, setancre, setancre…You are wiser than that. RE doesn’t rebound like the stock market (especially when we are nowhere near the bottom – NYC S&P Case-Shiller Index keeps posting losses, YOY). Read some history.
http://tinyurl.com/g9vf4 (A History Of Home Values)
http://tinyurl.com/2p3xmp (Home Prices Do Fall)
The typical RE cycle is 20 years long. Worse yet, this is an atypical RE cycle that we will not see again in our lifetimes. I bet that everybody’s gonna be BLOWN AWAY at the significant drops in comps. That “extra” $50k (and probably more) will likely have a negative sign next to it.
“…not getting what they feel would be a reasonable price.”
FEEL. That’s the problem. They need to THINK.
“I know most people on Brownstoner live in (or want to live in) Brooklyn, but not everyone wants to stretch themselves financially to afford it (especially families) with the way prices have run up.”
But the ones who did stretch themselves (pinnochio loans, higher energy costs this winter, out of control renovation budgets, etc.) are being rudely awakened to the beginning of a price run DOWN. So just about anyone who qualifies for a house at any price in this most restrictive lending environment (and only getting harder) can afford to live in Brooklyn if they simply WWWAAAIIITTT!!! The jumbo mortgage market (for 6 or 7 percent interest rates) has imploded. The pool of buyers who can cash up the difference and wanna buy NOW is dwindling. Those who save and wait will be able to put more money down on a cheaper house. In that case, they can beat higher interest rates and that’s exactly what we will have going forward.
Sell now for more or sell later for less.
(It’s POSSIBLE I’m wrong but NOT LIKELY)
” don’t have a problem with my parents waiting for their price (or something closer to it) because the house is still a steal.”
Explain why your parents house is a “steal”. Please use a Mortgage Calculator for a 2 family and what the monthly payments would be for the buyers of your parents house.
“It’s not a matter of greed or delusion (it could used as 2-family and rented out for more than an investor’s mortgage at the current price–my parents are just not interested in that kind of lifestyle).”
At 619k? Do the math…
“As I said, they are not in any kind of rush, they are very conservative with their money and there is no imminent need to sell if they are not getting what they feel would be a reasonable price.”
This is where people make big mistakes. Do you really believe housing prices will be better in 1 or 2 years?
I hope your parents take that bet! That would be the best revenge for me…
The What
Someday this war is gonna end..
BTW Tell them to lube up!
Hi what… you were actually much more civil and articulate than I would have expected. I don’t have a problem with my parents waiting for their price (or something closer to it) because the house is still a steal. It’s not a matter of greed or delusion (it could used as 2-family and rented out for more than an investor’s mortgage at the current price–my parents are just not interested in that kind of lifestyle).
I bought a year ago and understand wanting to feel like you’re getting a deal as well. For my parents however, $50k is a lot of money. They are both retired and my father has vivid memories of 40 years working on his hands and knees as a construction worker in NYC, and knows how many years it would take him to save that $50k. So if they have to wait 1 or 2 years for the market to firm up and get his extra $50k so be it. It would take him 20 years of working to try to save that much money again and they just don’t have the time or desire to work. As I said, they are not in any kind of rush, they are very conservative with their money and there is no imminent need to sell if they are not getting what they feel would be a reasonable price.
DOW8000SP800 there have been posts in the last year or so about people moving out to Jersey to try to find an affordable home, etc, so I’m just throwing it out there as a reasonable alternative… I know most people on Brownstoner live in (or want to live in) Brooklyn, but not everyone wants to stretch themselves financially to afford it (especially families) with the way prices have run up.
the Washington Post’s Mensa Invitational which asked readers to take any word from the dictionary, alter it by adding, subtracting, or changing one letter, and supply a new definition.
Here are some of the somewhat relevant ones (to brownstoners at least):
>Cashtration (n.): The act of buying a house, which renders the subject financially impotent for an indefinite period of time.
> Ignoranus : A person who’s both stupid and an asshole. (How nice! Someone paid tribute to the What)
>Intaxication : Euphoria at getting a tax refund, which lasts until you realize it was your money to start with.
>Bozone ( n.): The substance surrounding stupid people that stops bright ideas from penetrating. The bozone layer, unfortunately, shows little sign of breaking down in the near future. (Where the What lives)
>Sarchasm : The gulf between the author of sarcastic wit and the Person who doesn’t get it. (Biff, Wasder, Montrose Morris et al vs the WHAT
>Karmageddon : It’s like, when everybody is sending off all these really bad vibes, right? And then, like, the Earth explodes and it’s like, a serious bummer. (What- take note.)
> Dopeler Effect: The tendency of stupid ideas to seem smarter when they come at you rapidly. (The What posting technique)
> Beelzebug (n.) : Satan in the form of a mosquito, that gets into your bedroom at three in the morning and cannot be cast out. (What’s Mom)
17. Caterpallor ( n.): The color you turn after finding half a worm in the fruit you’re eating. (The What after apocalypse day)
Look BiDaWaDi!!! (BiffDaveWasderDitto) – I’m blogging with two computers side by side (6:01, 6:03).
setancre,
Your parents should think very hard and rationally about this. Why would it not be possible or even likely that $550K is the highest bid they will ever see again? I know they want to walk away with a decent profit but they may very well walk away with a higher loss instead if they end up chasing the market down over the months to come. This slowly bursting appreciation bubble was unprecedented for our lifetimes and maybe for those of your parents. Even Manhattan apartment prices are down.
But, maybe they’re not counting on home equity for their retirement/wealth. Maybe they are really content on living in that house. Otherwise, they might want to roll the dice and take that $550K, perhaps from the point of view of minimizing a loss. But doing nothing could also be a roll of the dice. You’ve been warned.
Good luck.
(On a side note: you won’t get much interest for your parent’s house here as most of us are stuck on Northern Brooklyn)