Open House Picks: Six Months Later
Not sure how 401 Park Place went for over ask, but here’s the Acris documentation to prove it. Overall, some respectable results, don’t you think? Open House Picks 3/7/08 [Brownstoner]
Not sure how 401 Park Place went for over ask, but here’s the Acris documentation to prove it. Overall, some respectable results, don’t you think?
Open House Picks 3/7/08 [Brownstoner]
Here we go again,
and I know you folks remember me because I have been posting here for quite a while.
There will be no crash. there will be no Bush recession. there is and has been a slow down or even a correction in housing. But no doomsday scenario as some assclown has been posting here for some time now with the assistance of obsequious toadies.
GDP hit a low point in the 4th quarter of 2007 (positive 0.2%), it has been increasing since.
The feds are bailing out FannieMae and FreddieMac, for better worse. this means there will be no further domino effect from the mortgage “meltdown” that is where it ended. Financials have taken a beating for over a year straight now and some companies have even failed.
Oil will stabilize, mainly because americans have finally decided to make a change and both presidential candidates have vowed to follow that mandate.
Barring some large catastrophe or Russian/Iranian/Pakistani annoyance, we should continue to see shallow ups and downs in the economy.
Housing in NYC will continue to be desirable because we are a world center for finance,arts, diplomacy, literature, music, architecuture, fashion,publishing and media amongst other things.
A few days ago, I gave some of you folks a clue about buying a brownstone in the last of the areas where one is still affordable (under 800K). I said it was an area in the center of Brooklyn surrounded by gentrifying areas and with a close proximity to Manhattan. I guess Corcoran got the hint. Previously I have posted that the time to buy is when everyone else is scared, as in the early nineties when you could pick up a brownstone in park slope for 500k.
But hey, there’s a reason some folks get ahead while others sing the Bohemian rhapsody.
Miss Muffett, with regard to selling and not rolling the money back over immediately, weren’t you concerned about capital gains taxes coming into play?
I think the market is slowing but prime areas in the NYC area are still selling at close to ask or higher. Market looks strong when you can sell that Wterrace home at that price. Nice home but small…If the Fed keeps bailing out all these lenders I would rather buy a house with my money than see the value of it decrease thru inflation…..
Wasder – if you bought a place you can stay in for the long haul, you’re probably fine. Just as some people need to sell sometimes, others feel like they need to buy. Luckily, we found a nice, economical rental where we can camp out comfortably enough while we look to buy. And again, we are not going to “wait for the bottom” of the market since who knows when that is. Given that we sold at what might have been the peak (or close to it), we can afford to buy into even a relatively high market. I’m just saying that we are very aware that we’re in a good position since the market dynamics are moving in our favor, and I think we, like many other buyers now, are getting pickier and not putting up with ridiculous asking prices. Sellers who price to sell will still do just fine – it’s those who think the party is not over (and price unrealistically) who may be in for an unpleasant surprise.
I just LOVE seeing the selling prices and then going back to see what all the comments were at the time.
You’d think there would be more humility on this board.
Miss Muffett: I took a similar approach to the market as you, watching for something that I liked that fell into my price range. I was obligated to buy and sell at the same time but luckily my two bedroom coop sold quickly so I wasn’t stuck with two mortgages. So I feel like I benefited from the softening market–but who knows how much lower I could have gone if I waited. I am not going to kick myself now but I will keep track so I understand the dynamics of my decision better.
A Guest–I appreciate what you say to a point. The What is a cancer and he does thrive on the attention that combat with some of us provides. However, it is not necessarily true that if you don’t take the bait that he goes away either and then you have his hideous thoughts/opinions sitting around unchallenged like lead weights in whatever discussion is going on. I have gone back and forth on this and agree that the discussion is marred by his participation but I am unsure of what tact to take. In this particular case I felt like pointing out that he said none of these houses would sell was relevant to the discussion. However if other people are really bummed out by my tackling of the What’s nonsense I will do my best to refrain from engaging him.
Fat Lenny–no this block isn’t quite as prime as Vanderbilt/Underhill–but it is a great block–al houses and very green. I think the house had been renovated nicely…..
When we bought our place in 2007 we saved about $300K just becasue we were willing to cross Underhill and walk about half a block up…..So maybe the same house in the same condition would have sold for 2.1 on theVanderbilt/Underhill block?
Fair enough, Biff. It just broke my heart when the New York mag story came out. I’d just like to starve the weasel despite after he’s been so blown out of proportion. Plus, we know he responds to evidence and facts with pure denial.