Open House Picks: Six Months Later
Comment: Nice job on St. Marks Place; keep dreaming on Putnam. Open House Picks 5/09/08 [Brownstoner] Previous Six Months Later Posts [Brownstoner]
Comment: Nice job on St. Marks Place; keep dreaming on Putnam.
Open House Picks 5/09/08 [Brownstoner]
Previous Six Months Later Posts [Brownstoner]
“I bought a house in PLG a year ago…”
[no comment]
And DOW, that Lincoln Rd house went for 1.175M, not 1.75M.
I’m with jurist. I bought a house in PLG a year ago, and while I’m under no illusion I could cash in now even for what I bought for then, I’m confident that in the long run the neighborhood is undervalued. The things that won’t change about it (historic district, park, garden, express trains) outweigh the things that can change (schools, services, crime). If the demographic projections of New York growing by a million people in the next decade are correct, all historic neighborhoods will be buoyed as a function of their rarity and desirability. That Lincoln Rd house would be 2-3x as much on the other side of the park, and in a decade the differences in services will be far less.
But ultimately in debates like this it comes down to whether one believes, long term, in the viability of New York City. There’s nowhere I’d rather live. You pays your money and you takes your pick.
There are lovely houses everywhere. Brooklyn does not have the market cornered. The real issue is demand. Will people be as interested in living in Brooklyn ten years from now as they are today? Will living in old houses become passe like collecting antique furniture?
“…there are only so many brownstones and victorian era homes around in Brooklyn and certainly only so many of them that are on top of Prospect Park, the Brooklyn Botanic Garden and the Brooklyn Museum.”
You’re referring to a number. That number is rising due to foreclosures, relocations and probably divorces (inverse relationship with recessions). The other number, qualified buyers who can pay 2008 prices, is dropping due to layoffs, stock market hits, cruncy credit, lower appraisals and sub-700 credit scores.
“…highly unlikely that Lincoln Rd will be flipped for a handsome profit in the next few years…10 years from now they will be sitting on a property that is considered much more prime then than it is now.”
Possibly, and hopefully, but probably for considerably less than $1.75M in 2008 dollars.
25 to 50 percent down from peak comps…
DOW, methinks you’ll be eating those words 10 years from now. No one has a crystal ball, but there are only so many brownstones and victorian era homes around in Brooklyn and certainly only so many of them that are on top of Prospect Park, the Brooklyn Botanic Garden and the Brooklyn Museum. So while I agree it’s highly unlikely that Lincoln Rd will be flipped for a handsome profit in the next few years, I have no real doubts that 10 years from now they will be sitting on a property that is considered much more prime then than it is now. (And let’s not forget that the market was no picnic in May, although the outlook for the economy was better than it arguably is now.)
“Once in a lifetime boom/bust. We’ll see subsequent booms before we die but not like that of the recent past. We will never see 2008 prices in 2008 dollars again before Judgement Day. Unless of course you’re talking about an emotional investment.”
These statements are why the Preview Button below is sometimes a good idea!!!!!!
“To the extent that the owners are planning on being there for the long haul, I think it will prove to be a good investment.”
Think again. Once in a lifetime boom/bust. We’ll see subsequent booms before we die but not like that of the recent past. We will never see 2008 prices in 2008 dollars again before Judgement Day. Unless of course you’re talking about an emotional investment.
25 to 50 percent down from peak comps…
Not trying to be silly, BG. I’m being realistic. Yup, alllllllllll the way down by 4th.
No, Bolder. No. You gotta look south and west to see where Park Slope becomes not so nice. 4th Ave has yet to arrive (fringy winjy). 1.5 is a pre-crisis price. Compared to now, things were looking very up in May or June. Then, we were still arguing about the recession call. Now, we’re arguing about the depression call.
25 to 50 percent down from peak comps…