Open House Picks
Park Slope 356 First Street Orrichio-Anderson Sunday 12-3 $1,750,000 GMAP P*Shark Fort Greene 134 South Oxford Street Maggie Hopp Sunday 1-3:30 $1,450,000 GMAP P*Shark Boerum Hill 442 State Street Halstead Sunday 1-2:30 $1,200,000 GMAP P*Shark Red Hook 52 Dikeman Street Corcoran Sunday 2:45-3:30 $975,000 GMAP P*Shark
Park Slope
356 First Street
Orrichio-Anderson
Sunday 12-3
$1,750,000
GMAP P*Shark
Fort Greene
134 South Oxford Street
Maggie Hopp
Sunday 1-3:30
$1,450,000
GMAP P*Shark
Boerum Hill
442 State Street
Halstead
Sunday 1-2:30
$1,200,000
GMAP P*Shark
Red Hook
52 Dikeman Street
Corcoran
Sunday 2:45-3:30
$975,000
GMAP P*Shark
11217,
Having a bad day?
Once again, you’re post is too nonsensical to respond to.
Brownstonebabe,
Check the comps yourself. Townhouses in prime Park Slope, even at the peak of the market, have gone for $400-$600 maximum in pristine condition per square foot.
The 2500 square foot PS house, which would clearly needs a total renovation despite the broker’s spin, has an asking price of $700/sq. foot which is insane even when the market was going nuts. And it’s only eighteen feet wide!
A sucker is born every minute supposedly, but in this market, even for the biggest sucker of them all, it’ll be hard to get financing at such a ludicrous price.
and I’m also scratching my head as to how many people can afford to be paying “only” $5,000 a month, let alone $10,000…
Sorry Miss Muffett, I did mean to put you in c but I meant for c to read as those that had already sold closer to the peak and (assuming had bought long enough ago) that clearing the mortgage would still leave you will a large lump sum.
In a way, c is a subset of a – whichever way you come by the money (realised home equity, hard work and savings, inheritance or theft), it’s still a big pot of money.
I had a brownstoner discussion a while back about expected levels of decline where my conclusion was that I was unsure about the size of nominal falls but that real falls would be significant. Your mission will be to make sure that your capital tracks inflation until you get the house that you want.
For what it is worth – the house on 1st Street that was sold in 2004 for $1.225 was not habitable. It needed a gut renovation before it could be lived in. Its hard to compare that house and price with the 356.
11217 – the difference between what happens on your block – someone paying 40K 30 years ago and 3 million last year – is that their incomes were probably scaled to the time that they bought. The problem in the last few years is that house prices rose way beyond the growth of incomes for most people, and traditional metrics of home prices in relation to other factors got way out of whack. The current possibility of lowering incomes is one more reason that home prices are set to experience a significant reduction.
“Imagine having to pay $10,000/mo mortgage payments when you’re neighbor who just bought was only paying $5000/mo?”
I don’t need to imagine it. It happens all the time. There are people on my block who bought their homes 30 years ago for 40K and people who paid 3 million last year. What exactly is your point or are you suggesting we become a socialist country, pay the exact same amount as everyone else?
You make it sound like this is a new phenomenon that people pay differing amounts for homes.
You make no sense.
11217 and I Disagree – please see TraditionalMod’s post in the “open house picks 6 months later” to see why I feel compelled to repeat myself. She, like other people on this list who cannot believe that the market can go down a lot, also keeps repeating the same arguments over and over – why is that not annoying and delusional? I’m not saying I find her annoying and delusional, just pointing out that I’m not the only one repeating myself, and honestly, I think the facts support my argument (and others predicting major declines) rather than hers, which implies only a modest dip.
The economy has changed so much in NYC in just the last few months, buying anywhere close to these seller’s asking prices is very risky unless you’re very rich.
Some of you people don’t seem to grasp that just like the stock market, real estate prices go up and they go down. You still seem to think these crazy prices are some how justified because enough rich bankers bid up them up insanely over the last ten years.
The secret is to horde cash and be ready to pounce when the shit hits the fan.
How much would it suck to pay 1.7 million for a house that might only be worth 1 million a year later? Imagine having to pay $10,000/mo mortgage payments when you’re neighbor who just bought was only paying $5000/mo?
Even if you planned to live in your new house for twenty years, drastically overpaying, unless you’re fantastically wealthy, is a recipe for a living nightmare.