Open House Picks
Park Slope 448 6th Street Brown Harris Stevens Sunday 1:30-3:30 $2,495,000 was $2,825,000 GMAP P*Shark South Slope 237 14th Street Warren Lewis Sunday 12-2 $2,150,000 was $1,950,000 GMAP P*Shark West Midwood 1409 Glenwood Road Mary Kay Gallagher Sunday 1-3 $1,290,000 GMAP P*Shark Windsor Terrace 538 16th Street Corcoran Sunday 10-11 $949,000 was $949,000 GMAP P*Shark…
Park Slope
448 6th Street
Brown Harris Stevens
Sunday 1:30-3:30
$2,495,000 was $2,825,000
GMAP P*Shark
South Slope
237 14th Street
Warren Lewis
Sunday 12-2
$2,150,000 was $1,950,000
GMAP P*Shark
West Midwood
1409 Glenwood Road
Mary Kay Gallagher
Sunday 1-3
$1,290,000
GMAP P*Shark
Windsor Terrace
538 16th Street
Corcoran
Sunday 10-11
$949,000 was $949,000
GMAP P*Shark
We normally include four Open House Picks but, as has been noted in recent market reports, the number of listings is clearly dropping—we couldn’t find a single compelling open house scheduled for this weekend that we hadn’t already covered at some point. Interesting. Update: A reader pointed us towards the Glenwood Road listing so that now rounds out the foursome.
Mopar,
We’ll see soon enough, but I’m sure the days of two million plus brownstone sales anywhere in Brooklyn are going to become rarer and rarer over the next few years.
Remember, ten years ago it was rare for a brownstone anywhere in Brooklyn to trade for over one million dollars. The recent insane price run-up coupled with the state of our local and national economy spell “C R A S H.”
Of course “prime Brooklyn” will remain more expensive than less desirable areas, but it’s still going to tank hard.
Our economy is crumbling and our government’s solution is to double the national debt and throw hundreds of billions at it — 99% of which will wasted and stolen.
All the government will achieve by its scattershot spending is to put off the big crash which is destined to happen when it simply can’t afford to take on more debt or risk printing any more money.
We’d be better off if the government let failing businesses go bankrupt, let real estate prices hit bottom, and allowed our capitalist free market system to right itself on its own.
IronBalls, I agree with you on the rents should = mortgages on the whole, but I have noticed over the years that the value of property in very crowded places that have no more room to expand and that are full of jobs and rich people — Paris, New York, Tokyo, Palo Alto, Stamford — is worth more than that.
This has been the case in New York City for hundreds of years, if you consider that spaces did not open up until the subway circa 1900-1930, until 1950-1970, when people were fleeing to the suburbs. Now they are flocking back again.
The current fiscal crisis is a very serious one, equal or worse to the Great Depression. But a relatively small number of people in “prime” Brooklyn will be forced to sell (those who have lost their jobs and were living paycheck to paycheck), so prices will not go down as far there as in subprime Brooklyn. I predict price declines of 50 percent in subprime areas and no more than 30 percent in prime.
As for the lower priced houses…even now, from what I can tell, anything under 300k is either going to be a typical studio or a sterile 1 or 2 br out in the badlands. An actual house under 500k? With a few rare exceptions (that brooklyn college brick job) it’s going to be hacked up and remuddled, and in some godforsaken place like Brownsvile. Sorry, not interested.
The 14th Street house is frighteningly overpriced in ANY market.
Mopar,
Nope, mortgage payments should roughly equal hypothetical market rent on an equivalent property.
Only in a bubble like this one are mortgage payments and rents so out of whack.
More proof the big NYC real estate crash has yet to materialize. . .
hey traditionalmod– I’m not sneering, and I didn’t set the totally arbitrary $1 million threshold–the posters who were complaining above set that number. Brownstoner REGULARLY features brownstones under $1 million, the most beautiful of which are in Bed Stuy. Shit shacks, on the other hand, don’t generate much interest or many comments, so why should they be featured here?
When you start making exceptions to fundamentals, things get f*cked up. When you start making extreme exceptions to fundamentals you end up with situations such as the one we’re in. When you’re still using these exceptions to fundamentals you’re an ignorant idiot.
IronBalls, there’s no law that prices have to equal rents in areas such as Brooklyn Heights. If there’s a bunch of old geezers with millions from selling their UWS starter apartments who want to buy $5 million townhouses with all cash down, they will. It’s supply and demand. It has nothing to do with rents.
Ironalls, there’s no law that prices have to equal rents in areas such as Brooklyn Heights. If there’s a bunch of old geezers with millions from selling their UWS starter apartments who want to buy $5 million townhouses with all cash down, they will. It’s supply and demand. It has nothing to do with rents.