Open House Picks: Six Months Later
Comment: Mixed bag. Open House Picks 8/22/08 [Brownstoner] Previous Six Months Later Posts [Brownstoner]
Comment: Mixed bag.
Open House Picks 8/22/08 [Brownstoner]
Previous Six Months Later Posts [Brownstoner]
11217,
Just like in Brooklyn, relatively few multi-million dollar sales are happening in LA, or the entire South Coast for that matter.
You’re confusing news that some celebrity overpaid for a house in Malibu with the fact the very little is selling on the West Coast or the East Coast.
Why do you think 50% is a big decline considering prices have risen 200%-300% in many neighborhoods on both coasts over the last decade while incomes have risen much more slowly?
It’s feels good to be optimistic, but it’s better for business to be realistic.
DIBS – I love that you support the neighborhood. I love my house and I am very happy. We did not buy at the peak but I still do not want to see prices drop. Townhouselady said it best, we bought homes we love to live in and eventually not have a mortgage.
jebby – congrats – i wouldn’t have traded Cobble Hill for Park Slope but hey….
“I want my old bodega and barbershop back!”
So basically you are stuck in the past.
I can’t think of a single neighborhood including my own very gentrified one which doesn’t have a handful of barbers and bodegas which have been around for decades.
That line says it all. You accuse others of propping up Brooklyn because they own, but it’s clear you are downgrading it because you can’t accept the fact that it’s not 1980 anymore.
Maybe by “hedge fund manager” Dave meant that he’s a gardener.
It could be a term the British use that isn’t common here in America.
“It’s just ludicrous to me that so many literate and fairly educated people continue to buy into the insanity that a hundred year old brick house in Brooklyn will still be worth a small fortune despite the collapse of our economy and the real estate bubble.”
Ok, so I’ll bite on this one. Los Angeles has seen drops of roughly 40-45% to date. Most people would agree that they are close to the end of their housing bust. Certainly closer than we are. Let’s say worst case scenario is that they lose 55-60% there total when all is said and done.
Can you explain to me then, (according to your logic) why when I look at prices in the nice areas of Los Angeles, they are selling for multiple millions of dollars for a 4 bedroom home…? You know…about the size (or smaller) of a typical Brooklyn Brownstone.
“Seems like you wallow in wanting Brooklyn to crumble for some reason.”
I wallow in wanting Brooklyn home prices to crumble to an intrinsic value that the middleclass can afford to pay for. Prices are too high and unsustainable. There is absolutely no fundamental basis to support them other than a slowly collapsing Ponzi scheme. Both rents and incomes are falling. Wall Street is on a long term hiatus. Manhattan is getting cheaper.
I like Brooklyn now but I also liked Brooklyn before the bubble. That Brooklyn has already crumbled and will resurrect itself when prices crumble (the good and bad, unfortunately but necessarily). I want my old bodega and barbershop back!
***Bid half off peak comps***
“Okay. It costs interest and fees no matter the rate. All cash, something a big time hedge fund manager could and would pay {I know he/she wouldn’t live in Bed Stuy but just work with me), does not. Tell me something you know about arithmetic. Please.”
If he can get a 15-year mortgage at like 5.5% or whatever, with interest deductability, why wouldn’t the big-time hedge fund manager do that, so he can put his ready cash somewhere else, where it can make him some real money?
Iron Balls, Good, but I never said you were a dancer!
I’d venture to say that someone who works in the arts and is able to make enough success for themselves to buy multiple properties in NYC deserve as much (or more) credit than those who have made millions on Wall Street by raping the U.S. and sending it into total disarray.
Nicely done, Jebby. It’s probably best that we don’t engage with the few sour apples on this board who wish the worst on their city and those around them, but sometimes it’s just so darn fun!