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]
I was in grammar school when you started out, Jebby.
But I bought multi-family apartment buildings in a prime Manhattan neighborhood in the late ninety’s.
I’m doing fine, thanks.
Townhouselady,
We all presumably love Brooklyn and brownstones.
That doesn’t mean they’re worth millions of dollars.
And just because I believe all evidence points to the real state market continuing it’s decline, does not mean I want it to happen.
I, for one, own real estate in NYC and stand to lose a lot as the market deteriorates.
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.
Once again, if your mortgage payment is above what you could rent the house for, you overpaid for your house.
It doesn’t matter how much you “love” that house. We all “love” our houses.
Iron Balls, Don’t know if the “in the arts” comment was directed at the music biz folks, but I bought 6 pieces of property in Brooklyn Hgts in 1975, 2 in Fulton Ferry in ’77, 16,000 sq ft lot in Red Hook in ’84 and a brownstone in Cobble Hill in ’96. And yourself?????
Who do we think wine lover has morphed into?
CornerB?
Nobody will address the fact that prices have already fallen 40 percent in subprime Brooklyn. You all go on and on as if nothing has happened already.
Jebby – there’s several people here who are for some reason rooting for “the ghetto” to return to Brooklyn. I’m not sure why, either. We really want to go back to crumbling brownstones being used as crackhouses?
“BHO…tell me that you know something about a mortgage, please. If you’re here to learn that’s fine becasue it is apparent that you are really ignorant.”
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.
***Bid half off peak comps***
BHO,
Spot on recap. These folks are living in la la land.
It’s important to remember that most of them are in the arts or some other non-business related field, so it’s not surprising that they don’t understand the real estate market and confuse the last several years sales figures during the housing bubble with the belief that for some reason their houses are actually worth those insane prices.
Dave is blindly defending bubble prices because if Bed Stuy prices revert to where they were pre-bubble, he might have to abandon ship and move back to Toledo.
Can I just point out that, for all the talk of The What, the single nastiest and most vulgar poster on this board is DIBS?
You all realize, right, that anyone can look in a rearview mirror? That with the NASDAQ at 4000, every bull was sneering at every bear? And every bear had to zip it as the Naz went to 5000? Other than a sale here and there, what actual fundamentals support an argument for bullishness in Brooklyn RE? I think the answer is none; and if all you do is point to past trends, you only support my argument.
Also, NYC hasn’t always been the most expensive place to live in the US; that is just an absolute lie.
Also –no one is waiting for Buffalo pricing. They are waiting for an inflated asset to deflate, along with every other currently delevering asset.