Open House Picks: Six Months Later
Comment: It took 15-20% mark-downs to get these deals done, and they were pre-Lehman. Open House Picks 9/5/08 [Brownstoner] Previous Six Months Later Posts [Brownstoner]
Comment: It took 15-20% mark-downs to get these deals done, and they were pre-Lehman.
Open House Picks 9/5/08 [Brownstoner]
Previous Six Months Later Posts [Brownstoner]
MaplewoodGuy nice story but this guy has already lost his house, he doesn’t know it yet!
There are a ton of Asshead like this guy working their brains out on a losing asset!
Very soon the reality will catch up to the dumbasses who believed in the Mutant Asset Bubble ….
The What
Someday this war is gonna end..
MaplewoodGuy,
Interesting article . . . thanks for posting it.
Funny that the author points out that the owner cleared debris from the back yard, painted the iron fence, and threw out the “crack-fridge” as evidence that he’d done lots of work to the place.
The run-up in local real estate prices over the last ten years is about to evaporate completely. Such high prices never made sense in the first place, but no bank anywhere is going to be making big loans in fringe neighborhoods without “golden credit” again.
What goes up is about to go back down — gravity in action, I guess.
so much about a brownstone in bedstuy
http://www.nytimes.com/2009/03/08/opinion/08kolhatkar.html
“I have to work 20 days a week to make my bills,†he says. “At the end of the week, I have $10 left.â€
Not to mention the latest ruling against Tishman Speyers that all their deregulated units must go back to regulated status, the rents lowered accordingly, and hundreds of millions of dollars in “overcharges” refunded to tenants. The court ruled that because Tishman was getting J-51 tax abatements, they weren’t allowed to deregulate apartments.
Big landlords being put out of business by NYC’s tenant centric court system does not bode well for local housing prices.
Everything seems to be getting worse and worse. It really does seem like the “perfect real estate storm” is starting.
You folks wait for a 50% off sale just may get it. My feeling is that when it happens, many of you won’t feel like living in NYC anymore anyway.
“We’ve been bearish from very early on and even gave credit to the What when his predictions about the stock market and RE turned out to be true. ”
ROTFLMMFAO Liar Liar pants on fire!!!!! It took a long time before the retards got in sync with reality!
Hi guy a little late night patrol on Brownstoner and when I’m not around the Assheads spread lies..
The What (Taste the rainbow)
Someday this war is gonna end…
although in different manners, dibs and 11217 seem to come up with “dumbest comment” on a regular basis. Check out Dibs’ “85% of the population is employed” as a positive for the economny…
“The sheer fact that Boston has 600,00 people, SF 800,000 and NYC 8,000,000 should tell you a little something about desirability, however.”
That is perhaps the dumbest comment I’ve ever read on this blog. An accomplishment!
Whuh: ” Did no one else notice that NOP, the most gracious and statesman-like poster on Bstoner, asserted a 25% to 40% price drop from here?” Yes we did and took it seriously. Probably the only other person here besides Bob Marvin that we take very seriously:)
We’ve been bearish from very early on and even gave credit to the What when his predictions about the stock market and RE turned out to be true. However we’ve continued looking for deals and hoped for more modest declines in prices but we are now 100% convinced that the declines will be huge in the 25% to 40% range (even for brownstones DIBS) and NOP’s warning was the straw that broke the camels back.
Yep NOP is on a blogg here but his contribution is one of the very very few here that seems to be without bias or personal motive…an absolute gentleman.
Mr B thanks for that most important piece of comment there:
“It took 15-20% mark-downs to get these deals done, and they were pre-Lehman”.
the western addition is pretty ghetto, and tiny.