Open House Picks: Six Months Later
Comment: Freeze! Open House Picks 10/03/08 [Brownstoner] Previous Six Months Later Posts [Brownstoner]
Comment: Freeze!
Open House Picks 10/03/08 [Brownstoner]
Previous Six Months Later Posts [Brownstoner]
brickoven..”Many Brownstones have been purchased using interest only ARM’s that depend on renting out some of the units to pay the mortgage”
Really??? How many??? Or at least what % ??? Please cite a reference for the factual basis behind this statement.
Some people have taken a lot of equity out of their houses for ther business or pleasure or investing with Bernie Madoff. An LOC can get you in a lot more trouble than an ARM. If you are sitting on a property with negative equity, you’re in a bad way regardless of whether you’re in Miami or Brooklyn.
SEBB you cant get a Jumbo for less then 7 percent in a multifamily. which most brownstones are both. What hood are you in? I can show you all the ARM’s in youre hood on ACRIS if you care to place a wagger…….
It has to do with the leverage that has been used the past 5-8 years to bid the properties up to the current levels. Many Brownstones have been purchased using interest only ARM’s that depend on renting out some of the units to pay the mortgage. Whats going to happen when the mortgage jumps 2-3 percent and the rents are down 20-30 percent? This is a disaster waiting to happen. Lots of Foreclosures coming, you know who you are.
Anyone with an ARM can lock in now for under 5% sounds smart to me. I do not know 1 person in My Brownstone nabe that took a subprime loan or a ARM loan.
Ouch, oh for four.
Mr. B.,
The link is pointing to OH picks for the wrong date.
Should be
http://bstoner.wpengine.com/brownstoner/archives/2008/10/open_house_pick_208.php
UM the link is wrong MR. B!
you have houses from Sept 26 instead of Oct 3
I’m certain no one who owns these houses currently has an ARM.
What’s an ARM got to do with these sales???