Open House Picks: Six Months Later
Comment: Can that Willoughby price can be right? Open House Picks 10/24/08 [Brownstoner] Previous Six Months Later Posts [Brownstoner]
Comment: Can that Willoughby price can be right?
Open House Picks 10/24/08 [Brownstoner]
Previous Six Months Later Posts [Brownstoner]
wheres dibs? LOL
you can tell who the blind and delusional are when these #s “stun” them. Can’t be real!
OMG you mean house prices are falling back to reality? $725K was still overpriced for that house. New/old banking mortgage rule of thumb of 3x income means you still have to have someone making a lot of money or a huge down payment to even pay that much for it. In 1999-2001 what would these have gone for? What would it cost to rebuild if a fire happened tonight? There’s your price. Oh wait, buy now or be priced out forever! Hardeeharhar.
Mopar, to say prices have gone up since 2001 is the understatement of the year. Indeed they have, in some cases more than tripling. That’s the whole problem here – why we had a bubble in the first place, and why it burst. And why I think declines of 50% are far from inconceivable.
And evidently down since 2008.
Miss Muffet, prices have gone up since 2001.
For what it’s worth, we came very close to buying a property on Willoughly pre-9/11 (deal fell through due to 9/11) and it was very, very cheap. So, even if the number was 725K, I don’t think that would SO out of line with prices that were not that long ago. Back in 2000, those houses were still quite cheap, so I bet if it was a long-time owner, he could still pull in a big profit at 725K…
We pulled up the actual document in Acris and it said $725,000…
that is odd about the Clinton Hill house. Price drops like that should still be 18 months away!