Open House Picks
Park Slope 380 9th Street Brown Harris Stevens Sunday 2:30-4 $1,950,000 GMAP P*Shark Ditmas Park 301 Rugby Road Brooklyn Dwellings Sunday 12-2 $1,149,000 GMAP P*Shark Clinton Hill 52A Lefferts Place Corcoran Sunday 2:30-3:30 $999,000 GMAP P*Shark Stuyvesant Heights 241 Decatur Street Corley RE Saturday 1-3 $659,000 GMAP P*Shark
Park Slope
380 9th Street
Brown Harris Stevens
Sunday 2:30-4
$1,950,000
GMAP P*Shark
Ditmas Park
301 Rugby Road
Brooklyn Dwellings
Sunday 12-2
$1,149,000
GMAP P*Shark
Clinton Hill
52A Lefferts Place
Corcoran
Sunday 2:30-3:30
$999,000
GMAP P*Shark
Stuyvesant Heights
241 Decatur Street
Corley RE
Saturday 1-3
$659,000
GMAP P*Shark
On Rugby Road/BSW, I’ve been in the place and its kitchen and baths need to be totally redone. It’s a cute house but pricing seems like the broker thinks it’s 2007. Any buyer is going to have to sink a substantial amount of cash in renovations, and won’t be able to get it back on resale any time soon. I wouldn’t pay above the mid-8s.
BSW – more like lows 9s. Location is prime outside of PPS. Very nice street. Houses are well preserved/restored, close to Cortelyou and the Park. 7-8 is more accurate for a similar house in West Midwood.
I will eat my hat if Miss Muffett EVER actually purchases a house. I’m beginning to wonder if she is a fictional creation. Her posts are such a yawn now.
Brooklyn properties will have to go down to pre-2000 levels. Even if gentrification did occur in some areas, this is not relevant as prices are directly related to income, esp. in recession.
In fact, gentrification will have a depressing effect on prices as there are more properties available for higher income folks.
I think prices will have to come down as people can’t use profits from prior sales to buy. Miss Muffet will buy a house because she has this profit from the bubble. If she (and others like her) had to purchase based on their income and savings without this nut from prior sales, houses have to be much lower.
My husband and I both have good jobs and a nice combined income, but we could never afford the house we live in now that we bought in 1996, even at the current lowered prices. Things would have to come way down before our house is something we could afford, even though we earn more now than we did in 1996 and the rental income is higher. We bought in the 500s, house probably peaked at around $2 mill. We could afford around 800-1,000 from take home pay. Hmm. Bid half off peak comps?
Denton – yeah, the 87 crash. Stock market in 87, housing crash in 89. The housing crash was nationwide.
Point is, the people were asking this week about past patterns.
Here’s the pattern for the 87/89 crash: For two years, the market goes down. Surprisingly small dip. Then flat. More than ten years to get back to peak. I’m just giving information here.
Like I said earlier, I think Eastern Brooklyn (e.g. the subprime areas) may be close to a bottom.
No, I’m not including today’s listing of $1.2 million on Bainbridge!!!
Hey Mopar, that was the 87 crash, but that was really a NYC, not a national event. Therefore the nat’l figure is not really relevant. As someone pointed out yesterday, the equities markets quickly recovered. What they didn’t point out is that the crash made Wall Street re-focus on basics, ie, equities and fixed income, and everybody lost their taste for derivatives, which back then was portfolio insurance. So a lot of WS people lost their jobs. Sounds familiar today, altho WS is a much different place.
No clue if it was an SRO.
I just found the Case-Schiller document from McGraw Hill that I lost. Their ten-city composite index shows a drop of only 7 percent after the 1989 crash! Then prices came back up in 2001, then down again, then back up, etc. The same chart shows that we’re currently down 20 percent, which is true.
I agree with MM that prices are still coming down.
The only thing I don’t get about MM is why she is always bringing up how much people paid for their homes x years ago. Who cares. MM, you made money trading up. Why can’t other people do the same. Sure, you’ll say you’re happy with a reasonable increase, but I’m betting you made more than a “reasonable” percentage. I did too. The other thing that matters is the price vs the market today — not what anybody paid 5 years ago.
Ohh it’s only a block away I thought it was much further. thanks. I’d entertain if I was in the market but I would question the high taxes. Was it an SRO at some point?