Open House Picks: Six Months Later
Comment: Are these sellers living in some other planet? Open House Picks 4/3/09 [Brownstoner] Previous Six Months Later Posts [Brownstoner]
Comment: Are these sellers living in some other planet?
Open House Picks 4/3/09 [Brownstoner]
Previous Six Months Later Posts [Brownstoner]
In the early 90s (90-95) brownstones (unrennovated) in Cobble Hill and Boerum Hill were going for $400K+. And most were unronnvoated. None had master suites or chef’s kitchens or waterworks bath fixtures.
“Would you agree…?”
Hell naw! You can still “get it” in Fort Greene. “That I-pod is MY-POD!”.
Seriously, it’s better but the economy’s taking us back to where it was or worse. The 80’s were better times, economically. The social effects will only follow.
***Bid half off peak comps***
11217, the story is full of many many variables. you point to one long term trend. i agree it’s important but not the only factor.
mfn, you really are a bandwagon rider…i bet when the market was booming you were bragging about all the great stocks you owned. i would run from you if i were invited to the same dinner party as you.
if you stopped to look and think about your list (instead of regurgitating what you are staring at on cnbc), you might recognize it would’ve been the inverse four years ago and there’s no doubt in my mind that in 2-5 years we will see…here we go…sustainable economic growth, increasing employment, wages, releveraging (hopefully tamped), renewed interest in housing, higher appetite for risk…ah i’m getting tired but the point is…ah i’m reall tired of this
it’s called a business cycle, fyi.
“the real unanswered question is whether we are in a temp or firm plateau. no amount of cyber table pounding will answer that question.”
Math answers that question. You absolutely CANNOT have a plateau until Case-Shiller YOY passes back up through zero. It’s still double digit blood shot red.
And, 11217 – I simply quoted the 12% figure from the article to celebrate that rental drops are now “on the board”. We will keep score as the cameras keep rolling. Your snapshots will soon be outdated.
“I don’t give two rats asses how much prices are falling”
Towel.
***Bid half off peak comps***
BHO, Antidope, Bklplebe:
This article from the NYT from January 1997 does not seem to support your assertion about home prices in Brooklyn Heights in the mid 1990’s.
http://www.nytimes.com/1997/01/31/nyregion/in-brooklyn-neighborhoods-market-for-town-houses-soars.html
“In Brooklyn Heights, where some brokers have been saying for years that prices had topped out, a big town house with a carriage house in the back sold in August 1995 for $2.75 million — the highest ever for a Brooklyn Heights property, according to brokers there.”
“Last July, the house at 213 Congress Street, a wide but unprepossessing brick row house in Cobble Hill, sold in one day for $1.075 million, a record at that time, after three would-be buyers pushed their bids higher and higher.”
“Ms. Dulany said a four-story house with four apartments at 117 Bergen Street, between Hoyt and Bond Streets in Boerum Hill, sold recently for $430,000.”
If you notice, the last property is in Boreum Hill…
“the real unanswered question is whether we are in a temp or firm plateau. no amount of cyber table pounding will answer that question.”
The lack of sustainable economic growth, increasing unemployment (263,000 jobs lost last month), decreasing wages, pronounced deleveraging of consumer balance sheets, lessening of appeal for housing as an “investment” option, lower appetite for risk, end to the 9-month stimulus prop-up and commensurate stock market contraction, potential removal of the increased “jumbo-conforming” loan limits and a constrained financial service industry facing a commercial loan meltdown on top of their other systemic problems might just provide a clue however…
But that’s just a guess.
“he is right that housing prices appreciated a ton over the approximate 10 year period.”
Yes they did.
But what is not talked about nearly as much is the fact that many areas which have garnered huge increases (ft. greene, clinton hill, south slope, boreum hill, prospect heights, etc) are places that 10 years were nothing like the neighborhoods they are now.
The amount of gentrifying that has happened to some of these neighborhoods is astounding, in fact. In the last 10 years, Brooklyn has been put on the map so much that for a large subset of people, it is now their FIRST choice destination in NYC.
That was not the case 10 years ago, by and large.
Would you agree…?
I still have a 1999 pamphlet from BHS where North Slope, Carrol Gardens, Boerum Hill, Fort Greene and Brooklyn Heights brownstones (FULLY RENOVATED) were listed in the range of $300K to $750K +/- (I’ll have to post in the forum someday), well under a mil. Interest rates were higher then but nowhere near proportion to where prices went since.
***Bid half off peak comps***
The truly funny thing is that I don’t give two rats asses how much prices are falling. I like talking about it for fun, but I couldn’t give a crap.
I like trying to get to some real information though, and I also like to highlight facts. When BHO says that Brooklyn rents dropped 12% over the course of the year, he neglected to mention that all of the Brownstone neighborhoods we speak about here on this blog dropped half (and in the case of a large swath, 1/4th ) that amount (as I highlighted above).
Facts kiddos. Much better than your rants.
Keep trying to talk the market down though…I’ve gotta admire your tenacity.