Open House Picks
Greenpoint 131 Milton Street Douglas Elliman Sunday By Appointment $1,250,000 GMAP P*Shark Windsor Terrace 38 East 2nd Street Douglas Elliman Sunday 1-3 $850,000 was $899,000 GMAP P*Shark Crown Heights 1241 President Street Corcoran Sunday 12-1:30 $825,000 GMAP P*Shark Flatbush 254 East 23rd Street Fillmore Saturday, Sunday 2-4 $465,000 GMAP P*Shark
Greenpoint
131 Milton Street
Douglas Elliman
Sunday By Appointment
$1,250,000
GMAP P*Shark
Windsor Terrace
38 East 2nd Street
Douglas Elliman
Sunday 1-3
$850,000 was $899,000
GMAP P*Shark
Crown Heights
1241 President Street
Corcoran
Sunday 12-1:30
$825,000
GMAP P*Shark
Flatbush
254 East 23rd Street
Fillmore
Saturday, Sunday 2-4
$465,000
GMAP P*Shark
Another quote from that same urbandigs article:
“The tremendous and unprecedented government intervention that we have witnessed has artificially propped up the market in a number of ways. Therefore, I don’t believe that we are presently at a natural bottom and there may be a slight double dip.”
“(10x annual rent)”
You need to stop throwing this completely false information out there. It’s simply WRONG!
***
“The price-to-rent ratio can indicate whether home prices are rising or falling or the desirability of owning rather than renting. The average ratio for 1987-2007 has been about 15, meaning that home prices were 15 times the annual rent that could be earned from the homes. During the real estate bubble 2005 – 2007, the price-to-rent ratio increased to more than 20 times in some areas.”
(And that 15x is for the U.S. as a whole. NYC was always higher than that).
Asking prices have nothing to do with it.
Prices have certainly dropped, but at this point they seem to have stabilized and now inventory is dropping very quickly (as it usually does this time of year, but is even more pronounced this year because the usual slow winter season is seeing a lot more activity than what is typical).
Notice all the homes antidope has listed here which have gone to contract lately.
You can tell by the open house threads lately what slim pickings there are for houses in Brownstone Brooklyn.
Just read today on urbandigs this juicy quote:
“Perhaps the most pronounced bullish factor is the fact that we went into this down cycle with far less speculative construction than we did going into the recession of the early 90’s. Supply of available property is very low and the amount of new construction is not nearly what it would need to be to meet the demand that is projected for the future. This dynamic alone could lead to an extremely sharp spike in value when the market is in full and tangible recovery mode.”
“mortgage is now a 40yr fixed at half the monthly cost”
You’re still holding on to a perpetual underwater mortgage as you won’t see anything like the peak in 2009 dollars before you sell or die (once in a lifetime boom/bust). Even more underwater as you’ve increased your interest costs and leverage.
Marriage/divorce, relocation, layoff, etc., that principal will still be there looking you straight into the eyes and saying “f*** you pay me”. Unless of course you pay it off in which case the half monthly cost is moot. You’ll still get less for it in real terms at resale.
“How many renters have seen their rent reduced in half? Of those renters that have, how many signed a 40 year lease?”
How many renters risked 25, 50, 75, 100+ thousand dollars down and have a fat ass principal to deal with at lease end?
40 year lease? Ha! Aint no shackles on our feet. Especially in the face of falling rents which, by the way, spells falling prices (10x annual rent).
***Bid half off peak comps***
11217, I browse the listings and see ppties frequently here and prices are still dropping albeit it’s been a ton firmer recently. if you’re like the crowd that ask is it really a drop vs peak from xxxx year, blah blah blah. As a active buyer, who cares. One encounters and deals with the current ASK and not some historical PEAK. ASK has and continues to drop and since ASK has been dropping for a while already, have to assume closed prices has been dropping too.
It’s still a renter’s market, Corcoran says
http://therealdeal.com/newyork/articles/25079
“but prices are still dropping.”
****
The Standard & Poor’s/Case Shiller Home Price Index, which measures U.S. home prices in leading cities, finds that home prices in New York City are on the rise for the third consecutive month.
“The New York metro area was up 0.8% in July 2009 versus June, its third consecutive monthly increase. As a result, there was an improvement in the annual figures,” according to Maureen Maitland, vice president of Index Management and Production for Standard & Poor’s.
Maitland noted that even though the New York market was down 10.3% compared with last year at the same time, this is still an improvement over its recent 12.4% fall.
New York has the seventh healthiest housing market of the 20 cities measured in the study.
“Compared to its January 2000 level, New York has maintained about 74% of its price appreciation, which is the second highest of the 20 MSAs. Washington is on top, at 76%, and Detroit is the worst off, having lost 30% of its value since 2000,” Maitland added.
“How many renters have seen their rent reduced in half? Of those renters that have, how many signed a 40 year lease?”
Not only rents are reduced but it is harder to find a renter let alone a reliable (employed) renter. Renters do not sign a 40y lease because they prefer to keep their money in the bank and avoid collapsing prices. I wouldn’t like to be a landlord nowadays. The ones who bought in the recent years counting on rental income should be braced for hard times.
come on, reality check. it’s not 50% off now and pace of drop is slowing but prices are still dropping. until it stops dropping and/or reverses trend, way too early for anyone to declare victory. anyone who bought recently, got burned but then one could’ve lost it all in stupid stk market. it is what it is. if you don’t mind the big paper loss, great cause one should enjoy life regardless but to deny it is lying to yourself.