Open House Picks: Townhouses
Brooklyn Heights 300 Hicks Street Brooklyn Heights RE Sunday 1:30-4 $2,500,000 GMAP P*Shark Park Slope 365 2nd Street Brooklyn Properties Sunday 1-3 $1,699,000 GMAP P*Shark Ditmas Park 751 East 19th Street FSBO Fri 5-8, Sat 5-8 $1,495,000 GMAP P*Shark Fort Greene 39 Vanderbilt Avenue Brooklyn Cornerstone Sunday 12-2 $999,,000 GMAP P*Shark Bedford Stuyvesant 286 Van…
Brooklyn Heights
300 Hicks Street
Brooklyn Heights RE
Sunday 1:30-4
$2,500,000
GMAP P*Shark
Park Slope
365 2nd Street
Brooklyn Properties
Sunday 1-3
$1,699,000
GMAP P*Shark
Ditmas Park
751 East 19th Street
FSBO
Fri 5-8, Sat 5-8
$1,495,000
GMAP P*Shark
Fort Greene
39 Vanderbilt Avenue
Brooklyn Cornerstone
Sunday 12-2
$999,,000
GMAP P*Shark
Bedford Stuyvesant
286 Van Buren Street
Corcoran
Sunday 2:30-4:30
$699,000 $639,000
GMAP P*Shark Archive!
Check back in tomorrow morning for Open House Picks: Apartments
Landmarked brownstones will always hold their value. There it is! I said it. At these price levels, they cannot go down in value. Check out cities like London or Paris. Historic properties trade at a premium to new construction. Call it the “antique anomaly” New York is the only city where you can buy a landmark brownstone at $600 a square foot and a condo “new construction” unit next door is priced at $800 a square foot. People, there is no new construction on landmark brownstones. If it wasn’t for genrification, there wouldn’t be any supply at all.
You can wait for that 1933 style depression and you’ll be explaining to your grandkids how you had a chance to own a historic townhouse but chose to rent instead.
12:55- I hear ya. It’s just that sanity doesn’t inspire the exciting world of nasty comebacks and name calling and all of that. Too bad…….
There’s just one problem with using the ‘nesting theory’, as proof that the real estate market for brownstones will move onward and upward…the 41% divorce rate.
Nobody here said that prices never fall. I love the way the bitter types always throw that into the mix whenever the bubble talk gets going.
But see if you can comprehend this for a second. Even an average increase of 3% on a $2mm property over 10 years will deliver a gain of over $1.2mm.
Now, you might make the arguement that this equates to simply keeping up with inflation, but what do you think will happen to your rent over that period of time? Meanwhile, the homeowner has relatively stable housing costs, maybe even declining net costs if they have rental income, plus substantial equity.
People don’t get rich by sitting on the sidelines. They take calculated risks and most of all they understand that it is more important to be in the game and let time do it’s thing.
Who knows. It’s like betting on the superbowl. When you have money or opportunity at stake you’ll think and preach wishfully.
What this discussion has told us, yet again, is that people who have bought will do anything to justify their purchase and believe real estate will never drop, we’re just in a momentary correction, they are inherently brilliant for buying, all brownstones will be worth $5 million in 5 years because everyone around here is SO rich, etc., and people who have not will do anything to justify THEIR decision, because it makes more dollar sense to rent, real estate will drop in insane ways, we’re heading into a recession, they’re geniuses for avoiding a housing peak, Wall St. folks are d-chebags, etc.
Aren’t there any sane folk out there? Or am I the only one who thinks this will come out somewhere in the middle – some price drops, crappy market for a few years, with a rise again in the future? As real estate markets generally go?
While mortgage rates have been steadily going down over the last few weeks/months, that has not affected prime lending rates. i.e. the rate that floats, the rate that a bunch of folks have their home equity loans on.
In other words, it’s still rather expensive to buy a home and try and fix it up at the same time when you’ll have a good 30 yr fixed rate attached to $250K or so of heloc $$$. Some folks still can’t afford that.
Also, people continue to confuse a bubble bursting with a slow down. What’s happening is people can’t continue to get 10-15% annual value increases out of their homes. A bursting would be people geting 10-15% less value than they bought their homes. That’s still not happening.
Hard to evaluate Anon at 8:37 without knowing where you bought your house. Also it has been three years and the discussion is about benefits of buying versus renting now. Obviously the house I bought 5 years ago for 290k on edge of Clinton Hill was a good deal even if the whores and drug dealers still abound. However not sure it would make sense to buy the house next door for 800k right now.
We bought three years ago because we needed a home for our growing family and were not the suburban types. Our mortgage for a 6 bedroom house plus taxes plus insurance is less than renting a nice one bedroom or OK 2 bedroom in Park Slope. I know that doesn’t include maintenance, which can be steep on our woodframe Victorian. But I think there are lots of families out there like ours, looking to buy a family home first, make an investment second… Renting would have been ridiculous in our situation.