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!
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Anon 6:15 certainly makes a lot of sense but I actually do think Brooklyn is different than the rest of the market in NY in that there is a perceived “hipness” factor to living here now. Not only do you get people who own smaller places in Brooklyn trading up to brownstones but you also have Manhattanites who wouldn’t have been caught dead in Brooklyn five years ago who now want to live here. And they can sell their smaller apartments in Manhattan and get a brownstone almost straight up. Plus the people with ARM’s can now afford to refinance at fairly good rates. I just don’t see the market softening more than another 5% if you consider all these factors.
“If you not looking to flip but to stay for a while you will not loose.”
This is what real estate investors in Japan thought in the late eighties. Almost 20 years later, RE prices in Japan are much lower than they were then ….
I work a few blocks away from the Van Buren address. The immediate neighborhood is thoroughly drug-infested. So — as a rental property, fine, but I would not want to live there.
“There are many people on wall street (I know as I am with them everyday) that do not own. Regardless of income, most people who work in NYC rent from what I can see. Many of them only started to make real money in the past few years and have been waiting for the market to stabilize. Wall Streeters met stabilized market, market meet wall streeters.”
I think by “stabilize” these people mean “correct”. Look, Brooklyn is great, one of the greatest places in the world, IMO. But does that mean that property there can only go up? Of course not. Nothing works that way.
We are at a point in the market now where it costs less to rent a place than own a comparable place…so why buy? The argument that you’re paying yourself by owning is basically a lie. When you “own” a place, you are paying the bank (if you have a mortgage), maintenance (plumbers ain’t cheap), insurance (post-Katrina these costs have gone up) and the government (tax man always gets his piece!). All of these costs are typically less than what it costs to rent in today’s market…that’s why the fundamentals just don’t work and why appreciation will be very hard to come by , indeed.
As for market psychology, people lost their collective minds in the last few years as they jumped into real estate wiithout considering the risks or the costs… now we are starting to pay the price for a foolish misallocation of capital to an asset class that over long periods of time typically only appreciates at about the rate of inflation. Reversion to the mean will be painful for a lot of people.
Besides, there may be other bets for your money in future like greentech IPO’s…
I work on Wall Street and believe me, my bonus is not going to buy me a house. I’m STILL renting.
I think the house on Vanderbilt has been for sale 2 years ago for $200,000
less. That was before they demo the prison across the street. I went to see it and remember the rats which where everywhere on the street & in that house as well. We still placed a bid on it but the seller took it of the market. It is a solid house in need of updating. I also remeber a tenant upstairs being an issue. I wonder if they can deliver it empty.
I actually know one who has two houses:
one to live in & the other for rental,
and is looking for the 3rd one to buy, renovate & rent. It is a good investment even for Wall St people.
If I had $$$ i would buy one more myself. If you not looking to flip but to stay for a while you will not loose.
There are many people on wall street (I know as I am with them everyday) that do not own. Regardless of income, most people who work in NYC rent from what I can see. Many of them only started to make real money in the past few years and have been waiting for the market to stabilize. Wall Streeters met stabilized market, market meet wall streeters.