Overpricing Not Working in Carroll Gardens
“What the heck is going on in Carroll Gardens?” we asked back in January. Our question was prompted by a rash of ridiculously priced townhouses in the area. Well, since then, three out of the four houses we looked at that day woke up to reality and one is still clinging to its delusions of…
“What the heck is going on in Carroll Gardens?” we asked back in January. Our question was prompted by a rash of ridiculously priced townhouses in the area. Well, since then, three out of the four houses we looked at that day woke up to reality and one is still clinging to its delusions of grandeur. 329 President has since been reduced by $605,000 and 78 3rd Place by $795,000; 44 1st Place, the nicest and biggest of the batch, appears to be off the market.
What the Heck Is Going On in CG? [Brownstoner] GMAP
HOTD: 40 2nd Place [Brownstoner]
HOTD: 78 3rd Place [Brownstoner]
HOTD: 44 1st Place [Brownstoner]
http://money.cnn.com/2008/03/14/news/economy/krugman_subprime.fortune/index.htm?postversion=2008031705
pretty good artcile about what might happen down the road.
There is alot of delusion on this board. If you have bought recently, prepare for some negative equity. If you bought in 2001 and have a million in equity, prepare to lose 20% of that. I take no joy in that, but we are approaching rough times.
I have enough in savings to carry me through 3 years of mortgage payments.
You all should be setting up ING accounts instead of arguing over who’s the most fucked.
http://www.ingdirect.com
tell em i’m your friend. we each get a few bucks.
God text messaged me to point out that no additional housing has been built in the last 400 years on the land he created in Brooklyn, and the high price areas are just as big as they were 2 booms ago when Joralemon & Hicks was a red-light district.
3:13 thanks for the laughs. i almost fell off my chair
3:10 Ok, if you say so
god texted me too. he says the baby boomers are dying off in the next 10-20 years.
I just got a text message from God he is making more land in 400 yrs. So there’s no need to buy now.
To answer the question, who would be better off if they lose their job…a renter or an owner??
Uh….definitely an owner would be better off. 80% of NYC housing are co-ops, where one must show at least 6 months to a year of savings after paying the downpayment.
Secondly, if I’m renting and I lose my job and my lease expires and my landlord raises the rent (which they do every time) means I now have MORE to pay with zero income. Whereas, with my mortgage the payment is the exact same for the next 30 years.
And btw, no one with a 2 million dollar house doesn’t have saved 6 months worth of income for a rainy day or job loss.
Trust me.
The people you are referring to, who would be in most trouble should they lose their job are homeowners living paycheck to paycheck in 200K houses (see suburbs of dallas) or renters.
3:01 what is wrong it you? You have the means and yet you rationally evaluate the situation and do the financial math before making a decision. Don’t you realize that real estate is the only way to get wealthy even when the financials don’t pan out. Prices always go up by double digits. Jump in, buy already.