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]
I don’t want to be whattish-and I’m a person who co-owns multiple properties and is thinking about buying more, with my partner–but it really does seem that we’re fucked at the moment. If banks start to go under, and we see a real crash, there’s no way RE in Brooklyn or anywhere else will stay this high. There are multiple interlocking factors that make it unlikely, and there’s no guarantee of prices returning to the previous high, or of that price ratio even making sense in relation to income. I do think RE might appear to be a more relatively stable asset. The greater point though is this–is the entire UNITED STATES stable enough to justify it? Brownstone World is not, after all, a planet.
Yes –
In Vermont prices have at least fallen significantly enought that a buyer might be able to see the bottom. And in Vermont I can negotiate a price that is in line with economic reality. Perhaps more importantly, Vermont sellers there have not deluded themselves into thinking that Francoise and Friedrich are going to coem to town with suicases full of Euros to prop up their home price. And a real house near a good ski mountain is just as sound and investment in the long term as a shitty co-op in Park Slope.
Now THAT 2:18, I will agree with!
If Vermont were in Park Slope it would be so much nicer.
“While those jobs may affect others in the long run, what just happened with Bear has absolutely no bearing on 99.99% of the population at this time.”
Another classic — sure, Wall Street imploding has absolutely no bearing on what happens to real estate prices in prime Brooklyn neighborhoods. How delusional are you?
yes, 2:04. 99.9% of the population makes over $700k and is in film and cool stuff like that. only 0.1% works on wall st. and they don’t buy in brooklyn anyway, right? right?
“I saw plenty of people at open houses for 3 million dollar homes in Park Slope yesterday, 1:53.”
I’ve been waiting for this post — every open house in Brooklyn, apparently, is always packed. Odd that almost nothing is selling, though, unless it’s going to the Syrians and Russians in Manhattan Beach.
“but it will be a vacation house in Vermont not an overpriced co-op in Brooklyn.”
You mean the same Vermont where prices are falling faster than in Las Vegas? Sounds like a great investment.
“People who bought houses in NYC from 2005-today are really no different that the morons who pumped all of their money into internet stocks in 1998.”
Is that you’ve been repeating to yourself? So im curious, who told you that little statement.