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]
2:01 – I’ve seen plenty of people that I know from my neighborhood at open houses over the last couple of months.
Plenty.
But none of them are actually looking to buy.
None.
Anecdotes about open houses do not prove that there are buyers out there willing to pay these prices. That’s like arguing that Bear Stern’s stock is healthy because a lot of people checked Google Friday for the lastest news on Bear.
Glad you got a “life changing raise.” Does that mean, if you were a first time buyer, you would now feel safe buying a grossly overpriced asset? If it does, then you must work in media or some other sector where financial literacy is not required.
I also got a raise this year, and a very healthy bonus. But I’m not pissing a large part of my savings away on a down payment that will be wiped out in year one, with only a slim chance of those losses being recouped in years 2-5. I may actually buy some real estate this year, but it will be a vacation house in Vermont not an overpriced co-op in Brooklyn.
From my experience, Wall Streeters typically were spending 5 million-ish for homes over the last few years. So if they are scaling back, I’m guessing we aren’t talking about 350K studios, but probably more like…oh…I don’t know…million dollar condos in Brooklyn or perhaps 2 and 3 million dollar Brownstones for the ones who will still land on their feet…
Or maybe just more people are getting raises, while you sit there and write stupid comments on brownstoner while at work, 2:06.
“I got a life changing raise on Friday…the same day Bear Sterns went under.”
Love it! You are the same person who without fail brings up a “raise” every couple of weeks. This board is anonymous. People bullshit left and right.
Most people in Brownstone Brooklyn, or looking to buy in Brownstone Brooklyn do not work in the financial sector.
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.
So those of us making 700K plus in other fields, don’t really care what is happening right now. I’m pretty sure they’ll still be needing film producers during the recession.
you have to love them real estate brokers!
Gallows humor, realtor greet Bear’s stunned staff
NEW YORK (Reuters) – Shocked Bear Stearns (NYSE:BSC – News) employees trudged into work Monday morning desperately seeking clarity on their futures.
The fact that the first person they met on entering their headquarters in midtown Manhattan was a salesman hawking cheaper apartments did little to lift their mood — an ironic twist, perhaps, given that it was risky speculation in the housing market that got the bank into trouble in the first place.
“I’ve been at Bear for 11 years and I want to vomit,” said a Bear Stearns employee, who described himself as a partner, as he entered the striking seven-year-old octagonal building two blocks from Grand Central Terminal.
To add insult to injury, someone had taped a $2 bill to the revolving glass doors at the 46th and Vanderbilt Avenue entrance — some gallows humor on the bargain-basement $2-a share price JPMorgan Chase (NYSE:JPM – News) paid for Bear Stearns.
“Where is the $2 bill?” joked one employee, “I might need that tomorrow!”
At the Madison Avenue entrance, Ray Schmitz, a Realtor with Coldwell Banker, was betting that with the value of their stock options in tatters, Bear’s employees might soon be looking to trade their luxury homes for something a little easier on the budget.
“You have to go where the business is,” Schmitz said as he handed out business cards. “A lot of these people are going to lose their jobs, and most of their wealth will have been in share options. They’re soon going to be looking for a cheaper place to live.”
It seems to me there’s a war here between (1) renters waiting for the market to plunge and (2) people who bought for high prices in the last year or two, who want it to stay up.
Why don’t you stop fighting and agree to hate ME instead?
I bought in Park Slope in 1999. Now I live in my house for not quite a third what it would cost me to rent it. Inflation makes my mortgage payment cheaper every year. Oh, also, I rent the garden apartment out, and that goes up every year.
Now excuse me while I ululate with joy:
ULULULULULULULULULULULULULULULULULULULULU
Ah, that felt good. OK, continue.
I saw plenty of people at open houses for 3 million dollar homes in Park Slope yesterday, 1:53.
Plenty.
People like you who see one little snipit on the television about a bank and think that others aren’t making money now are just stupid.
I got a life changing raise on Friday…the same day Bear Sterns went under.
There is no basis for your stories.
1:35. You are a moron. No current renter cares what your house will be worth in 20 years. I don’t see anyone here questioning whether, in the long run, owning real estate is a good idea in the abstract. The argument here is whether it makes sense to buy in NYC TODAY. And frankly, no, it does NOT.
I think what scares the owners on this board is that the realization is finally creeping into their thick skulls that their home is only worth what someone else is willing to pay for it. And now that the myth of ever-increasing NYC home prices has been punctured, no one is going to pay $3m for your Carroll Gardens townhouse. 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.