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]
So what if our grand kids are renters? You say that like it’s a bad thing. Until prices fall sharply in Brooklyn, renting is going to be the economically sensible thing to do. And renting in NYC almost always means living in a much nicer place than you’d live in if you bought — unless you’re super-wealthy. Housing prices have risen much faster than rents over the past five years — that means, by definition, that it’s cheaper to rent today than it was in 2002. It also means that in terms of the income they’re getting from their renters, landlords are poorer today, not richer, than they were five years ago. That’s really a good recipe for keeping housing prices up — spend more on your mortgage, make less on your rents.
Park Slope rules, Carroll Gardens drools.
Dumb renters on this site do me a favor don’t buy
Renters are so stupid!!!!!! Owners ROCK!!!!!
Common, anyone wanna rumble?
12:47 There are fundamental relationships between income and asset values and carrying costs etc. that have held throughout history. The last 5 years saw a massive disconnect in these relationships signaling a massive bubble in real estate. People like you seem to believe that somehow things are different this time and try to rationalize the disconnect. I have news for you – It is not different this time (it never is). Prices will not be skyrocketing anytime soon.
Stupid renter.
“And if we decide we don’t like our apartment, or we want to move, we just go”.
Get a load of these renters…. so you’re in full control? yeah ok.
“In fact, we can afford our rent from now until 2150”.
That’s great news glad you prepared. Your grand kids will be renters.
can you people talking your financial apocalypse take it somewhere else so that we can have a good ol’ park slope carroll gardens rumble.