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]
12:31 good idea Rip Van Wrinkle keep on dreaming and I’ll keep on chipping away on my mtg. By the time you wake up you’ll be in Staten Island. Bushwick is too good for you actually.
Hey, 12:31, why don’t you just shut up? We can pay our April rents without thinking. In fact, we can afford our rent from now until 2150 with no problem, because our rents are a lot cheaper than any mortgage/tax/maintenance would be. And if we decide we don’t like our apartment, or we want to move, we just go. We’re not sitting on an asset whose value is dropping by the day. We’re not paying $50K a year in interest to the bank. We don’t have to worry about dealing with troublemaking tenants — hell, we don’t have to waste our time reminding our tenants to pay up, the way you do. We get to live in wonderful brownstone apartments for about 1/3 the price of what it would cost to buy them. But I guess that’s somehow not financially sensible.
I agree about the north slope. But you guys have to admit that Carroll Gardens is really nice. I was on 7th ave in the slope the other day and Let me tell you there was a lot of the Element walking up and down there right around let’s say 3pm. I dont see that in Carroll Gardens/ Cobble hill. But then again they are all for that right?
“There’s a handful of homes left for sale . . .”
Yeah, this will never change. People never move, people never decide that it’s time to cash in on their overinflated asset, people never lose their jobs (not even when Wall Street is imploding). The fact that owners are still deluded enough to believe that their home values are going to hold up even as investment banks fail and the economy heads into recession is absolutely astounding. Were you here in the late 1980s/early 1990s? Do you remember what happened to home prices? And that was after a run-up that was much smaller than the one we’ve seen in NYC over the past four years. If you own a home right now, it’s worth at least 20% less than you thought it was in November. Maybe that doesn’t matter. But if I was suddenly worth $400K less than I was four months ago, it would make a difference to the way I acted.
We keep on talking about Park Slope but nobody seems to be biting! Hmmm.
12:21 – I’ll keep waiting and growing my liquid personal wealth. Meanwhile your only real asset will plunge in value and I’ll pick it up (or one just like it) for a large discount a year from now.
My patience won’t force me to buy in Bushwick you dipshit. At the worst case scenario, I’ll buy a year from now at the same price I could have bought today, without having really lost anything (my rent is way cheaper than mortgage interest and maintenance costs would be).
So why shouldn’t I wait? Sitting on the sideline is only a bad call if an asset is appreciating. Unless of course you learned personal finance from your real estate broker.
12:23 can you save your 2 cents for April’s rent?
Will there be cupcakes with those truffles?
If your not in a hurry to sell why not ask for the world, some knucklhead might pay it.
BCCG