When Condo Investments Go Bad: Toy Factory Loft Edition
You know what sucks? When the condo you just bought sees all manner of water damage after it rains. It also sucks when a new development rises right next door to your condo, obstructing views. Both happened to a guy named Philip Henn, according to a story in the Eagle, after he bought a unit…
You know what sucks? When the condo you just bought sees all manner of water damage after it rains. It also sucks when a new development rises right next door to your condo, obstructing views. Both happened to a guy named Philip Henn, according to a story in the Eagle, after he bought a unit at Downtown’s Toy Factory Lofts in ’05. Henn, a Corcoran broker, is now suing Toy Factory developer Winchester Realty Group, alleging that the Toy Factory building isn’t waterproof. Henn is also angry that Avalon Bay’s 42-story tower is rising right next door to the Toy Factory, since the condo’s great views were one of its main selling points. It’s a little difficult to feel sorry for Henn, though, since the Toy Factory sponsor offered to buy his unit back at cost and the condo’s offering plan said the building’s views might one day be obstructed. Nevertheless, we’re sure it’s not out of the ordinary for condo buyers to be confronted with a lot of unforeseen surprises after they move in because of all the fine print in offering plans. Any readers have similar tales of woe?
Nightmare on Johnson Street [Brooklyn Eagle]
Photo by Scott Bintner for Property Shark.
“Tell me, why would anyone want to buy ANYTHING in this market.”
Because you need/want to move, and cant find what you want in a rental. And your not an idiot who understands that your primary residence is just that – a home 1st – and an investment a distant second (if at all).
If your planning on buying and holding for a long time 7+ years, who give a shit what the “market” is doing…..if prices fall, your next place will be cheaper, and if prices go up so will your current home.
Buying (a home) or not based upon market timing is ridiculous (and frankly one of the reasons our economy is in the mess in the 1st place)
Oh Brooklynnative, The language I’m appalled. It’s not nice to call people asshat, fucktard, Fucknozzles, shitstain, dumbfuck, cockwearer, fuckhead, cumguzzler and shithead. But you have my blessing to them a cornswollower.
The What (Go get em Brooklynnative)
Someday this war is gonna end…
Who’s the biggest fool here, Henn, the developer or the journalist? The asshat developer f’ed up, you can’t even keep the rain out of the building??!! The fucktard broker from Corcoran f’ed buying ignoring the sightline blockage warning and now has really f’ed up and has lost all credibility and should be fired from Corco for suing and bad mouthing the same developer he is selling apartments for. But what about the fucknozzle journalist fails to see the obvious story line, why is the fucktard broker selling apartments in this building. Did the fucknozzle even ask the fucktard that question. Just goes to show, people are morons.
2:40,
Cite me three deals so we can discuss them. Relative to prices and the liabilities/committment that comes with ownership, rents are not high and are likely to fall slightly due to the “hold on” sale-to-rental trend.
“isn’t it better to buy in a down market?”
Yes but only when it stabilizes near the bottom.
“why buy at the top?”
That was The What’s original question (implied). We’re still near the top. You’ll have to wait years for the bottom. Otherwise you’ll be buying a “car”, a melting asset. That’s what Jim Cramer just said on some talk show a day or two ago. He sold all his real estate and now rents.
2:34
well, there are deals now, and if you have a high rent or need to move for personal reasons, it is possible to find places that fit your needs that will be cheaper than renting.
isn’t it better to buy in a down market?
why buy at the top?
“the trouble cost them $70,000”
It won’t stop there.
“Tell me, why would anyone want to buy ANYTHING in this market.”
Filthy fuckin’ rich or brain dead. Mostly brain dead.
Your home is your single biggest investment. Yes, it takes hours, but READ THE PLAN, consult an attorney, look at all the adjoining property and see what’s going on in the immediate vicinity. If the fellow is indeed a broker he has no excuses.
Marion
Whenever someone posted a negative comment about 110 Livingston on Brownstoner or Curbed, it was always immediately countered by vehement denials. I’ve never seen a group of buyers and brokers that is more thin-skinned and vain than this bunch.
If the price were actually up 15%, they wouldn’t have been forced to rent out the cold potatoes.